Payoneer: information and detailed review

Payoneer is a platform for receiving payments from abroad. It is very popular with freelancers working for clients or platforms like Upwork and Fiverr. It gives you accounts to receive in dollars, euros and other currencies, and then you move the money to your bank.

For collecting prop firm payouts, we do not recommend it. Here is why.

We read its fee table, its prohibited transaction list and 807 of its 63,442 Trustpilot reviews.

Why it does not suit traders

• None of the firms we cover names it as a payout method.
• Its prohibited transaction list includes "brokerage investment services", "binary options" and anything crypto related. It does not name prop firms, but a payment from a trading company may end up under review.
• It is expensive. Living in Spain, receiving dollars costs 1% and moving them to your bank in euros costs between 1.2% and 4%.

Who is behind it

Payoneer is a publicly listed US company with over 20 years in the market. In Europe it operates through Payoneer Europe Limited, an electronic money institution authorised by the Central Bank of Ireland. It is not a bank.

Fees

Item	Cost
Receiving from another Payoneer user	Free
Receiving in your local currency	Free
Receiving in another currency (for example, dollars while living in Spain)	1%, minimum $1
Moving to your bank, same currency and country	Up to $1.50
Moving to your bank with currency conversion	1.2% to 4%
Converting between your balances	0.50%
Annual account fee	$29.95 if you receive less than $6,000 in 12 months
Card	$29.95 a year

Source: Payoneer fee table, updated on 1 January 2026 and checked on 9 October 2026.

Example: a $1,000 payout received in your dollar account and moved to your bank in Spain in euros can cost $10 to receive and up to $40 to withdraw. A user in Spain says on Trustpilot they are charged exactly that 4%. With Wise, the same costs about $3.

What users say

Payoneer scores 3 out of 5 on Trustpilot, from 63,442 reviews, but Trustpilot shows a warning on its page that it has detected fabricated reviews. The reviews are almost all from freelancers in Pakistan, Bangladesh and Nigeria; practically none from traders. Our review analysis above breaks it down.

• Accounts closed by automated systems, sometimes over a data error like a name or city.
• Verifications rejected again and again without explanation.
• Payments held under review for days.
• High fees on withdrawal.
• Those using it without problems have been paid by international platforms for years.

Verdict

Payoneer works for a freelancer paid by Upwork or Fiverr, but it is not a good option for collecting prop firm payouts: no firm uses it, its prohibited list includes investment services and it is considerably more expensive than the alternatives.

Who it is for: freelancers already paid by platforms that pay through Payoneer.

Who it is not for: traders collecting payouts, especially those living in Europe.

Alternatives

• Wise: receive dollars and convert them to euros for around 0.3%.
• Revolut: a bank with a European IBAN and deposit protection.
• Rise: if your firm pays through Rise.