The Ultimate Guide to
Online payment service providers are becoming more popular, and Forex brokers are continuing to expand their range of accepted payment methods to fund trading accounts. Amongst the most popular are PayPal and Skrill; payment gateways that are widely accepted by many brokers in the UK. Payoneer do not work with Forex brokers, however they do offer a prepaid MasterCard which can be used at any online Forex broker that accepts MasterCard payments.
What is Payoneer?
A Payoneer account provides a means for receiving money transfers from businesses around the world. Payoneer also offers a payments solution for businesses to make and receive payments. The company was founded in 2005 in New York and has since then risen to be ranked in the top 100 financial services companies worldwide. According to their website, their goal is to empower their customers so they can grow their businesses, enabling them to make and receive payments globally and confidently. Payoneer works with many major marketplaces and networks to provide payments for services, such as Fiverr, Amazon, airbnb, iStock and Google Trusted Stores. Small and medium sized enterprises looking to connect to their own trading partners and customers can also benefit from their range of services.
Payoneer services
Payoneer make it easy for individuals to receive money transfers from companies across borders, and for businesses to pay for services and goods from freelancers and other providers from around the world. The payment services are available in most countries and in over 150 different currencies. The payment solutions are fast and flexible, and are suitable for a range of different customers, all of which are treated with the same level of efficiency. From freelance travel bloggers, to large multinational corporations, Payoneer’s global money transfer services have already been trusted by 4 million users.
The charges are also very competitive. With a basic account, it is free to receive payments in the UK, EU and US. Withdrawing to a local bank account in the same currency is also free, however a currency conversion charge of 2% above the market rate will be applied if the transferred funds are in a different currency to the bank account. For customers withdrawing USDs to a USD bank account, a charge of $3 applies. It should be noted that there also may be additional fees from a personal bank account, such as processing fees, landing fees or intermediary fees, which are not directly associated with Payoneer.
A 24/7 customer support service is also available to help clients with any questions they may have about the payments platform.
Advantages of using Payoneer to fund your trading account
Payoneer accounts are mainly used by individuals and businesses to bill clients and receive payments. The payment services are not directly used to fund and withdraw money from trading accounts, and in fact, inbound payments from Forex, binary and other trading accounts are prohibited.
However, Payoneer do offer a prepaid MasterCard. This can be used to fund any trading account that accepts MasterCard payments. No bank accounts are required to sign up to the Prepaid MasterCard, and funds are accessible within 2 hours of a payment being received onto the card.
Brokers who accept Payoneer
Whilst no brokers are directly connected with the Payoneer services, the vast majority accept MasterCard payments to fund accounts. A few examples of top regulated brokers that accept MasterCard payments include eToro, Plus500 and IG.
