Global payments
Posted on Jan 24, 2025
Everything You Need to Know About Payoneer for Payments in India
Introduction
Today, with the busy lives of India-based businesses and freelancers engaged with international clients, a suitable payment solution has become more crucial. Payoneer is a very reliable service which helps its users in India get paid faster and securely. Being a freelancer, a small business, or an e-commerce seller, this service is there to simplify the process of international payments for you.
What is Payoneer?
At its core, Payoneer is a global payments platform designed to make receiving international funds easy and hassle-free.
With Payoneer, businesses and freelancers in India can manage payments in multiple currencies, helping them stay focused on growth. It's a fast, safe, and convenient way to get paid from clients or marketplaces all over the world.
Why Payoneer Matters in India?
Payoneer is a game-changer for Indian users. Working with clients from the US, UK, or any other country is a breeze because Payoneer makes it incredibly easy to receive payments directly into your account in your preferred currency.
It's the perfect solution for freelancers working on global platforms like Fiverr, Upwork, or any e-commerce business selling internationally.
Visit Payoneer to find out how Payoneer can make your global payments easier.
Important benefits of using Payoneer in India
Payment gateway service globally
Payoneer offers the world in your hands: you can accept payments in different currencies, including USD, EUR, GBP, and many more directly into your Payoneer account.
And, most importantly, it integrates seamlessly with popular online marketplaces like Fiverr, Upwork, and Amazon. An all-in-one solution for handling payments from international clients is great for Indian freelancers and small businesses!
Explore Payoneer's Marketplace to see how you can begin receiving payments today.
Multi-Currency Support
Managing multiple currencies has never been easier! With Payoneer, you can hold and manage funds in various currencies, meaning you won't lose out on exchange rate conversions.
Payoneer saves you the conversion fees while managing your funds hassle-free. This makes it pretty convenient for Indian businesses dealing with clients from more than one country.
Payoneer Debit Card
Want to withdraw your money at any time? Payoneer's prepaid debit card allows you to withdraw cash from ATMs all over the world or make purchases online or offline. This card works just like any other debit card, giving you the flexibility to manage your funds, wherever you are.
Payoneer Charges and Fees
Receiving Payments
In terms of payments, Payoneer is quite transparent. For those accepting funds from international marketplaces like Fiverr or Upwork, the 1% fee to receive money is pretty reasonable.
When dealing directly with clients, fees tend to be higher depending on the method of payment and currency used. One would be wise to consider these costs in any discussion about prices with a client.
Currency Conversion Fees
While Payoneer makes currency conversion easy, it does come with a 3% markup on mid-market exchange rates. This means that if you’re frequently converting between currencies, these fees could add up.
But the convenience of having multiple currencies in one account and the ability to withdraw directly into your Indian bank account can outweigh these costs.
Withdrawal Fees
When you withdraw your money to your local Indian bank account, the fees charged by Payoneer are only based on the currency conversion fee (3% forex markup). No specific flat fee per transaction is mentioned.
Annual Inactivity Fee
If you don't use your Payoneer or have received less than $2,000 in payments over 12 months then it charges $29.95 annually. While this is something to remember, it's easily avoided by just making occasional transactions .
Look at Payoneer's pricing information for the full spectrum of charges .
How to Sign Up for Payoneer in India
Process Step-by-Step
Ready to get started with Payoneer? It's easy! This is how to sign up within a few simple steps:
Click on the Payoneer website and "Sign Up."
Select your type of account whether freelancer, business or individual.
Complete your personal information and business details.
Upload a couple of verification documents, including your ID and bank details.
Wait for approval of your Payoneer account, which generally takes 2-3 working days
Now sign up on Payoneer and start collecting payments worldwide.
Tips for Smooth Registration
Ensure your personal details on the registration form are exactly as they appear on your government-issued ID. Also, make sure to use an email account that you regularly check so that you won't miss important updates about your account.
Advantages and Disadvantages of Payoneer
Advantages of Payoneer
Integration with global marketplaces: Payoneer integrates seamlessly with platforms like Fiverr, Upwork, and Amazon, making it ideal for freelancers and small businesses.
Transparent pricing: With most transactions, Payoneer is upfront about its fees, so you’re never caught by surprise.
Multi-currency support: Manage funds in several currencies without losing out on conversion rates.
Indian bank withdrawals: Payoneer makes it easy to transfer your earnings to your local bank in India.
Cons of Payoneer
Currency conversion fees: The 3% markup on exchange rates can add up over time, so keep this in mind when transferring funds frequently.
Inactivity fee: The $29.95 annual fee for inactivity is something to remember if you're not using your account regularly.
Limited domestic support: While Payoneer excels at international payments, it doesn't have full support for domestic transactions within India.
Is Payoneer Safe for Payments?
Security Measures
When it comes to security, Payoneer has got you covered. The site uses data encryption and advanced fraud detection to ensure your information and transactions are safe.
Payoneer also regularly undergoes audits to meet international security standards, so you can be assured that your payments are in good hands.
Trustworthiness
Payoneer, one of the trusted payment gateways with over a million subscribers, caters to every level from small freelancers to big enterprises, which explains its reputation.
To learn more about the safety and security provided by Payoneer, proceed further in the following sections.
Why Infinity is a Great Alternative to Payoneer in India
If you’re looking for a robust alternative to Payoneer for your international payment needs, Infinity offers numerous advantages tailored specifically for Indian freelancers, businesses, and e-commerce sellers. Here's why Infinity stands out:
1. Lower Transaction Fees
Infinity charges significantly lower transaction fees compared to Payoneer, making it more cost-effective for frequent international transactions.
Save on payment processing costs and keep more of your earnings.
2. Reduced Currency Conversion Costs
Competitive exchange rates with minimal markups, unlike Payoneer’s 3% forex markup.
Ideal for businesses managing payments in multiple currencies.
3. Faster Withdrawals to Indian Bank Accounts
Infinity ensures quicker fund transfers directly to your Indian bank account, reducing waiting times.
Enjoy hassle-free withdrawals with fewer delays.
4. User-Friendly Dashboard
A simplified and intuitive interface makes it easy to receive and manage payments.
Enhanced tracking tools for invoices and payment statuses.
5. Zero Inactivity Fees
Unlike Payoneer’s $29.95 annual inactivity fee, Infinity imposes no charges for inactive accounts.
Perfect for seasonal freelancers or businesses with variable income streams.
6. Multi-Currency Support
Hold, manage, and withdraw funds in multiple currencies without hidden charges.
Streamlined for Indian users handling international clients across different countries.
Conclusion
Infinity provides all the benefits of Payoneer while addressing key pain points like higher fees and slow transfers. Whether you're a freelancer, e-commerce seller, or business owner in India, Infinity offers a reliable, cost-effective, and efficient way to handle global payments.
Switch to Infinity today and simplify your international transactions!
FAQs for Payoneer
What are Payoneer’s fees for receiving payments in India?
Payoneer charges a 1% fee for receiving payments from marketplaces like Fiverr. Direct payments may have higher fees depending on the payment method.
How do I sign up for Payoneer?
Sign up on the Payoneer website and register according to the desired type of account you require and then proceed.
Can I withdraw Payoneer funds to my Indian bank account?
Yes! Payoneer accepts local Indian bank accounts for withdrawals.
Does Payoneer charge an inactivity fee?
Yes, if you have not used your Payoneer account for a year and you have not received more than $2,000 within that year then, there's an annual inactivity fee of $29.95.
Visit Payoneer's FAQs for further details.