Payoneer looks simple on the surface: receive international payments, withdraw to your local bank, and move on with your work. But in practice, many freelancers lose money without fully understanding where and why Payoneer charges fees.
This guide breaks down all Payoneer fees freelancers actually pay — not marketing promises, but real costs that affect your income.
Is Payoneer really free?
Short answer: no.
Opening a Payoneer account is free, but almost every meaningful action inside the system comes with a cost. Some fees are obvious, others are hidden inside exchange rates or specific use cases.
If you’re a freelancer, remote worker, or digital business owner, understanding these fees can save you hundreds or even thousands of dollars over time.
Receiving money in Payoneer
How you receive money determines whether you pay a fee.
Receiving payments from marketplaces
If you get paid from platforms like Upwork, Fiverr, Airbnb, or other integrated marketplaces, Payoneer usually does not charge a direct receiving fee. However, the platform itself may apply its own commissions.
Important: “no receiving fee” does not mean “no cost.” Currency conversion often happens later.
Receiving payments via Payoneer receiving accounts
If clients pay you via Payoneer local receiving accounts (USD, EUR, GBP, etc.), fees depend on the payment type:
- Bank transfers: often free or low-cost
- Card payments: higher fees apply
Card payments are usually the most expensive way to receive money in Payoneer.
Currency conversion fees
This is where most freelancers lose money without realizing it.
Payoneer applies a currency conversion markup on top of the real exchange rate. This markup is typically around 2%–3%, depending on the currency pair.
Example:
- Market USD → EUR rate: 1.00
- Payoneer rate: 0.97–0.98
On $10,000 per year, this difference alone can cost you hundreds of dollars.
Withdrawal fees to local bank accounts
Withdrawing funds to your local bank is one of the most common Payoneer actions.
Typical withdrawal fees:
- Fixed fee per withdrawal (varies by country)
- Additional currency conversion markup if your bank account is not in the same currency
Some countries have low withdrawal fees but higher conversion costs, others the opposite. The total cost depends on both.
Payoneer card fees
The Payoneer prepaid Mastercard is convenient, but it’s not cheap.
Common card-related fees include:
- Annual card maintenance fee
- ATM withdrawal fee
- ATM balance inquiry fee
- Currency conversion fee when paying in another currency
Using the card frequently for cash withdrawals is one of the most expensive ways to access your money.
Inactivity fee
This is one of the most misunderstood Payoneer fees.
If your account does not receive qualifying transactions for 12 months, Payoneer may charge an annual inactivity fee.
This fee applies even if you still have money in your account.
Hidden and indirect costs
Not all Payoneer costs appear as a clear “fee” line.
Indirect costs include:
- Unfavorable exchange rates
- Forced currency conversion when withdrawing
- Platform limitations that prevent cheaper transfer options
These costs are harder to spot but often more expensive than visible fees.
How much do freelancers really lose using Payoneer?
It depends on how you use it.
- Occasional withdrawals: moderate cost
- Frequent small withdrawals: high cost
- Regular currency conversion: very high cost over time
For many freelancers, Payoneer is convenient — but not the cheapest option.
When Payoneer makes sense
Payoneer works best if:
- Your platform only supports Payoneer
- You receive large payments and withdraw infrequently
- You can withdraw in the same currency you receive
When you should consider alternatives
You may want to look at alternatives if:
- You lose a lot on currency conversion
- You need transparent exchange rates
- You work with international clients directly
Many freelancers combine Payoneer with other financial tools to reduce overall costs.
Final thoughts
Payoneer is not “bad” — but it is not cheap either.
The biggest mistake freelancers make is assuming that Payoneer fees are minimal or irrelevant. Over time, small percentages turn into significant losses.
Understanding exactly where Payoneer charges you is the first step to keeping more of what you earn.
You may also find it useful to read our detailed guides on reducing currency conversion losses and choosing better payout methods for freelancers.
