How to Open a Payoneer Account

Want to know how to open a Payoneer account in Bangladesh? It’s very easy. As online freelancing is increasing day by day, having a Payoneer account is essential for withdrawing your money after completing work.

In this article, we will try to give a complete guide on how to open a Payoneer account in Bangladesh. So let’s get started without any delay.

What is Payoneer?

Many people are now trying to learn about how to open a Payoneer account in Bangladesh. Payoneer is an international payment platform that allows you to easily send and receive payments globally.

Freelancers and small businesses primarily use this payment system for business transactions. Currently, it is the second-largest global payment system, used in over 200 countries.

As of early 2022, Payoneer has more than 4 million active users who have conducted transactions worth over $10 billion.

This payment system is most widely used in countries like Canada, the UK, the USA, the Philippines, Germany, India, Bangladesh, Indonesia, and Pakistan.

Payoneer was founded in 2005 by Yuval Tal and Michael Shpigler. Its headquarters is in New York City, USA, and it has more than 8 offices worldwide.

Many billionaires and large business investors have invested in Payoneer, which has helped it spread globally and become trustworthy for everyone.

Among all the other payment systems in the world, Payoneer has the lowest transaction fees, which is why users can make transactions at a very low cost.

How to Open a Payoneer Account in Bangladesh

Opening a Payoneer account in Bangladesh is quite easy. There are mainly two types of Payoneer accounts you can create:

1. Personal Account
2. Business Account

Personal Account

To open a personal account, you’ll need to have all your information ready. This includes your National ID card and a bank account from any bank recognized by the Bangladesh Bank.

Business Account

If you want to create a business account, you’ll need a trade license or tax information for your company, a bank account, and some business-related information.

You can open an account either way, depending on your needs. The main thing is that if you have the necessary information and a bank account, you can easily create a Payoneer account.

You can also create a Payoneer account easily using your mobile phone by following these steps. You can also use a laptop or PC to create the account.

Steps to Create a Payoneer Account

1. Gather Documents: First, have your National ID and bank account ready. For a business account, you’ll need a trade license.

2. Visit Payoneer Website: Go to the Payoneer website. You can do this by searching for “Payoneer” on Google and going to their main page.

3. Register: Once the page loads, find the “Register” button on the header. Click it to start creating your Payoneer account.

4. Fill in Information: Enter all the required information such as where your money will come from, why you will use Payoneer, and how much money you expect to receive in a month. After filling in these details, click “Next”.

5. Account Type: On the next page, choose whether you want an individual or business account. Enter your name, email address, and date of birth correctly, as per your ID card. This helps with verification later.

6. Contact Information: Provide accurate contact information, including your country, village, city, zip code, and other address details. You’ll also need to give a valid phone number to receive a verification code.

7. Security Information: Enter your password and National ID number. Make sure your username is your email address and fill in the captcha correctly. Then click “Next”.

8. Bank Details: On the next page, provide your bank details and select your main currency. Make sure to double-check whether you are creating a business or personal account. Then, provide your bank name, account holder name, and account number. Tick the agreement box and click “Submit”.

Once submitted, your account will be created. You will receive an email from Payoneer for approval. After your account is created, make sure to verify it with your information.

How to Transfer Money from Payoneer to bKash

Now that you know how to open a Payoneer account in Bangladesh, you need to learn how to withdraw money from Payoneer. The process is very simple. Follow these steps to transfer money from Payoneer to bKash:

1. Install and Open bKash App: Install the bKash app on your phone and open it. Connect your bKash account.

2. Go to Remittance: Tap on the “Remittance” icon from the menu on the home screen.

3. Select Payoneer: From the “Remittance” section, tap on the “Payoneer” option.

4. Log In to Payoneer: Log in using the email and password of your Payoneer account.

5. 2-Step Verification: If 2-step verification is enabled on your Payoneer account, enter the code sent to your phone.

6. Agree to Terms: Click on the agree button to proceed to the next step.

7. Link Accounts: Your Payoneer account will now be linked to your bKash account.

8. Choose Currency and Amount: Select the currency and the amount you want to withdraw.

9. Withdraw: Tap the “Withdraw” button.

10. Enter Verification Code: A verification code will be sent to your phone from Payoneer. Enter this code.

Once you enter the verification code, the money will be transferred from your Payoneer account to your bKash account as remittance. This process is very fast and you won’t have to wait long.

Conditions for Withdrawing Money from Payoneer to bKash

To withdraw money from Payoneer to bKash, you need to meet certain conditions. Now that you know how to open a Payoneer account in Bangladesh and how to withdraw money, let’s learn about the conditions:

1. Connected Accounts: Your Payoneer account must be connected to your mobile.
2. Verification: Both Payoneer and bKash accounts must be verified using the same National ID (NID) card.

3. Valid Email: Your Payoneer account must have a valid email.

4. Sufficient Balance: Your Payoneer account must have sufficient balance.

5. Fee: You need to pay a fee according to Payoneer’s rules, usually 2% of the amount you withdraw.

What is Payoneer Master Card

A “Payoneer Mastercard” is a type of digital payment system. It allows you to make payments both online and offline. Basically, it’s like a kind of debit card. With this card, you can directly buy things from shops and withdraw money from ATMs. 

You can also make online purchases and payments. To get a Payoneer Mastercard, you need to open a Payoneer account. When you make transactions totaling $100, you can order your Payoneer Mastercard online. It might take 20 to 30 days for the card to reach you. Using the Payoneer Mastercard is very easy. 

You can use it to make international payments if you want. You can use your Payoneer Mastercard online, offline, or both. It’s very safe to use Payoneer Mastercard. However, compared to other cards, it has higher security but the biggest problem is the yearly maintenance charge, which can be around $30, deducted from your account. For many people, this can be a significant amount.

