HOW TO USE PAYONEER IN THE PHILIPPINES

What is Payoneer?

Payoneer is an online financial platform that functions very similarly to a bank account, allowing you to: (a) receive payments, (b) transfer money quickly and easily to and from anywhere in the world, and (c) pay for products and services online. Payoneer offers a range of services, including:

• Online purchases and payments

• Instant online money transfers to anywhere in the world, including to bank accounts, for free

• Mass payment service for those who need to send multiple payments to different people in different countries and currencies

• Currency management, allowing you to use multiple currencies simultaneously at convenient exchange rates

• Payoneer Prepaid Mastercard lets you purchase at any merchant and debit it directly from your account.

Payoneer is a popular platform used by freelancers and small businesses who work globally. It is different from its competitors in that it focuses on people who need an e-wallet for work rather than the general public. Signing up for a Payoneer account is free and can be done online.

Use Cases of a Payoneer Account

But if the Payoneer account works with all the features of a traditional bank account, and I already have one... Why do I need an online account with a provider like Payoneer? This reasoning is valid. However, there are unique use cases that can make life easier for Payoneer customers and their family environment. Here's a list of these use cases, although there are many more:

• If a customer rents properties through Airbnb, they can use Payoneer if they prefer not to deposit foreign currency into their local bank.

• If a freelance worker works with clients worldwide and has suppliers who charge in different currencies, they can handle different transfers in different currencies through Payoneer.

• If a person requires an account in another currency. Payoneer allows the opening of accounts in dollars, euros, and pounds sterling, among many others.

• If a client needs to send or receive money to other countries regularly.

• If a cryptocurrency trader needs to deposit and withdraw funds regularly from their trading account.

How Does Payoneer Work?

A Payoneer account works similarly to the online account of any traditional bank. That is, it offers a view of the balance of money, transactions, transfer options, etc. The only difference is that Payoneer is an online financial entity, meaning it does not have physical branches to which you can go, for example, to deposit cash. It is an application on your phone designed to offer payment and money transfer solutions to the world at a meagre cost compared to traditional banking.

In general terms, the app works as follows:

1. Download the Payoneer application on your phone or use it from any browser, which will ask you for some personal data to open the account.

2. Deposit funds into the account to verify your identity. Payoneer allows clients to deposit money into their accounts through credit cards, bank transfers, or other payment processors.

3. Receive money from other Payoneer accounts or online services (Trading Platforms, Casinos, Payment Services, Shopping) that use Payoneer. Another person or online company can easily and quickly send money online to the Payoneer account.

4. Make payments and purchases.

5. Make low-cost transfers.

Due to all these features, it is a service widely used by expatriates to send money. Additionally, Payoneer includes a mass payment functionality that simplifies the operation when transferring money to multiple people in multiple countries and currencies.

Advantages of Using a Payoneer Account

• Transactions between Payoneer accounts are free and instant. If two users have a Payoneer account and one transfers money to the other, the recipient can instantly spend or withdraw the money.

• It facilitates business operations by providing the functionality of simultaneous transfers between different currencies.

• Receiving money from another Payoneer account is free.

• For various banking operations, Payoneer costs much less than a traditional bank, for example, in currency conversion for transfers to other countries.

• It provides a multi-currency prepaid Mastercard.

Payoneer and its Regulation... Is it safe to use this platform?

Payoneer was founded in 2005 in New York. It has 14 offices worldwide, with over 4 million customers, operating in over 200 countries and using 150 currencies.

As mentioned, Payoneer is not a bank that does not lend customers funds. The company is regulated by the United States and registered as a Money Service Business (MSB). The company also holds licenses in the European Union, Hong Kong, Japan, Canada, and Australia.

These entities are among the strictest in the world, which is why it is very safe to deposit, transfer, and maintain money in a Payoneer account.