Verdict: Payoneer is the go-to account for Upwork and Fiverr sellers. The zero-fee platform withdrawals are unbeatable. But it's not the cheapest for FX — pair it with Wise for conversions to save significantly more.
| FX fee | 2.0% |
| Monthly fee | Free |
| Upwork withdrawal | $0 (official partner) |
| Fiverr withdrawal | $0 (official partner) |
| KYC level | Standard |
| Best for | Upwork/Fiverr sellers |
What Is Payoneer?
Payoneer launched in 2005 as a way for online sellers to receive cross-border payments. Today it's the official payment partner for Upwork and Fiverr, which is what makes it relevant to most freelancers reading this.
Over 5 million freelancers use Payoneer globally, and it supports receiving payments in USD, EUR, GBP, CAD, AUD, and JPY via local bank details.
The Upwork and Fiverr Advantage
This is Payoneer's biggest selling point. Both Upwork and Fiverr offer native integrations with Payoneer:
- Upwork → Payoneer: $0 withdrawal fee (vs $0.99 for direct bank)
- Fiverr → Payoneer: $1 withdrawal fee (vs $3 for direct bank, $3.99 for PayPal)
For a freelancer earning $2,000/month across both platforms, this saves roughly $30–60/year in withdrawal fees alone. Not life-changing, but free money is free money.
The bigger saving comes from how you use the balance after withdrawal (more on that below).
Fees: The Full Picture
Receiving payments
- From Upwork/Fiverr: Free
- From other companies via local account: Free
- From other Payoneer users: Free
- Credit card payments: 3%
Currency conversion
- Any currency to another: 2.0% above mid-market rate
- This is competitive vs PayPal (4%) but worse than Wise (0.41%)
Withdrawing to your bank
- To a local bank (same currency): $1.50 flat fee
- To a UK bank (GBP withdrawal): £1.50 flat fee + 2% FX
Annual inactivity fee
- $29.95/year if there's no account activity for 12 months — don't forget about it
How to Maximise Your Payoneer Account
The trick is to not convert inside Payoneer. Here's the optimal flow:
- Receive USD from Upwork/Fiverr → Payoneer (free)
- Transfer USD from Payoneer to Wise USD balance (free bank transfer)
- Convert USD → GBP inside Wise at 0.41% (vs 2% in Payoneer)
This hybrid approach captures Payoneer's free platform withdrawals AND Wise's superior FX rates.
Pair it with Wise →Multi-Currency Account
Payoneer provides local receiving accounts in:
- USD (US bank details)
- EUR (IBAN)
- GBP (UK sort code + account number)
- CAD, AUD, JPY
These work similarly to Wise's multi-currency accounts. You share the details with clients and they pay locally. The difference: Wise's USD account details are more widely accepted (Payoneer's are sometimes flagged by US businesses as unfamiliar routing numbers).
Pros
- $0 Upwork withdrawals — unbeatable for platform sellers
- $0 Fiverr withdrawals — significant saving vs PayPal ($3.99)
- Well-established — 20 years in operation, highly trusted
- Wide country support — 150+ countries, 70+ currencies
- Prepaid Mastercard — spend your balance directly
Cons
- 2% FX fee — expensive for regular conversions (use Wise instead)
- 1–3 day verification — slower than Wise's same-day onboarding
- Inactivity fee — $29.95/year if dormant
- Customer support — historically slower than Wise for resolving issues
Who Should Use Payoneer
Perfect for:
- Upwork sellers — the zero withdrawal fee is the main reason
- Fiverr sellers — same
- Freelancers on any marketplace that integrates with Payoneer (hundreds do)
Less ideal for:
- Direct-invoice freelancers (Wise is cheaper overall)
- Anyone wanting the best FX rate (use Wise for conversions)
Setting Up Payoneer for Upwork
- Sign up at payoneer.com — provide your name, address, and ID
- Wait 1–3 business days for verification
- Go to Upwork → Settings → Get Paid → Add payment method
- Select Payoneer and log in to authorise
- Set it as your default withdrawal method
- All future earnings go to Payoneer at $0 cost
Frequently Asked Questions
Is Payoneer regulated in the UK? Yes. Payoneer is FCA-authorised in the UK (FRN: 900596).
Can I use Payoneer without Upwork or Fiverr? Yes — Payoneer provides local bank details that any client can pay into, and it integrates with hundreds of other platforms.
Does Payoneer have a minimum balance? No minimum balance, but the inactivity fee kicks in after 12 months of no activity.
Can I get a Payoneer card? Yes — a prepaid Mastercard is available once your account is active. You can spend your Payoneer balance directly.
How does Payoneer compare to Wise? Different tools for different jobs. Payoneer wins for platform withdrawals (free). Wise wins for FX conversions (0.41% vs 2%). Most Upwork/Fiverr freelancers should have both.