Payoneer Australia review 2025
Last updated: 26 March 2025
Explore whether Payoneer is the right choice for your global business and how it compares to WorldFirst.
Key takeaways
- Payoneer supports 70 currencies across 190+ countries
- The multi-currency account lets you collect and hold funds in 9+ currencies, including USD, EUR and JPY
- Payoneer charges up to 3.99% to receive payments from non-Payoneer customers, with fees varying by region
- Sending payments to other Payoneer customers is free
- Payoneer integrates with popular accounting tools Xero and QuickBooks
Payoneer is a payment solution that allows businesses to send and receive international payments in multiple currencies. You can set up multi-currency accounts, request payments from customers through custom links and collect funds from marketplaces.
In this detailed review, we take a look at everything you should know about Payoneer. We also compare Payoneer to WorldFirst to help you choose the best business account for your needs.
Table of Contents
What is Payoneer?
A digital payment platform, Payoneer allows users to add funds, pay suppliers or business partners and receive customer payments. There are different accounts for businesses and freelancers, each tailored to their specific requirements. With both, you can send payments in 70 currencies across 190+ countries [1].
Quick look: Pros and cons of Payoneer Business
| Pros | Cons |
|---|---|
|
|
Payoneer fees: The breakdown
Take a look at the fees for using Payoneer in Australia (fees may vary in other countries):
| Payoneer account fees [2] | |
|---|---|
| Monthly fee | Zero |
| Opening a multi-currency account | Zero (Payoneer states that in some regions, registration fees may apply) |
| Account maintenance fee | 29.95 USD (Fee is charged if 12 months pass and you have received less than 2,000.00 USD or equivalent in payments) |
| Receiving funds |
|
| Holding funds in multiple currencies | Free |
| Sending payments to Payoneer accounts | Free |
| Sending payments to other accounts | Up to 3% of the transaction amount (a minimum fee may apply) |
| Moving funds between your Payoneer currency accounts | 0.5% of the transaction amount + current currency conversion rate |
| Withdrawing funds | Up to 3% |
| Getting a Payoneer card | USD 29.95 for the first card. Subsequent cards are free |
*Fees checked in January 2025
Features of Payoneer Business
Multi-currency account
Payoneer’s multi-currency account supports 9+ currencies, including USD, JPY, EUR, AUD, HKD and SGD [3]. For each local currency account, you’ll get bank account details that you can use to send, receive and hold funds.
You can use the collected funds to pay suppliers, withdraw them to your home bank account or convert them between your Payoneer currency accounts.
Aside from your multi-currency account, you can make payments in 70 currencies across 190 countries. There are various ways of sending money from your Payoneer account:
- Using your Payoneer balance
- With a credit card
- Via direct bank payment (for UK customers only)
- Through PayPal
To receive customer payments, you can share your local bank account details in the preferred currency or send payment requests. With a secure payment link, customers can pay you using their preferred payment method.
You can receive payments through several methods, including:
- Credit card/debit card
- ACH bank credit
- Direct bank transfer
- PayPal
- Payoneer balance
Business cards
Payoneer business debit cards are powered by Mastercard and are available in four currencies: GBP, EUR, USD and CAD [4]. You can use the virtual or physical card to make payments directly from your Payoneer balances in their respective currencies.
You can order multiple virtual cards in each currency for easy account reconciliation.
Payoneer can ship physical cards to you directly. Although there are no monthly account costs or one-off fees, your first card will cost USD 29.95 annually. Subsequent cards are free.
Batch payments
You can make batch payments for up to 1000 transactions at a time [5]. It’s also possible to set up recurring payments.
Support for marketplace payouts
Marketplace sellers can use local receiving account details provided by Payoneer to collect payments in different currencies.
If you have your own online store, you can use Payoneer Checkout to collect payments directly from customers in 120 currencies, using payment methods like credit cards and debit cards [6].
Integration with third-party apps
Payoneer integrates with finance and admin apps, including Xero and Intuit Quickbooks.
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Is Payoneer regulated in Australia?
Payoneer is regulated in Australia and licensed by the Australian Securities & Investments Commission (ASIC) [7].
How to open a Payoneer account
For freelancers and businesses wanting to open a Payoneer account in Australia, you’ll have to sign up on the website and verify your identity and business details.
Only adults over the age of 18 can apply for a Payoneer account.
The Payoneer alternative: WorldFirst
WorldFirst is a global payment provider that lets businesses set up multi-currency accounts in 20+ currencies, including GBP, USD, CAD, EUR, AUD, NZD and CNH.
It’s free to open an account with WorldFirst. There are no minimum balances required or ongoing fees.
It supports sending payments in 40+ currencies across 130+ countries and regions.
Global businesses use WorldFirst to pay overseas suppliers and collect payments from 100+ marketplaces and payment gateways. All international transactions are processed at competitive exchange rates, with no fees for receiving funds into your World Account.
You can also apply for a World Card, a multi-currency debit card that lets you make payments in 150+ currencies. When you use the World Card to make payments in the 15 supported currencies, there are zero foreign exchange fees (as long as you have sufficient balances in your account).
If you’re still unsure about WorldFirst vs Payoneer, check out our fee comparison of the foreign currency accounts.
| Payoneer account fees [2] | WorldFirst | |
|---|---|---|
| Monthly fee | Free | Free |
| Opening a multi-currency account | Free (9 currencies) | Free (20+ currencies) |
| Account maintenance fee | 29.95 USD (Fee is charged if 12 months pass and you have received less than 2,000.00 USD or equivalent in payments) | No |
| Receiving funds |
|
Free |
| Holding funds in multiple currencies | Free | Free |
| Sending payments to users in the same network | Free | Free |
| Sending payments to other accounts | Up to 3% of transaction amount (a minimum fee may apply) | Local payments in AUD or NZD: Free Cross-border payments and local payments in currencies other than AUD or NZD: From 0.4%, capped at AUD 15 |
| Withdrawing funds | Up to 3% |
Zero fees to home bank account A WorldFirst conversion rate applies for cross-currency conversions |
| Getting a debit card | USD 29.95 for the first card. Subsequent cards are free | Free |
| Markup/ Margin over currency exchange rates | Can only be accessed after logging in or contacting the support team | For major currencies: Up to 0.6% For minor currencies: From 0.67% For payments to 1688 suppliers: Up to 0.8%, Forward contracts: Up to 0.2% per month |
*Fees checked in January 2025
Sources
- https://www.payoneer.com
- https://www.payoneer.com/about/pricing/
- https://www.payoneer.com/multi-currency-account/
- https://www.payoneer.com/commercial-card/
- https://www.payoneer.com/send-bulk-payments/
- https://www.payoneer.com/checkout/
- https://www.payoneer.com/about/security-center/
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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