In this article, you'll discover whether Payoneer works in India, explore some drawbacks if it is available, and consider the possibilities it offers for Indian users.
Does Payoneer Work In India?
Yes, Payoneer works in India. The platform allows Indian users to receive payments from global clients and marketplaces, making it a viable option for freelancers and businesses operating internationally. Users can withdraw funds to their local bank accounts and manage multiple currencies efficiently.
Payoneer offers services such as the Global Payment Service and Request a Payment Service, which facilitate international transactions. These services enable Indian residents to receive payments in various currencies, which are then converted to Indian Rupees and transferred to their local bank accounts. This makes it easier for users to handle cross-border payments and comply with local regulations.
Fees and Charges for Using Payoneer in India
Here are some general costs that users might encounter when using Payoneer in India:
- Payments from another Payoneer customer: Free
- Payments from clients via payment request (credit card): 3%
- Payments from clients via payment request (ACH Bank debit, US): 1%
- Payments from marketplaces like Fiverr, Upwork, Airbnb: Check with the marketplace
- Payments by USD, EUR, or GBP Receiving Account: Free
- Withdrawing funds from a different currency to a local currency: 2% of the transaction + currency conversion fee
- Moving currencies between your own Payoneer balance: 0.5% of the amount to transfer + currency conversion fee
- Account inactivity fee (if unused for 12 months): $29.95 USD
Is Payoneer the Best Option in India?
Even though Payoneer is available in India, it might not be the best option for users due to certain limitations and restrictions.
- Limited to international clients: Payoneer’s services are primarily for international commercial clients.
- No prepaid debit card: The Payoneer Prepaid Debit Mastercard is not available in India.
- Daily withdrawal limit: Users face a daily withdrawal limit of $5,000 USD.
- Automatic daily payments: Payments to Indian bank accounts are made automatically every 24 hours.
- Processing time: Deposits to Indian bank accounts can take 2-5 business days.
Alternatives to Payoneer in India
1) OneSafe
OneSafe is a leading alternative payment solution in India, offering ease of use, lower fees, and superior customer support. With features like simple onboarding, multi-currency support, and seamless global payments, OneSafe stands out as a superior option for businesses looking to streamline their financial operations.
OneSafe Reviews
Users have praised OneSafe for its comprehensive banking features, including ACH, Crypto, Wire deposits, and Virtual cards, which cater to most businesses. The platform is often described as the best bank users have experienced, highlighting its ease of use and robust support for various transactions.
2) Wise
Wise offers a multi-currency account for personal and business use, making it a viable alternative payment solution in India. Key features include cost-effective international transfers, transparent fees, and fast transactions. Users can manage money in over 40 currencies, benefiting from Wise's secure and regulated services.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users have reported issues with money transfers being returned without notification and challenges with document approval.
Check out more Wise reviews here.
3) Paypal
PayPal is a secure and convenient payment solution for individuals and businesses in India. Key features include global money transfers, support for online shops, and the ability to link multiple cards for easy checkout. Benefits include 24/7 fraud monitoring, Buyer Protection, and fast invoicing and payment receipt.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5 stars based on 2,117 reviews. Users frequently mention high transaction fees, issues with funds holding, and poor customer support.
Check out more PayPal reviews here.
Frequently Asked Questions about Payoneer in India
Can I use Payoneer to receive payments from Indian clients?
No, Payoneer is primarily for receiving payments from international clients and marketplaces.
How long does it take to withdraw funds to an Indian bank account?
Withdrawals to Indian bank accounts typically take 2-5 business days to process.
Is there a fee for receiving payments from another Payoneer user?
No, receiving payments from another Payoneer customer is free of charge.
What is the daily withdrawal limit for Payoneer users in India?
The daily withdrawal limit for Payoneer users in India is $5,000 USD.
Can I get a Payoneer Prepaid Debit Mastercard in India?
No, the Payoneer Prepaid Debit Mastercard is not available for users in India.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in India is crucial for seamless financial operations. While Payoneer offers various services, alternatives like OneSafe provide superior features and support. Explore OneSafe for a more efficient and user-friendly experience. Sign up today to streamline your payments.
