Payoneer is one of India’s oldest online payment systems. The company which was the leader in online payments shut shop in 2011 because of RBI’s restrictions on certain account features. Now in 2016, Payoneer has relaunched it’s the flagship product for Indian entrepreneurs and freelancers. The Mastercard Debit card which was issued along with every new Payoneer account has now been discontinued for Indian account holders. So you can no longer withdraw your earnings directly from the ATM and are instead required to transfer it to your bank account first.
Signing up for this new service will save you hundreds of dollars in charges that Paypal users have been paying for years. Did you know you could also earn US$25 (Rs1700) for just signing up on Payoneer? Click on the link given below to get your free bonus! This is a limited time inaugural offer for Indian users. Once your account is approved you can immediately start receiving money from abroad.
How can Payoneer benefit your Business?
Most online payment services charge a fee for transferring the money along with a foreign currency conversion fee. The currency conversion fee is charged to convert US dollars or Euro into Rupees. Some of the popular services used by Indians like Paypal charge 4.4%, which can reduce your profits in the long run.
Payoneer also has one of the lowest fees for receiving money in India as payment from companies. You can take a look at the table below to find out how they compare with other popular alternatives for money transfer to India.
|Country Of Transfer||Receiving Country||Fee Charged||Currency Conversion Fee|
|US Bank Account||Indian Bank A/c||US$ 50 per transaction.||3.0%|
|Paypal||Paypal India A/c||4.4% of amount transferred + 0.30 fee||2.5%|
|Payoneer||Payoneer India A/c||FREE||2%|
Payoneer does not charge a transfer fee, unlike many other services. This can translate into substantial savings for Indian account holders. For example, if you received US$ 100 from the US into your Paypal India account then you would receive around US$ 94 after all deductions. If you carried out the same transaction through your Payoneer account you would stand to receive close to US$ 98. This means you save US$ 4 approximately on your transaction of US$ 100. For freelancers in India, this works out to savings of thousands of dollars over the span of a full year.
Payoneer has another feature that is bound to get freelancers in India excited. Unlike Paypal which takes 3-5 business days to transfer the money to your bank account. Payoneer does it within 24 hours of you requesting payment. So if you require money urgently, this is the service to opt for. Payoneer is offering a bonus of US$25 to all new account holders signing up at the link below.
You will get the bonus US$25 credited to your account once you carry out transactions that amount to US$ 100. You can also earn money by referring your friends to the freelancer community. So what do you think about this new service? Have you used it? Do let us know about your reviews in the comments section.