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What is a Payoneer Card?

Updated on November 7, 2012

Payoneer Account

I decided to write this hub because I was recently given the option to receive payments for some online work via a Payoneer account, I want to explain how the prepaid card works and why I think it has positive and negative qualities.

I'm earning around $60 a week with one website at the moment but the amount required for payout onto a Payoneer card from the payer is $100, however Payoneer allows anybody to 'load' the card using another existing Visa, Mastercard or American Express card.

Before you can start excepting payments onto your Payoneer card you must get a Payoneer login by registering at their official website, anybody can register regardless of whether you have a bank account or have a regular income, the only rule is that you are 18 years of age or older.

Prepaid Mastercard

After you have applied for a Prepaid Mastercard through Payoneer you will have to wait around 7 days for your approval email and then up to 10 business work days for it to arrive in the post.

The Payoneer Prepaid Mastercard works just like any other prepaid Mastercard or credit card and you can use it to withdraw cash at ATM's, make transactions, spend in shops or buy products online.

Although I can see the ease of being paid directly to Payoneer.com and you would feel flashy using your 'plastic' for purchases in front of your friends, I chose to receive my payments via postal check and I will explain to you why in the following paragraphs. I would also like to note that I find it harder to keep track of what I'm spending when I use a prepaid card, whereas if I simply withdraw £10 at an ATM, I can see exactly how much has come off my balance without any added charges surprising me later on.

Payoneer Mastercard

The thing that has put me off the Payoneer Mastercard is the prices and charges that are subtracted from your balance right from the start, firstly you are subjected to a $12.95 card activation and I was willing to except this because it is paying for the unique service but I couldn't understand the charges that were about to follow.

The card activation fee is twice as much if you live outside the U.S or listed countries, I couldn't understand from their diagram whether this included the U.K since I couldn't see us named in their list, I think that $24.95 is steep and will put a lot of foreign people choosing them for international payments.

Every month your Payoneer account undergoes a $3 maintenance fee for the first 3 months and $1 from 4 months onwards, not to mention a $3 fee everytime money is 'loaded' onto your balance. I can understand a monthly charge but I think it is totally unreasonable to deduct money simply for money being paid in, I have never experienced this with my prepaid debit card.

Mastercard Global

If you are still considering getting a Payoneer Mastercard Global I have included the diagram above and the video below as instructions for applying, however also bare in mind these other charges you may accrue when using your prepaid card:

It is $3.15 simply to withdraw money from any cash machine, $1 charge if you go to withdraw money and it is declined due to insufficient funds, $1 charge for checking your balance?? however transactions in stores or online are free.

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