Best Freelancer Payment Method – Payoneer – Wire Transfer- PayPal

With the business world ravaged by the Coronavirus (COVID-19) that has locked everyone in their homes, the world seems to be moving towards a “work from home” trend in the coming years. Also, more and more people are now joining the freelance workforce in platforms like Upwork and Fiverr that offer the freedom to work from anywhere and at any time.  This is regardless of the current virus situation. While the payment services is straight forward for freelancers based in the developed world, our friends in the developing parts of world have limited options that do not charge insane amount of fees. For example. freelancers in countries India, Bangladesh, Nepal, Kenya, Vietnam, Philippines and so on, do not have convenient financial institutions that lets them easily withdraw cash from their online employers from different parts of the world like United States, England, Australia, South Africa and so on. 

I have been absent from the freelance work space for quite a while and now I am back after exclusively working on a 9-5 job for well a couple of years.  With the current situation, the freelance platforms like Upwork has become more important.  While researching various payment options, only two options became more viable to me just like years back when I started working as a freelance writer.  Here they are:

Payoneer VS Paypal VS Wire Transfer

Lets start with a short comparison. The Payoneer MasterCard and Wire-transfer are the only options I have ever used. Full Paypal features are still not available in many Asian and African countries. Otherwise, that would have been another attractive option for receiving payments. I have tried other platforms in the past, like Skrill. But I stuck with the other two. 

Straight to the point- if you have large transaction over $1000 go with Wire Transfer as it usually carries a fixed rate (around $25 USD). Better if you can accumulate your payment in your freelance or online account and then transfer to your local bank account via Wire Transfer Option, for smaller payments and quick withdrawals, use Payoneer.  This article explains in detail when to use which platform: Freelance Earning Payment Platform Comparision

Payoneer 

This platform is still as relevant as in 2015 when I first started using it.  Payoneer offers multi-currency payments to over 200 countries in 150 currencies.  With Payoneer Mastercard, you can withdraw your earnings from any ATM around the globe. Payoneer MasterCard allows you to perform online transactions with the USD you have earned. This is significant for people like me who does not have any other means to access to USD. With the ability to perform online transactions. I can even invest my earnings for online promotion via platforms like Facebook, Instagram, Google Adwords  and so on.   I recommend Payoneer  because it is among a few that prioritizes freelancers and independent online sellers as their valued customers. They have a sleek app with full functionality to view and perform transactions (services offered differ based on your country or region due to legal differences). 

Payoneer offers services to:

• Freelancers, stock photographers and other independent service providers in fiverr, upwork, freelancer. one hour translation, shuttershock, gettyimages etc. 
• Ecommerce Marketplace sellers: Amazon, Lazada, Rakuten, Shopee, Linio, Wish and more.
• Online affiliates, content creators, publishers, online advertisers: ClickBank, DailyMotion, Cake, HasOffers etc. 
• Other platforms: Google. Airbnb, Homeaway, Sleepout, Tradedoubler, Taboola and so on. 

Functions you can perform:

• Send payment request to Employers
• Local Bank Transfer (withdraw to local bank account in local currency – Check if Payoneer local bank transfer is supported in your country).
• Pay another customer

Fees

Payoneer offers you a multi-currency receiving account that enables you to receive payments in USD, EUR, CAD, AUD, JPY, MXN & more.  It is like having a local bank account in US, UK, Europe, Japan, Canada, Australia & Mexico. Furthermore, the payments can be received as fast as within 2 hours. Therefore, certain fees are involved for maintenance as well as  international ATM transactions.  However, the rates are comparable to market rates and additional fees aren’t too high to make you broke. 

Receiving payment from other Payoneer customers carries no fees. 0-1% fee may be charged when payments are from another account.  This fee varies by country.  As for receiving funds from platforms like FIverr, Wish, Upwork, the fees are set by each marketplace. Please check their websites for the respective rates. The maintenance fee is as follows:

Withdrawing your earnings from your local ATM via Payoneer MasterCard also carries some fee. This depends on the banks. Please check your bank’s website for this info. Usually, the bank charge certain percentage + currency conversion fee. Payoneer charges a flat $3 per debit card transaction. Also, there is a maximum withdrawal limit on MasterCard transactions. So make sure you select a bank with the lowest fee, highest transaction limit and then withdraw the largest amount possible to minimize multiple withdrawal fees.  As a reference you can read this article- Withdrawing funds using the Payoneer MarterCard on local bank ATMS of Nepal.

For local bank transfer, you are charged $2.99 and for a USD SWIFT transfer it’s $15. $4 or 1% of the total amount is charged for transfers in USD and EUR. However, the fees are capped at $10. With Payoneer, money can be transferred to your prepaid MasterCard, Paypal, or you can make a global bank transfer.

Setting up your Payoneer MasterCard Account and receiving earnings 

Setting up Payoneer account is straightforward. After you click the signup link , you will be redirected to a sleek web-page that offers step by step instructions. Simply fill up the form with your Basic info, Contact details, Permanent Address and Shipping info (so that the MasterCard reaches you safely). The entire process from applying for your MasterCard to withdraw payments is a four step process. 

For a more detailed steps on how to sign-up for your Payoneer MasterCard and get it shipped hassle free please read this article: Easy steps to get your Payoneer MasterCard. For my fellow freelancers in countries like India, Nepal and Bangladesh, Payoneer will be great method to invest in your online marketing campaigns to boost your web traffic or sales. 

Make $25 using my referral link below:

Payoneer has an awesome “refer a friend” program, that let’s you earn $25 for each referral. You and your friend will receive $25 in your Payoneer account after your friend has allocated $100. Then your friend can refer Payoneer to another friend to receive additional $25. If you have a lot of potential freelancer friends, you can refer them and get a nice referral earning from Payoneer.

To start off, Click here: Payoneer Sign Up with $25 award

If you want step-by-step information on how to get your setup and get your Payoneer MasterCard account, please read: How to sign up for a Payoneer MasterCard