Payoneer is a global payment platform that allows individuals and businesses to send and receive funds internationally. It offers a convenient solution for self-employed, small businesses, and global traders who need to make payments or receive funds in several currencies: USD, EUR, GBP, AUD, CAD, AED, JPY, SGD. Payoneer is available in 190 countries including Georgia.
In this blog post, we will walk you through how to use Payoneer from Georgia, from setting up your account to withdrawing your funds.
Payoneer is a financial service provider that specializes in cross-border transactions. It provides users with the ability to send and receive payments, access funds in multiple currencies, and make payments to suppliers or contractors worldwide. Payoneer offers a prepaid MasterCard, which you can use to withdraw money at ATMs, make online payments, and shop in stores.
Here are some of the key benefits for Georgian users:
Global Reach: Payoneer lets you receive payments in over 150 currencies, making it ideal for Georgians who work with international clients or businesses.
Ease of Use: Setting up a Payoneer account is straightforward. Once your account is set up, you can start sending and receiving funds easily.
Local Bank Transfers: You can link your Payoneer account to your local Georgian bank account, allowing you to transfer funds seamlessly.
Prepaid MasterCard: The Payoneer prepaid MasterCard lets you access your funds quickly, and it is accepted at millions of locations worldwide.
The first step is to visit Payoneer’s official website (www.payoneer.com) and sign up for an account. Here’s how to get started:
Next, you will need to choose your preferred payment options. You can choose between:
In Georgia, this is especially useful for local businesses that engage in international transactions.
To comply with global financial regulations, Payoneer requires verification of your identity. You will need to submit a government-issued ID (e.g., passport, national ID card) and proof of address (e.g., utility bill, bank statement). This step ensures that Payoneer is complying with international anti-money laundering laws and verifies that you are who you claim to be.
Once your documents are verified, you’ll gain full access to your account.
After your account is set up, you can request a Payoneer prepaid MasterCard. This card allows you to withdraw funds at ATMs, make payments online, and use it at millions of merchants worldwide.
Note: Payoneer cards are usually sent via international mail and may take a few weeks to arrive, so it’s advisable to request the card once your account is set up.
Payoneer offers several ways to fund your account. Here’s how Georgians can add money to their Payoneer accounts:
If you are a freelancer, entrepreneur, or small business, the primary way to fund your Payoneer account is by receiving payments from clients or customers. Payoneer offers various payment options:
Global Payment Service: Payoneer provides you with local receiving accounts in different currencies (USD, EUR, GBP, etc.). You can give these account details to your clients, and they can pay you as if they were making a local bank transfer.
Payment Requests: If your client does not want to make a direct transfer, you can send them a payment request via Payoneer’s platform. Once the payment is received, it will be credited to your Payoneer account.
If you’re an active seller on online platforms like Amazon, Etsy, or Ebay, Payoneer provides seamless integration with these platforms. You can receive payments directly to your Payoneer account from these marketplaces.
Once your funds are available in your Payoneer account, you can use the Payoneer Prepaid MasterCard for purchases, both online and in-store. Additionally, you can withdraw cash at ATMs in Georgia or abroad, however it is not the best option for Georgia since it does not have GEL account and conversion and card fees apply including on withdrawal from ATM.
Another way to access your funds is by transferring them to your Georgian bank account (the account can be with VISA or MASTERCARD). Payoneer allows you to link your local bank account and withdraw funds directly. The process typically takes 1-3 business days, depending on the bank.
To withdraw funds to a Georgian bank account:
There are fees associated with withdrawing funds from Payoneer. Typically, the withdrawal fee is between 1% to 2% of the total amount, depending on your withdrawal method and destination. For example, for withdrawing less than 750 USD, minimuim withdrawal fee is 15 USD, and plus intermediary bank fee apply as well (approx. 10 USD). For the detailed information about fees, visit Payoneer page: https://www.payoneer.com/about/pricing/
Payoneer offers web and mobile application, where balance, incoming or outgoing payments can be monitored just like in any other online banking service platform.
Payoneer has currency conversion feature, however it is not available for GEL.
Payoneer has several security measures in place to protect your account, including two-factor authentication (2FA). It’s always recommended to use 2FA for added protection.
Payoneer is one of the options for Georgian businesses to receive payments from global online stores like eBay, Etsy, Amazon, etc. To select the best suitable option for an online shop, you should learn about all available payment receipt options offered, compare all their conditions such as commission on the amount received, withdrawal fee, card fee.