Payoneer: Making the Most with Lesser Fees

When it comes to freelancing, one may face issues and bucketful of questions regarding the most important subject: payment. Many fund transfer systems and processes were established to cater businesses found and maintained on the virtual world. Local Fund Transfer, PayPal, Payoneer or Skrill, just to name a few. However, with various choices come the next question: which exactly, is the best of them all?

Lowest fees for cross-border payments?

The international content and research firm Let’s Talk Payments (LTP) recently conducted an international study and analysis on different payment methods. They were aiming to compare methods and costs of transferring funds US to PH, and come up with the most ideal one. Comparison were made among the most popular i.e Bank to Bank transfers, PayPal and Payoneer. Which one stood out, you ask? Well let the image below speak for itself.


Freelancing PH - LTP infographic


Apparently, the New York based Payoneer founded in 2005, has been on the lead in this race. Offering the lowest fees, Filipino businesses costs were reduced by up to 58% therefore giving the end make the most out of their hard earned money, with lesser less.


Let’s conduct a little experiment!

To put this to test, I waited for my weekly payment release from a freelancing marketplace. Wednesday, Aug 17th, I withdrew my first US$200 and opted my usual LFT mode of payment which was BDO.


The next US$200 (minimum withdrawable amount) went to my brand new Payoneer account. I did not use my Payoneer debit card but used Payoneer’s withdraw to local bank feature. Note that in the freelancing site I am using, withdrawing to Payoneer will cost higher at $2 per withdrawal vs your usual LFT of $0.99. In a matter of minutes, the fund was made available at my Payoneer account. I chose the same BDO account and withdrew the same amount.

Payoneer Withdrawal

The Verdict

I conducted my experiment Wednesday morning and was pleasantly surprised that my Payoneer withdrawal was already available that same afternoon!  Payoneer-1, LFT-0. Today, Aug 18th at 5pm, I checked my BDO online banking again and saw that the funds withdrawn through LFT was available too. Now what about the final earnings? The final sum received was higher by P46.14 when using Payoneer! Factor in the speed of fund availability, I say Payoneer wins by landslide. Imagine if you’re withdrawing higher that $200, right? I’m definitely making the switch!

BDO Payoneer vs LFT

*FT SA-SA BRS (Payoneer)/ SCB Automatic Credit (LFT)

If you’re ready to create your account, click this link to earn $25!*

Want to create a Payoneer account?

Payoneer account creation is merely a 4-step process only, you just need a valid email address to start. Signing up for an individual or a registered business are both available, but the Individual account will be used for this article. Fill in the required details, then click on Next.


Freelancing PH - Payoneer Sign Up



The country field auto populate, but option to change it to other countries is also available. Click on Next when all required fields are done.

The Username field is disabled, but is automatically populated with the email address supplied on previous step. Make sure you take note on password and security question/answer. For the bank account registration, Bank Account Type, Bank Country, and Currency fields are auto populated as well. Choose bank on SWIFT/BIC dropdown field, then click Next button.


Freelancing PH - Payoneer Sign Up

Once previous step (above screenshot) is done, additional fields to be filled up are displayed. Once done, tick boxes at the bottom to proceed with account setup.

Freelancing PH - Payoneer

An email will be sent to the registered account for verification (and for account setup continuation). Login using the link from the email. Sign up’s all done upon successful login!

Take note that the funds sitting on your Payoneer account can be withdrawn directly to your local bank for an estimate of 2-5 days, more or less.


If you’re ready to create your account, click this link to earn $25!*

*Full disclosure: this is my referral link! When you sign up using the link above and receive a total of $100, we both earn a $25 reward. Join me?

Payoneer’s Send Invoice Feature

Payoneer has been establishing good relationship to its target market such as small to medium businesses, freelancers, and overseas professionals, over the years offering well founded and reliable fund transfer services. One top feature freelancers prioritizes and Payoneer conveniently provided is the Payment Request. The demo for sending clients an invoice is made available below:




Aside from fairly easy sign up and convenient withdraw and payment request processes, Payoneer is also supported by multiple sites an individual (or company) uses for business, including Upwork. With many payment system coming out all over the world, freelancers are benefited with the choice of picking out the best therefore making the most out of their income.


Have you tried Payoneer? Share your experience with us!


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