How Payoneer is best option for Indian Users?
Payoneer is best option for freelancers in India. Indian users find Payoneer more beneficial than Paypal for money transfer services. However, Paypal has brand name in the market and most of other countries prefer it.
Basically, it really depends on different countries where people are getting more convenient and profitable service. In India, Paypal is the best payment gateway for freelancers and online business owners.
Today, we will discuss why Payoneer is far better than any other payment gateway for Indians. If you are working as a freelancer or want to use money transfer service. Payoneer would be cheapest option. Let’s observe few points to consider why Payoneer is better option than others.
What is Payoneer and how does it work?
Payoneer is a B2B payment gateway to send and receive money globally. Payoneer has a categary listed for the companies who can send money to its customers.
Keep remember that Payoneer have black listed many companies for sending currency. You won’t be able to receive payments by them.
Yuval Tal has founded Payoneer 13 years ago with a seed funding of 2 million USD. In recent years, many venture capitals invested in Payoneer. Greylock, Carmel Ventures, Crossbar Capital, Nyca Partners and others had invested in the company.
Payoneer is providing its services over 195 countries with 100+ currencies. Fiverr, Airbnb, Elance and Google are few giant organizations using Payoneer to make payments worldwide.
Payoneer India Review
I would give 5 star rating for Payoneer. It is because I have saved alot of money using it. It has many reasons to choose at first place. There are several payment options available in Indian market but Paypal is always my first choice.
Firstly, I would discuss its conversion rates. Payoneer provides a very good amount of rates to transfer any international currency. As most of the people use it for USD, it provides the highest rates for USD conversion into rupees and you don’t need to pay anything extra on this.
I don’t know if the transaction charges will increase in future but presently they take 2 dollars for a 100 dollars withdrawal. Or sometimes they don’t charge anything in India..
It is really weird that they are showing 2 dollars charges for every transaction. But they never deduct any extra charges from people though.
It is typically so beneficial for every Indian user to retrieve their money without any extra cost. You just need to create an account here and submit your bank account details. As they will verify your details, you will be given a personal account number to receive payments from US and UK clients easily.
Payoneer Vs Paypal
Payoneer is an international organization providing mass payout services worldwide. Whether you are small entrepreneur or professional, Payoneer makes easy to receive money through different companies.
Here’s a quick comparison chart so it’s easy to decide.
|Currency Conversion Routes
|Speed of Payments
||3-5 days||2 hours|
|ACH||$2.00 per transfer||
$3.00 per transfer
|Debit Card||$2.00 per transfer||$3.00 per transfer|
||$2.00 per transfer||$3.00 per transfer|
Payoneer is providing their services in 200+ countries. You can receive payments through marketplaces and networks as well as direct clients. It has many benefits for them who receive payment by US or UK clients.
Payoneer has a 24/7 support team to help their users with every kind of support. It is the most hectic situation when your money has stuck somewhere and you are worried. Their team is all time ready to listen your queries.
Payoneer is providing their services in more than 100 countries. They have a large amount of marketplaces and network. However, there were some legal problems of Payoneer with Indian government. Therefore, Payoneer was banned in India few years ago. But right now Payoneer is working in India absolutely fine. You can use Payoneer to withdraw your money direct into your bank account.
It has the fastest way to receive payments at a cheapest cost. Payoneer doesn’t charge anything to make you unhappy. It charges only 2 dollars per transaction. However you can’t transfer money into your account less than $100. They don’t provide money transfer option for small amounts.
Paypal is another option to receive and send payments. It is the most preferable payment gateway worldwide. Most of the people from many countries suggest PayPal over Payoneer. Although, this is not case with Indian users. Let me show you why.
Here is an screenshot by Harsh Aggarwal showing that how much money has been deducted for a transfer. Here you can see that they have charged more than $100 on a $2300 transaction. He has also mentioned that Paypal transfer money into your account using their own conversion rates.
It does not matter how much Google is showing the USD rates for your country. Paypal manage its own conversion rates for every country. And their rates are far below than standard currency rates.
Unfortunately, they take advantage that most of the organizations and individuals use Paypal to transfer money.
On the other hand, Payoneer pays highest conversion rates according to standards. They also dont charge anything in the name of fee from Indian users.
Nonetheless, it is true that Payoneer has a limited number of organizations in their list to receive payments from. And Paypal is the most famous platform to receive payments. Specially for ecommorce websites and online businesses.
It is true that Paypal has brand name and most of businesses use it. It is a best choice for worldwide users. On the other hand, if you are living in India and using Paypal for payment transfers. You need to think about it.
Payoneer is the best option to conveniently receive payments from all over the world. Payoneer India is the most profitable payment gateway for all the Indian users.
However, there are also many alternatives available here. You can choose a different option as well. But according to my experience and suggestion of many experts like wpbeginner, you must choose Payoneer in India instead of other alternatives.
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