Before going through the trouble of creating an account, we want to be fully transparent with you and assess if Payoneer really is the right service for you. Your time and effort are important to us and we want to make it worth your time!
Payoneer offers two types of accounts
An individual account is recommended when you do not operate as an agency, team or company. You are operating as an individual. The core difference lies in the verification required and the products that can be utilized. For individual account you will need the following:
For Company account, you will be able to additionally use Wire transfer service along with other services. You should create a company account if you have an incorporated entity in Pakistan with SECP. Companies incorporated as Sole Proprietors are not eligible for a Company Account.
Companies that are eligible are as follows:
Documents required for Company Account are as follows:
Core differences between Company Account and Individual Account:
Payoneer’s fundamental objective is to make business payments from your overseas clients as easy and convenient as possible in the most compliant manner. Below are the core products and services that Payoneer offers?
This allows you to get paid by overseas clients via credit card, client’s local bank transfer or e-check. This service is ideal if you have direct clients overseas. IT professionals/companies and small exporters use this service regularly as it is ideal for them and allows you to receive payments from individuals/companies from over 150+ countries.
This allows you to create local accounts in 9+ currencies to receive payments from overseas clients. This includes USD, GBP, EUR among other currencies. For eg. if you have a client in US, all you have to do is share USD Local Receiving Account details with them and they will transfer it like a local transfer. You can only receive payments from a Company bank account.
This includes marketplaces like Fiverr, Upwork, People per hour etc. where we are available as a payment method. You can create an account directly or from these platforms as well. This option is for regular freelancers who receive funds regularly.
This includes marketplaces like Amazon, eBay, Etsy and Alibaba. You can use our payment method on these marketplaces. For Amazon, you can attach a Local Receiving Account (see no.2) as your US bank account
Products & Services
This allows you to transfer funds from one Payoneer Account to another Payoneer Account. These payments must be business payments in nature. This means that the payment must be against a delivery of business service or product. Payments to friends and family for personal purposes is not allowed. Any selling of currency does not constitute as business. Also, this service is only available if you are using Request a Payment Link, Local Receiving Account or receiving payment from Marketplaces. Just doing Payoneer to Payoneer may not be sufficient. You cannot use this service to buy dollars and apply for card. It is not allowed, and your account can get flagged easily. Please be careful.
Payoneer to outside network Payments
This allows Payoneer users to pay their contractors, suppliers and freelancers outside of Payoneer network directly into their local and international bank accounts. You can also make batch payments to your suppliers, contractors and freelancers (payments in one go).
Amazon Ad expenditure
Payoneer allows you to pay for your Amazon ad expenditure from your Payoneer balance.
Payoneer Commercial Card
Payoneer Commercial Card can be used by active account holders who regularly receive payment in their Payoneer account from services other than Payoneer to Payoneer. Minimum balance to be eligible is $100 that has to be received as a business payment in your Payoneer Account. For verification, you will be required to submit proof of residence which will be a bank statement of last 3 months clearly showing your name and address. The name and address on bank statement must match your Payoneer Account info.
Payoneer is for me – Sign me up!
Payoneer is the world’s go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world’s leading digital brands, Payoneer offers a universe of opportunities, open to you.