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Payoneer is a financial service business that provides online money transfer and e-commerce payment services. Payoneer is a registered Member Service Provider (MSP) of MasterCard Incorporated. Founded in 2005 with approximately $2 million in seed funding, the company is headquartered in New York City, USA.
Generally, professionals, small- and medium-sized business owners, and freelancers use Payoneer’s services, since sending and receiving funds using Payoneer’s MasterCard is easier than any other available method. Moreover, Payoneer debit card holders can receive funds directly into their bank accounts or e-wallets.
Every person uses Payoneer based on his/her needs and requirements. Freelancers use the service to receive payments of their work, whereas, small and medium businesses use Payoneer to avoid long and complex banking procedures to receive and withdraw funds. For instance, it is easier to send/receive funds to PayPal using Payoneer card than making the transaction through bank or any other method. However, for individuals as well as corporate customers, the benefits remain unchanged. The benefits that distinguish Payoneer from other financial services are:
Obtaining a Payoneer card is free, but the company charges a nominal fee on every transaction. The fee helps the company to maintain your account and make profit.
If you are facing any trouble in using Payoneer services, you can easily contact their customer support team through phone, email or live chat. Plus, their customer support team is always ready to help clients in any way possible.
When you sign-up for Payoneer card, you can get Google Adwords credit of $25 or $50 for free (terms and conditions apply). Moreover, you can also use your Payoneer account to use other US-based payment services like PayPal.
Payoneer account opening process is simple and easy, like the sign-up process of Facebook or any other social networking platform. You just have to provide your personal details, set a password, and verify the details. Once you are done with the sign-up process, you can request for a Payoneer card, which will be your virtual bank account.
To help our readers understand the process, we have created a list of steps that you must follow in order to get your Payoneer card.
1) Go to the Payoneer’s website, click Sign Up button and register your profile. It is important to mention that the sign-up process is free and you don’t have to pay anything at the time of registration.
2) Provide your personal details like name, email, address, date of birth and phone number. (You need to provide accurate information during the process, otherwise your account will not be created.)
3) Now set a unique password that you can easily remember. Always set a strong password by using a combination of numbers, letters, and special characters.
4) Now upload the identification information, such as your NADRA issued CNIC number or any other document that Payoneer may request.
5) In the last step, you will be asked to provide your bank’s name, International Bank Account Number (IBAN) and the swift code.
6) Now click on the Submit button, so that your account opening request will reach to the Payoneer team. The team will then review your application and will notify you (via email) within two weeks whether your account is approved or not.
7) Once your account is approved, you can fill-in the request for a Payoneer card, which will be delivered on your provided home address within 45 days.
It must be noted that Payoneer does not support Pakistani (PKR) currency, which means that your bank in Pakistan will charge 3.5% currency exchange fee. Moreover, Payoneer also charges loading fee, which is a fee that customers have to pay when they transfer money from their conventional bank account or credit card to the Payoneer account.
Payments from Payoneer cards can be withdrawn from most banks in Pakistan that accepts MasterCard. However, we advise our readers to verify it from their respective banks.