In this article, you'll discover whether Payoneer works in Pakistan, explore some potential drawbacks if it is available, and consider the possibilities it offers for various user groups.
Does Payoneer Work In Pakistan?
Payoneer is available in Pakistan, catering to a variety of users including IT service providers, traditional exporters, online sellers, and freelancers. Users in Pakistan can create a Payoneer account and access services such as Request Payment Link, Local Receiving Account, and Payoneer to Payoneer Payments.
Additionally, Payoneer offers functionalities like withdrawing funds to local bank accounts and managing multiple currencies. However, users cannot self-load money into their accounts and must have a legitimate source of earnings overseas. Verification requirements are stringent, ensuring compliance and security for all users.
Fees and Charges for Using Payoneer in Pakistan
Here are some general costs that users might encounter when using Payoneer in Pakistan:
- Transaction Fees: Fees may apply for receiving payments from different sources, such as marketplaces or clients.
- Currency Conversion Fees: When converting funds from one currency to another, a conversion fee is typically charged.
- Withdrawal Fees: Withdrawing funds to a local bank account or via ATM may incur additional charges.
- Annual Account Fees: Some accounts may have an annual maintenance fee.
- Card Replacement Fees: If a Payoneer card is lost or stolen, a fee may be charged for issuing a new card.
Is Payoneer the Best Option in Pakistan?
Even though Payoneer is available in Pakistan, it might not be the best option for all users due to certain limitations and restrictions.
- Multiple Accounts: Users cannot have multiple individual accounts.
- Personal Payments: Payments must be business-related; personal payments are not allowed.
- Self-Loading Funds: Self-loading of funds into the Payoneer account is not supported.
- Transaction Limits: Individual accounts have transaction limits of USD 10,000 per day and per month.
- Verification Delays: Additional verification may be required for certain transactions, causing delays.
Alternatives to Payoneer in Pakistan
1) OneSafe
OneSafe is a leading alternative payment solution in Pakistan, offering simple onboarding, lower fees, and superior customer support. Its key features include global payments, multi-currency support, and corporate cards, making it an ideal choice for businesses seeking efficient and cost-effective financial management.
OneSafe Reviews
Users have praised OneSafe for its exceptional banking features, including ACH, Crypto, Wire deposits, and Virtual cards. They appreciate the platform's versatility and support for most businesses, making it a highly effective financial solution. Notably, OneSafe has been recognized for its simple onboarding process and superior customer support.
2) Wise
Wise offers a multi-currency account, enabling users in Pakistan to send and receive money globally with low fees. Key features include a Wise debit card for international transactions, tools to manage finances across multiple currencies, and strong security measures. Its transparency and speed make it a reliable option.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users have reported issues with government restrictions in some countries, occasional problems with money transfers being returned without notification, challenges with document approval, and some users experienced issues with fake companies using Wise. Check out more Wise reviews here.
3) Easypaisa
Easypaisa is a versatile payment solution in Pakistan, offering mobile banking, bill payments, and money transfers. Its user-friendly interface and widespread accessibility make it a convenient choice for managing everyday financial transactions. Additionally, Easypaisa supports secure transactions, enhancing financial inclusion across the country.
Easypaisa Reviews
Easypaisa has a score of 2.0 out of 5 based on 48 reviews. Users generally report poor customer service, long wait times on the helpline, issues with account blocking, and unresolved problems. Check out more Easypaisa reviews here.
Frequently Asked Questions about Payoneer in Pakistan
Can I use Payoneer to receive payments from international clients in Pakistan?
Yes, Payoneer allows users in Pakistan to receive payments from international clients and marketplaces.
Are there any fees for withdrawing funds to a local bank account?
Yes, withdrawing funds to a local bank account may incur additional charges.
Is it possible to self-load funds into my Payoneer account?
No, self-loading funds into a Payoneer account is not supported. Funds must come from legitimate sources.
What are the transaction limits for individual accounts in Pakistan?
Individual accounts have transaction limits of USD 10,000 per day and per month.
How long does the verification process take for new accounts?
The verification process can vary, but additional verification may cause delays for certain transactions.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Pakistan is crucial for seamless financial management. While Payoneer offers various services, exploring alternatives like OneSafe can provide better features and support. OneSafe's simple onboarding and lower fees make it an attractive option. Sign up for OneSafe today!
