Payoneer is the latest payout solution to partner with the Mastercard. Payoneer is just like a credit card but with a prepaid limit attached to it. You can also request and receive payment directly to your Payoneer Prepaid Mastercard. The same card can be used to make purchases anywhere, online and offline and even can be used to withdraw cash just like you do with your credit card all over the world mastercard accepted.
With this Payoneer Card you can actually receive payment in US dollars and can convert that into your local currency and withdraw the same easily. The best part is that you don’t have to worry about overspending with this card since it comes with a preset limit and you know how much you can spend at the maximum and hence your financial security is in your hands. Another advantage of Payoneer Card is that you don’t actually need to have any bank account or credit card to send or receive payments, and you can activate your paypal account with this card as well.
To actually start using Payoneer services, you need to sign up for the card from the Payoneer’s partner websites. This is because you cannot order your card directly from Payoneer. As soon as you order you will be receiving your card within 12 to 25 days depending on where you live, in U.S. or outside it. You will need to activate the card as soon as you receive it. After that you can add funds to your card or authorize someone else to do the same. It is as easy as that, and you can also start receiving payments from the Payoneer partners that include freelancers services and so on. After receiving the funds, you can actually start using the card just like you use your Mastercard and can be transacted anywhere which accepts Mastercard debit card and can be used at the ATMs to withdraw cash directly in your local currency.
Anyone can get a Payoneer card as long as you are aged 13, where your parents will authorize to get you a card, and for those who are above 18 there is no restriction at all, you can order your own card and use it as you wish. Thus would be a boon for the kids who tend to overspend if given a credit card. But with Payoneer card you know the limit in which they can spend.
What is more convenient with Payoneer card is that you can actually load cash to it even at all the Western Union outlets across U.S. The process of loading money in your card using Western Union is also very easy. Just need to fill a form and fill the details along with your Payoneer card and you will have the cash in your card within 30 minutes or so. But this option is available only for those who reside in U.S. at the moment.
There are various options available to load money into your Payoneer Prepaid card. Like, you can load cash using your bank account or even a debit card or credit card. Loading money can be done in easy steps at the Payoneer website.
Now comes the most important part in using Payoneer Prepaid Mastercard, i.e. the fees part. There are absolutely no fees when you apply for the card or even no joining fee. But they are charging nominal fees of $9.95 for card activation and this is also only an one-time fee. And if you lose the card there is a replacement card charge of $9.95 and this is also applicable if your card reached its expiry and needs a replacement. There is also a monthly account maintenance charge of $3. There is cash withdrawal charge of around $1.35 to $2.15 per transaction. Other than that there is also very nominal fees for loading cash into your account, of $5 for the first load and $2 henceforth.
Also Payoneer offer via special invites an US Virtual Account that allows cardholders that live outside the US to easily receive direct deposits and Automated Clearing House (ACH) payments even if they do not have a US bank account. You have simply provide your US Virtual Account and routing numbers to those organizations that would like to send you funds. Once transferred, the funds are automatically loaded onto your card. There are no hidden or additional fees for international transfers. But this service still under test and it has a 99$ yearly fee.
You also get free customer service both through phone and email and there is no charge applicable for the same and can be contacted anytime for you queries. There is also a separate community dedicated for all your queries at their website where you can ask or share your knowledge about the various procedures involved when using the Payoneer Card.
This Payoneer card can be an extremely handy card for those who need to transact online most of the time for their payouts and other payments as it is easy to use and convenient to carry.