Best Payoneer Brokers 2024

Payoneer is a secure global banking and payment solution. This review looks at Payoneer as a payment method for online trading and assesses its usefulness to UK investors. Read on to discover typical fees, safety measures and customer support provisions. Our experts have also reviewed and ranked the best brokers that accept Payoneer deposits and withdrawals.

About Payoneer

Payoneer was founded in a New York headquarters in 2005 by then-CEO Yuval Tal. Through strategic partnerships with major trading marketplaces and considerable private funding, the firm has grown into a NASDAQ-listed company serving over 5 million global clients.

Supporting several currencies including GBP, USD, EUR and CNY, the solution specialises in international e-commerce and business accounts. Whether with a digital business account or the brand’s own MasterCard, UK investors can use Payoneer to add and withdraw funds from several supported forex and CFD trading brokers.

How Payoneer Works

Clients have two available forms of payment to add or withdraw funds from Payoneer brokers. These are via a bank transfer from the business account and a card payment via the firm’s MasterCard.

Investors can apply for either a physical or a virtual credit card after holding an active Payoneer account for 6 months which has received over $100 in payments.

It is worth noting that not all bank transfer-supported trading brokers will work with Payoneer. Due to the business orientation of the company, only payments to more well-known brokers such as Interactive Brokers and eToro are accepted.

Transfer Times

When using the brand’s MasterCard, transactions can clear instantly. This makes it a fast payment method when trading deposits are made via the credit card solution.

However, when making deposits as a bank transfer through the business account, UK traders can expect to wait 1-5 business days for their payments to clear. While competitive for bank transfer times, this method loses out in speed to e-wallets like PayPal and debit cards.

Furthermore, brokers that accept Payoneer often put on a “withdrawal hold” on outgoing transfers until the payment can be verified. For Interactive Brokers, this delay can last up to 3 days.

Payment Fees

Bank Transfer

When making a brokerage deposit using the business account, the payment provider levies a transaction charge of up to 2% for deposits in GBP. However, the firm offers lower fees for customers with significant income paid directly into their business account.

Two leading UK brokers that accept Payoneer deposits, eToro and Interactive Brokers, do not charge additional deposit fees. This means that the 2% fee is the only charge levied when making bank transfer deposits.

Still, this makes the solution more expensive than many e-wallets and bank cards, which are typically free of charge.

Credit Card

Traders will be happy to learn that there are no charges levied by the firm for like-for-like currency transactions made with the Payoneer MasterCard. For example, investors with a GBP balance can add GBP funds to their trading broker fee-free.

However, transactions involving currency conversion are subject to fees of up to 1.8%. This is particularly relevant for Payoneer broker eToro, which deals in USD. Traders that hold a GBP Payoneer balance that wish to add USD to a trading account with their MasterCard will have to pay up to 3.5% in forex fees.

Again, this makes the payment method more expensive than alternative bank cards and e-wallets.

Other Charges

Investors should also bear in mind that Payoneer charges a £25 inactivity fee to clients that do not use their account or card for 12 months. This charge is levied annually, but the company does not make it clear whether this fee is applied to accounts with a zero balance.

The company also charges an annual card fee of £25 for a client’s first card. Any additional cards an investor opens are free.

Security

Payoneer customers, like all traders, want to stay safe when making transactions with forex brokers. To this end, the firm secures its business accounts with RSA adaptive authentication to flag suspicious requests. Customers can also add two-step verification to their account for an extra layer of security.

In terms of the safety of client funds, the company submits its data for quarterly audits from the well-known global firm PwC. Client funds are stored in a network of stable, tier-1 banking institutions and the firm is licensed across the globe by several leading bodies, including FinCEN and the Central Bank of Ireland.

All of these measures should help put investors’ minds at ease when dealing with brokers that accept Payoneer deposits, though the security of the brokerage itself is just as important to be assured of.

