In this article, you'll discover if Payoneer works in Kenya, explore some drawbacks if it is available, and consider potential possibilities. Stay tuned to find out more.
Does Payoneer Work In Kenya?
Yes, Payoneer works in Kenya. The platform supports payments in over 190 countries and territories, including Kenya. This makes it a viable option for freelancers, small businesses, and other users in Kenya who need to manage cross-border payments.
Payoneer offers a range of functionalities in Kenya, such as the ability to receive payments from international clients and withdraw funds to local bank accounts. However, there is no direct way to withdraw funds to M-Pesa, although workarounds exist using a Payoneer card and an e-pay account. This flexibility makes Payoneer a popular choice for many Kenyan users.
Fees and Charges for Using Payoneer in Kenya
Here are some general costs that users might encounter when using Payoneer in Kenya:
- Transaction Fees: Payoneer charges fees for receiving payments from clients or marketplaces. These fees can vary depending on the source of the payment.
- Currency Conversion Fees: When converting funds from one currency to another, Payoneer applies a currency conversion fee. This fee is typically a percentage of the amount being converted.
- Withdrawal Fees: Withdrawing funds from Payoneer to a local bank account or using the Payoneer card at ATMs may incur withdrawal fees. These fees can differ based on the withdrawal method and the bank involved.
- Annual Account Fees: Payoneer may charge an annual fee for maintaining an active account, especially if a Payoneer card is issued.
- Inactivity Fees: If an account remains inactive for a certain period, Payoneer might charge an inactivity fee to keep the account open.
Is Payoneer the Best Option in Kenya?
Even though Payoneer is available in Kenya, it might not be the best option for users due to certain limitations and restrictions that can affect its usability and convenience.
- No direct M-Pesa withdrawal: Users must use indirect methods to transfer funds.
- Additional documentation: Some users may need to provide extra documents for verification.
- Service availability: Certain Payoneer services may not be accessible in Kenya.
- Verification delays: The account verification process can take several days to complete.
- Inactivity fees: Users may incur fees if their account remains inactive for a period.
Alternatives to Payoneer in Kenya
1) OneSafe
OneSafe is a leading alternative payment solution in Kenya, 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 managing both fiat and cryptocurrency transactions efficiently.
OneSafe Reviews
Users have praised OneSafe for its comprehensive banking services, including ACH, Crypto, Wire deposits, and Virtual cards. Many find it to be the best bank they have used, appreciating its support for most businesses. Although no specific awards are mentioned, the positive feedback highlights OneSafe's efficiency and reliability in managing financial transactions.
2) Wise
Wise offers a multi-currency account, low-fee international transfers, and an international debit card, making it a viable payment solution in Kenya. Users benefit from cost-effective, fast, and secure transactions, with support for the Kenyan shilling and global account details for receiving payments in various currencies.
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 reliable alternative payment solution in Kenya, offering secure payments, quick global money transfers, and support for online shops. Key features include 24/7 fraud monitoring, Buyer Protection, and the ability to link multiple cards for seamless transactions. These benefits make PayPal a practical choice for users in Kenya.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users have mentioned high transaction fees and a lengthy dispute resolution process. Check out more PayPal reviews here.
Frequently Asked Questions about Payoneer in Kenya
Can I withdraw Payoneer funds directly to M-Pesa in Kenya?
No, you cannot withdraw directly to M-Pesa. Use a Payoneer card and e-pay account instead.
What are the fees for receiving payments on Payoneer in Kenya?
Fees vary based on the payment source. Check Payoneer's fee schedule for specific details.
How long does Payoneer account verification take in Kenya?
Verification can take several days. Ensure all required documents are submitted promptly.
Is there an annual fee for maintaining a Payoneer account in Kenya?
Yes, Payoneer may charge an annual fee, especially if a Payoneer card is issued.
Can I use Payoneer to receive payments from international clients in Kenya?
Yes, Payoneer supports receiving payments from international clients and marketplaces in Kenya.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Kenya is crucial for seamless financial transactions. While Payoneer offers various services, alternatives like OneSafe provide lower fees and better support. Explore OneSafe for a more efficient and user-friendly experience. Sign up today!
