Is Payoneer Legit? – Everything You Should Know

Payoneer has become increasingly popular amongst businesses of every size but there’s one question that crops up time and time again – is Payoneer legit?

Naturally, when it comes to your business’s bottom line, you want to make sure that your funds are secure, which is why I decided to delve into a few details about this platform.

In a nutshell, Payoneer is an online payment provider that gives businesses and marketplaces the option to send and receive payments globally.

Now if you are just here for a quick verdict and a special offer, let me help. The comparison table below shows you my thoughts on Payoneer based on my own experience of using the platform. If you want to save money you can click the “Visit Site” button to make use of our exclusive offer.

Pay & Get Paid Worldwide
Customer Service
Ease of Use

Payoneer operates a little differently to the usual currency exchange providers.

Their services are aimed at professionals, business owners, and marketplaces.

Their currency exchange service functions are dependent on several different factors, including the status of your Payoneer account.

Along with currency conversion services, Payoneer also offers direct payment solutions and a lot of useful marketplace integrations.

Airbnb, Amazon, Fiverr, and Upwork are just a handful of the marketplaces that currently partner with Payoneer. I, myself, have been using Payoneer’s services for over two years and I am happy to report that I haven’t run into any issues.

If you want full detail read my What Is Payoneer? article, it covers everything you’d want to know.

You could take my word for it but let me give you all the details then you can make up your own mind.

Is Payoneer Legit? – The Company Basics

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Let me start by giving you some background information on Payoneer:

  • Founded: 2005
  • Locations: 21
  • Employees: 1,500
  • Languages: 35+
  • Customers: 4M+

Since being founded by Yuval Tal, a Fintech entrepreneur, Payoneer has received ongoing attention from global investors. Since 2005 Payoneer have raised over $265 Million from investors.

Today, it is a leading global payment platform that’s run by Scott Galit (CEO), Keren Levy (COO) and Michael Levine (CFO).

I thought it would also be worthwhile to touch on some of the awards Payoneer has received in recent years:

  • EY Entrepreneur of the Year Award 2016 – For Scott Galit (CEO)
  • B2B Innovation Award 2016 – PYMNTS Innovation Project
  • Deloitte’s Fast 500 (Fastest Growing Companies) – 2015
  • CNBC 2018 Disruptor 50 List – #13

They’ve also been featured in a number of top publications, including Fortune, Inc., Daily Star, The NY Times, The Wall Street Journal, and more.

Based on Payoneer’s publicity alone, you can clearly see that they’re a legit global payment platform.

With this being said, I understand how, as a business owner, you want to make sure that you’re not putting yourself at risk. I respect you for taking the time to carry out your due diligence.

Any payment platform can be legit, but it also needs to be secure.

Payoneer – Secure or Not?

A big part of why Payoneer is used by millions of customers is because it’s secure.

They’ve taken a lot of steps to prevent account takeovers, including adding firewalls, CAPTCHA codes, bot tracking capabilities, two-step verifications, SSL, and cyber-intelligence services to name a few.

Over and above this, Payoneer is a US-registered Money Service Business and is certified at a PCI Level 1 Data Security Standard. It is also licensed in 49 states in the US.

Getting these certifications is no easy feat, which says a lot about the platform’s credibility.

Next, let’s look at data security.

When you create a Payoneer account, you’re handing over a lot of sensitive information.

The good news is that any personal data is protected by firewalls, virus detection systems, and advanced encryption.

If any unusual account activity is detected, you will receive an immediate email notification from Payoneer.

The onus is on you to get in touch with Payoneer if the transaction isn’t yours though.

Each and every Payoneer transaction is also monitored and analyzed in order to keep you protected.

Payoneer’s security measures ensure they can identify any attacks in a timely manner and take the necessary steps to prevent further fraudulent activity.

In terms of security, Payoneer really has taken as many steps as possible to keep users secure.

If you’re an eCommerce entrepreneur and want to find out more about whether Payoneer is secure, you should read this; Is Payoneer Safe? It will help you understand why so many sellers use their services.

Payoneer Data Collection

So, what data does Payoneer collect once you sign up for an account?

  • Personal identifiers. This includes your name, address, contact details, ID number, and IP address.
  • Financial information. Your bank and credit account details, credit history and transaction history are recorded and stored.
  • Online activity. How you interact with the Payoneer site is tracked using cookies and Google Analytics.
  • Business details. Any details related to your business will be stored for Payoneer’s records.
  • Any time you phone, email or communicate with Payoneer, these details will be collected.

All of the information that Payoneer collects is necessary. Not only does it ensure you get paid, but it keeps you protected too.

For example, your contact details are collected to verify your accounts, transactions, and to notify you of any account activity. Your location ensures that you’re notified about any location-specific services and promotions.

For more details, you can read through the Payoneer privacy policy page.

Payoneer – Are Scams Possible?

I would love to tell you that Payoneer customers are immune to scammers but that would be a lie.

Even the best global payment platforms run into scams every now and then – it’s all about knowing what to look out for so that you can protect yourself.

If you want to maximize the security of your account and your device in general, there are some warning signs to look out for and tips to follow.