Benefits of Payoneer MasterCard

1. International Payments: The card can be used for payments anywhere in the world.
2. Security: Payoneer MasterCards are very secure.
3. Ease of Use: The card is simple to use for transactions.
4. Online Payments: You can use the card to buy anything online.
5. ATM Access: You can withdraw money from ATMs in any country.

Important Note

One thing to keep in mind is that there is an annual maintenance fee of about $30. This might be considered a high amount by some users.

Despite this, the Payoneer MasterCard has many benefits, which is why many people choose to open a Payoneer account.

Advantage and Disadvantage of Payoneer

Payoneer is a payment system used internationally. It has many advantages and some disadvantages. But overall, its advantages outweigh the disadvantages.

Advantages of Payoneer:

1. Global usability: Payoneer is an international payment system, allowing you to easily make transactions from approved countries. You can transact in over 200 countries and in more than 150 currencies. If you’re involved in online business or freelancing, you can easily receive payments through Payoneer.

2. Lower transaction fees: Compared to other international payment systems, Payoneer charges lower transaction fees. They typically charge only 2% per transaction, which means if you make a $100 transaction, you’ll only pay $2 in fees, whereas other platforms like PayPal charge up to 15-20%.

3. Multiple currencies: With Payoneer, you can conduct transactions in multiple currencies simultaneously without any extra fees. This allows you to deal with clients or businesses in different currencies without hassle.

4. Strong customer service: Payoneer provides reliable customer service, allowing you to seek assistance online if you encounter any issues with your account or transactions.

5. Easy account setup: Setting up a Payoneer account is straightforward. Their website is user-friendly, making it easy for new users to set up and manage their accounts. You can easily monitor your account activity and perform various tasks like receiving or transferring funds.

6. Free US bank account: When you open a Payoneer account, you also get a free US bank account, enabling you to receive money from anywhere in the world. These details are provided to you at no extra cost.

7. Free Mastercard: Upon making $100 worth of transactions through your Payoneer account, you receive a free Mastercard. This card can be used for both online and offline payments.

8. Secure transactions: Payoneer prioritizes security, offering various security features for your account. Additionally, they offer two-step authentication or verification for added security.

Apart from these advantages, Payoneer also has some drawbacks:

1. Lengthy verification period: The verification process and other tasks on Payoneer can take a significant amount of time, which can be inconvenient.
2. Account deletion problem: If you don’t use your Payoneer account for a year due to any reasons, it may get automatically deleted, which can be a major inconvenience, especially if you have funds in the account.

3. Limited usability: Despite being popular, Payoneer’s usability and demand are comparatively lower. It’s not accepted everywhere online, unlike PayPal, which is a major drawback.

4. Mastercard renewal: While initially free, Payoneer Mastercards require an annual maintenance fee of $30 in subsequent years.

Overall, Payoneer is a reliable option for international transactions, but users should be aware of its limitations and ensure they meet the platform’s requirements to avoid any inconveniences.

Alternatives to Payoneer

Here are some alternatives to Payoneer that you can use if you’re not satisfied with it:

1. Skrill: Skrill is a fast-growing payment system online. It offers various benefits similar to other payment systems. You can use it for free, but you won’t get a Mastercard like with other systems. Transaction fees here might be higher than other systems, but you’ll get all the benefits.

2. Xoom: Since PayPal is entirely banned in Bangladesh, you can use Xoom as an alternative method. You can do business transactions here and directly transfer freelancing earnings to your bank account.

3. MoneyGram: MoneyGram is a popular payment method for sending and receiving money. You can easily transfer your online earnings to your bank account. While it offers many benefits, transaction fees are a bit higher. You can use this payment system worldwide.

4. Wise: Many freelancers and local marketers are using Wise currently. It offers similar benefits to Payoneer and PayPal. You can use it widely, but transaction fees might be a bit higher.

5. Stripe: Stripe is a popular payment system in the western world. You can easily transfer money from your clients or business directly to your bank account.

If you want to focus on European countries for work, then using this payment system is advisable. You can transfer your earnings from Stripe directly to your bank account.

Payoneer Fees

The fees and charges of Payoneer can change immediately after the presentation of the following free and charge table. However, according to the current time, that is, according to the year 2024, the fee and charge table of Payoneer has been presented.

Type of transaction Fee

• Currency conversion 2% to 4%
• Online purchase 2% to 4%
• International transactions 2% to 4%
• MasterCard issuance fee $29
• Withdrawal to bank account 2%
• Unexpected transaction fee $75
• Account verification fee $50

How much percentage transaction fee does Payoneer take?

Payoneer takes a transaction fee of 2-3% for each transaction. Even if you make transactions in large amounts, they will still charge 2% as the transaction fee. For example, if you make a $100 transaction, Payoneer will deduct $2 as the transaction fee, considering it as a 2% transaction fee.

Where can Payoneer MasterCard be used?

You can use Payoneer’s MasterCard online everywhere. For example;

• You can purchase online products.
• You can pay online bills.
• You can advertise on Microsoft Ads, Google Ads, Facebook Ads, and all other ads.
• You can withdraw from freelancing marketplaces.
• You can top up any kind of prepaid service.
• You can purchase domains and hosting.
• Their MasterCard can be used for all necessary tasks online.

Lastly,

For those who are looking for a medium for online payments and receiving payments online, Payoneer can be the best medium. According to the perspective of our country, Payoneer is the best for receiving online payments. Payoneer will get all the advantages and facilities in Payoneer that they won’t get in other payment accounts. The article has mentioned as much information as possible about the account at the beginning. Hopefully, you have benefited somewhat from today’s article. Thank you for being with us.

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