Pros Of Payoneer For UK Traders

• Several Options – UK traders have two options when paying with Payoneer – bank transfer from their business account or through the brand’s MasterCard. Bank transfers facilitate larger, debit deposits while MasterCard allows for better broker support and faster payments.
• Instant Deposits – When using the MasterCard, trading brokers that accept Payoneer deposits can often process card payments instantly.
• Safe & Secure – The firm holds licences from many reputable global bodies, including from FinCEN in its headquarters territory of the USA. Two-step verification and advanced automated flagging help give investors peace of mind that their trading funds are secure.
• No Fees – The MasterCard can be used to make fee-free GBP to GBP deposits to Payoneer brokers.

Cons Of Payoneer For UK Traders

• Card Considerations – Investors should bear in mind that the company’s card is only accessible to customers who have had an open and active (>$100 of income) account for 6 months or more. In addition, there is a £25 annual charge for having the MasterCard.
• High Forex Fees – Despite Payoneer’s global marketplace trading focus, cross-currency payments using the MasterCard are subject to considerable 3.5% forex fees. In some cases, like with broker eToro, investors are better off depositing in GBP and letting their trading broker complete the forex trade.
• Potentially High Bank Transfer Fees – When making GBP bank transfers, the firm charges fees of up to 2%. For large deposits, this can reach higher than wire transfer fees, which are typically charged at a flat rate of around £20.
• Limited Support – There is a limited selection of UK forex and trading brokers that accept Payoneer deposits via business account bank transfers.
• Business-Oriented – The company does not offer a personal account for UK clients, with their account and card geared towards business owners and freelancers.

How To Make Payoneer Trading Deposits & Withdrawals

To help you move money from Payoneer to brokers and withdraw profits, our experts have put together a short guide on making payments.

Card Payments

Making MasterCard payments to a supporting broker is straightforward.

If your brokerage supports credit cards, find the secure portal on the trading firm’s funding page. Add your credit card details and CVC, and then insert the amount that you would like to add to your online trading account.

This may require additional verification through Payoneer’s two-step verification. If so, wait for your code to arrive via SMS and then input the code to the secure payment portal.

Once your credit card details are added, withdrawals are also simple. Go to withdrawals, select the MasterCard details that should already be saved, and then choose the amount of funds you would like to withdraw.

Bank Transfers

Bank transfers are slightly less straightforward.

To transfer funds to a trading broker from a Payoneer account, first log in to your Payoneer account on the company’s website or mobile app.

Once you have logged in, navigate to “Add a recipient bank account”. Select “business account”, then input the bank country for the trading broker you are adding funds to. Make sure to select the account currency, which will in most cases be GBP.

Next, you will need to find and input the business and account details of the brokerage you are depositing with. This can usually be found in the funding section of your trading account.

Before you make your deposit, for some Payoneer brokers like Interactive Brokers, investors need to create a “deposit notification” to help the firm route your funds accurately and quickly.

Once the correct details are put in, this receipt should be saved. Navigate to the “Make a Payment” section and choose your broker’s account from the drop-down menu. Enter the amount you would like to deposit in GBP – the payment fee will be displayed here.

If you are happy with these amounts, make your trading deposit. Retain the transaction ID in case there is an issue with the payment.

Withdrawals follow this process in reverse. On your broker’s funding page, enter your Payoneer bank details, input the amount you would like to withdraw and then confirm the transaction.

Support

In terms of UK customer service, Payoneer offers an online support centre, a UK telephone number, a web form and an email address. The support centre features articles on sending payments, managing an account, the Payoneer Card, and more.

The UK hotline is (+44) 020 3608 0610 and the customer support email is CustomerServiceManager@Payoneer.com.

Alternatively, customers can submit queries and complaints in writing to the firm’s headquarters at Payoneer Inc. 150 West 30th Street, Suite 600, New York, NY, 10001.

Should Traders Use Payoneer?

While Payoneer is a great payment method for international businesses and freelancers operating on the global marketplace, as a trading deposit option it leaves much to be desired. The solution has a limited number of supported forex and CFD trading brokers, while the MasterCard comes with significant forex fees and a £25 annual charge. See our list of alternative payments.

Alternatively, use our table of the top Payoneer brokers to start trading.

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