Now everyone doing online money transfers from many countries.
But we should use the perfect and best online money transfer service.
If you are a blogger, affiliate marketer, freelancer or like to work independently on the web,
Then you need a service to withdraw or pay the online payment.
Why we use Online Money Transfer?
In the olden days sending and receive money online was a difficult task.
Now we have many options for this type of tasks.
But we need to have the proper online transaction source like Paypal.
Now I am suggesting you one payment source Payoneer at here.
Benefits of Online Money Transfer
- Fast & Secure Transaction
- Good Exchange Rate
- Easy International Transactions
- We will Get 24/7 Customer Service
What is Payoneer?
Payoneer is a financial services business that provides online money transfer and e-commerce payment services.
The company is headquartered in New York City.
In simple words “Payoneer is a cross-border online payments service used to send and receive payments globally”.
Now check my complete Payoneer guide below with a detailed explanation.
Payoneer Guide: Everything You Need To Know About It
Payoneer was founded by Yuval Tal with 2 million USD seed funding in the year 2005.
Later Payoneer received funding from Greylock, Ping An, Crossbar Capital, and others.
But in 2011 Payoneer faced Regulatory Actions by Reserve Bank Of India(RBI).
Due to this problem, Payoneer Shut down its operations in India.
But now It’s Back and Also Offering $35 to their New Users.
Payoneer Resumes Their Service In India
Later Payoneer entered in India after four years with some Restrictions.
RBI put some rules to Payoneer this time.
We can receive our funds from Payoneer account to Local bank within 24 hours.
See below demo video to check How to receive payments in Payoneer?
Payoneer Rules For Indians
- Funds automatically transfer (auto withdraw) any balance to your local bank account in INR on a daily basis.
- Limit of INR 5,00,000 per single transaction
- Limit of INR 2,500,000 per calendar month
- You can receive funds to your account if those companies that are whitelisted in Payoneer.
- All payments received in USD or EUR will be converted and transferred to your local bank account in INR.
- Payoneer offers freelancers, professionals and business owners in India a service which you can use to receive payments from US or EU companies.
- You are unable to withdraw funds to Payoneer from Paypal and other e-wallets.
- If you received payment is over the limit, then the transaction will be reversed.
Payoneer new CEO Scott Galit said that
Previously, Indian freelancers, online marketers and other professionals faced high fees and slow transfer times, and our cross-border payments platform directly addresses these challenges.
We are working to build a presence in India, enabling small businesses to sell to clients in foreign markets, receiving payments in real-time at cheaper rates
India will be a strategic investment for the company this year.
We are looking at long-term growth, so no specific target numbers yet.
User Benefits Of Payoneer
As I have mentioned above this is the perfect alternative for Paypal because Payoneer has some features and benefits.
Who is Chitraparna Sinha?
Chitraparna Sinha is a Blogger, Freelance Writer cum Consultant from India.
She is also the Payoneer (India) Brand Ambassador (2015 – 2017).
Now it’s confirmed Payoneer has repackaged and reintroduced their ‘India only’ product after a gap of four years.
Sign Up is Totally Free
There is no sign-up fee for creating a Payoneer account.
And the process is pretty simple you need to enter your bank account details correctly.
Higher Conversion & Exchange Rate
Payoneer doesn’t deduct any higher fees compared to Paypal.
Usually, Paypal charges $5 (in the form of conversion and transaction fee) for every $100 transaction.
You can save the amount by using this alternative.
Chitraparna highlighted that she saved her $5 by using Payoneer to receive the payment.
Payoneer is never shown the Exchange Rate in your dashboard.
If you want to check then go to this page, then it will show you the conversion according to the date of the transaction in USD per 1 INR.
Get the Separate US and UK collections Account
This is the most beneficial feature mainly for freelancers.
Payoneer offers separate US and UK collection accounts.
This means you will get a virtual bank account in the US and UK regions along with account number and router number.
We can use this account ONLY for collecting payments.
You can use Payoneer for ACH transfers in the US or SEPA transfers in the EU.
Fast (within 24 hours) Turnaround time
Payoneer takes only 24 hours or less than for transferring money to our local bank account.
This feature is an outstanding service compare to Paypal because Paypal takes three days to transfer the money.
Auto Withdrawals Option
You don’t need to login to your account each time to withdraw your money.
Because Payoneer automatically transfers money to our local bank, account each day if any funds are available in our account.
Sign Up Reward
Payoneer is offering $35 as a signup bonus when you do your first $100 transaction.
Payoneer offering this referral program as their launching bonus.
The Payoneer Refer A Friend program is great because When your friend signs up and earns just $100 in payments,
You both earn a reward of $35.
In this way, you can earn extra cash simply by telling your friends about Payoneer.
How To Sign Up at Payoneer & Get $35 Bonus?
It is a very simple process.
Just follow the below steps.
First, you need to click on the below link then you will be redirected to the Sign Up page.
You need to fill up your personal details.
Make sure your provided details are correct otherwise you may face problems.
Next, enter your contact details like address, pin code and working mobile number.
Next, it will ask you to specify the password and security question.
Note down your security question for future reference.
Here you need to enter your bank account details along with IFSC code.
Double-check the details before clicking the next button.
Finished, now you have successfully created your Payoneer account.
Then Payoneer team will review your application for approval.
Within a day or two, you will get an approval Email.
Just log in to your account, then it will ask you to enter two security questions for account safety.
Just create two security questions and click on submit.
In the end, you will be redirected to Payoneer Dashboard.
After successfully entered into your Payoneer account first, it should ask you to enter the Purpose Code.
This is the required option to receive your payments from outside of India.
Payoneer Purpose Code
I got many questions on Purpose Code like can I use which code.
Payoneer Purpose Code is nothing but it will specify the type of transaction.
Means “purpose code” describes the nature of Foreign Exchange Transaction that helps Reserve Bank of India (RBI) to identify and classify the Forex transactions.
Click here to see all the purpose codes from RBI along with code description.
Then you can get an idea of Which purpose code is suitable for your business transactions.
My recommended Purpose Code is Advertising, trade fair services (P1007).
Because this code includes services related to Internet Marketing, SEO, SEM, Social Media, and Web Designing.
You can also use this for blogging related services.
My recommendation is for Indian Bloggers, Affiliate Marketers & freelancers to start using Payoneer where ever possible instead of PayPal.
You will save a lot in currency conversion & transaction fees.
Here are some of the services that you can use for Payoneer
- 99 designs
- Odesk Corporation
- People Per Hour
To find out more details about Payoneer, then click here.
I think I have covered most of the information here.
Still, if you have more information on Payoneer, then you can share it with me via the comment section.