  • Look out for phishing emails. Let’s be honest, some phishing emails are quite impressive in terms of how legitimate they look. It’s important to pay close attention to any emails you get from platforms that store your sensitive data. Scammers go to a lot of trouble to make sure their emails and dummy sites look as genuine as possible. Pay attention to the email address and compare it to some of the other emails you’ve received from Payoneer – are they the same? Typos are also a common occurrence in phishing emails, so take a closer look at the grammar and spelling.
  • Check your account statements at least once a month. Once a hacker gains access to an account, they will usually withdraw very small amounts over a prolonged period of time. This way, it becomes a lot harder to notice the fraudulent activity. Glancing over your account statement at least once a month will ensure you’re aware of any potential scams.
  • Protect your Device. Whatever device you’re going to be using to access your Payoneer account, make sure it’s protected. Along with a strong passcode or PIN, install an antivirus for an added layer of protection. It also helps to install remote wiping capabilities just in case. An antivirus should be able to pick up on any malware but implementing multiple security measures is always best.
  • Keep your login credentials private. Payoneer will never ask for sensitive data, especially your login credentials. Have someone on email or chat requesting those details? It’s safe to ignore the request and report it. You will also never be sent to a third-party site to update or confirm your login details. Scammers really will try anything.
  • Speaking of login credentials. Just how strong are your passwords? Having a strong Payoneer password will go a long way in protecting your funds from scammers. You might think that someone wouldn’t be able to guess your partner’s name but think again. A strong password has upper- and lower-case letters, symbols and numbers and is at least 8 – 10 characters long. If you’re worried you won’t be able to remember it, you could even look into password management software.
  • Rather stay away from public WiFi. When it comes to your business transactions, private WiFi networks should always be your go-to choice. Public networks hardly ever have superior encryption technology, which leaves your Payoneer account very vulnerable. When a hacker is using the same WiFi network, they have the ability to control any data that’s transferred over the network. This means they will potentially have access to your login credentials.
  • Use two-step verification. Payoneer has implemented two-step verification for a reason, so use it. Along with entering your password, you will also need to enter a unique code that’s sent to your mobile number. This way, your account is even more secure and you’ll be notified of any suspicious activity. The code also expires after several minutes so this extra layer of security is really effective. You can turn on this feature under the Security Settings menu once you’re logged in to your Payoneer account.
  • Only transact on reputable marketplaces. As previously mentioned, you can use Payoneer on a number of marketplaces but it’s always best to only transact on secure sites. Payoneer can be integrated with a number of sites but because they’re not all secure, you could be vulnerable to hackers.

If you do want to start selling online, I’ve put a review together that covers some of the best platforms for selling online.

If you read a lot of our blog posts you’ll know that we sell a lot of our products on Amazon, by using Payoneer we are able to save thousands a month… I explain how we do this in the video below.

The Top Payoneer Alternatives

If you’re like me, you prefer to look at a few different options when it comes to platforms to use for business transactions. There are a few good alternatives to Payoneer, I’ll outline a few of these below.

TransferWise (Now Known as Wise)


Along with providing financial transaction services to businesses and online sellers, TransferWise also caters to individuals.

I’ve compared these two payment solutions in my Payoneer vs Transferwise guide, let me know if you have any questions!

The website is accessible in a number of different languages and users can trade in one of 27 currencies.

What I like is that TransferWise is not just for businesses and professionals, you can send and receive funds using email addresses. Their support team also offers assistance in multiple languages, which can be particularly useful.

On the downside, their peer-to-peer network doesn’t work in all countries and you can only transfer to bank accounts. All transfer fees are dependent on the countries involved and the transfer amount.



PayPal is a payment platform that I use often. It accepts payments in 25 currencies, and you can also use email addresses to transact – this is such a useful feature. US residents can also use a prepaid card to access their PayPal funds.

What I like is that PayPal also caters to more than just business users and has a multilingual website. If you’re looking to get into eCommerce, there are a number of products and services that integrate very easily with PayPal.

You can, however, only transfer funds between PayPal accounts, which can then be withdrawn to your local bank account. The platform won’t allow you to set up any scheduled transfers or market orders though.



Paysafe is well known for its multiple payment methods and allows users to accept and process global payments. Whether you want to accept payments on your website or link your account to your POS system, this is possible with Paysafe.

Paysafe’s tools are very impressive and their foreign exchange fees are reasonable. I really like the fact that they also offer a mobile payment solution.

On the downside, their funding and withdrawal options affect the cost of any international transfers. Users also can’t schedule transfers or market orders.

Currencies Direct

Currencies Direct

This is another good alternative for online sellers. Currencies Direct gives users the option to convert sales from popular marketplaces without requiring a local bank account. A centralized online system makes transfer management much easier, while segregated collection accounts allow users to receive funds in multiple currencies.

Currencies Direct is another platform that serves businesses and individuals in multiple languages. It’s really easy to pay suppliers in their local currency and you can schedule transfers too.

Unfortunately, not all American states are supported and if you want to transfer personal funds, it can only be done with a bank account.

Is Payoneer a Legit Platform?

It’s not always easy to trust a platform that’s asking for a lot of personal information, particularly financial information. Hopefully, this review has shown you that Payoneer is a legit platform that’s capable of processing payments securely.

If you feel that Payoneer is a good fit for your business, you can take advantage of this exclusive sign up offer.

If you go on to sign up to Payoneer through this link i will make a commission, we like to be completely transparent about things like that.

I hope you found this useful, let me know if you’ve got any questions below.

More useful content coming soon.

Tags: online payments, payoneer

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