Is It Safe to Keep Money in Payoneer? [Explained]

Chances are you’ve heard about Payoneer many times. And maybe, your known ones are using Payoneer as a cross-border payment method. But is it safe to keep money in Payoneer? 

Yes, Payoneer is a popular financial service provider which is highly reliable due to its safety features. Financial government authorities around the world regulate the payment platform. Besides, Payoneer has a super impressive security system to protect users’ data and funds.

However, having in-depth knowledge about a payment platform makes sense when you plan to keep money there.

How Does Payoneer Work?

Payoneer has made it simple for users to access the platform. Ultimately, Payoneer is mainly known as a quick and low-cost solution for businesses or individuals to get paid by international customers or clients.

Moreover, the primary purpose of Payoneer is to help people and businesses to send and receive payment. But now the question is, as a user, how can you make the most use of Payoneer when it comes to receiving and accessing funds, right?

How Does Payoneer Work

First, you need to create a Payooner account. You have then to add your bank account to your Payoneer account to withdraw your money.

And once the bank account is added, you can request payment from your clients. Now based on the payment request you send, you can then get paid. Or, if you have a Payoneer business account, you can also pay your employees or make purchases.

In addition, you can receive or send the payment in different currencies and then withdraw the money in multiple ways, like from a bank or using a Payoneer master card. But Payoneer charges a specific amount of money based on your transactions.

Is It Safe To Keep Money In Payoneer?

Yes, you can keep your money in Payoneer, and you don’t need to worry about this. Why? This is because the financial service company is always up to mark by investing a lot of money to ensure the platform’s safety.

Is It Safe to Keep Money in Payoneer [Explained]

And this makes sense having over 4 million users around the world. Still not convinced? Let’s dive a little deeper and know why Payoneer is so far a reliable cross-border payment method.

Fully Regulated US Company

Payoneer became a fully regulated US company in 2005, since its arrival. So, as a fully regulated company in the United States, Payoneer has to follow the rules of US Money Service Business (MSB) compliance.

At the same time, as Payoneer has operations in 200 countries worldwide, the company also follows global payment regulations. Besides, Payoneer is also a member of the Deposit Insurance Corporation.

Impressive Safety System

Over the years, we have seen Payooner has invested a decent amount of money in the fund’s safety system for the users. Recently, the company has taken an enormous initiative to prevent Account Takeover (AT0), which was considered a massive threat to financial platforms.

Now, Payoneer has, then again, taken a multilayered approach against the ATO. For example, we can now see the safety features like two-step verifications, adaptive authentication, rule-based monitoring, etc. And needless to say, all these increase the reliability of the platform.

Trusted by World’s Leading Brands

It becomes hard to question the safety of keeping money in Payoneer as some of the world’s leading brands have trust in the platform. Yes, Brands like Amazon, Airhub, Google, Facebook, Upwork, and more rely on Payoneer to make payments.

Now, it makes too much sense that if Payoneer had any safety issues, the brands wouldn’t choose the platform as a payment method.

Decent Collaborations With Biggest Banks and Investors

Over the years, Payoneer has worked with some of the biggest brands worldwide. To mention a few, Bank of America, Deutsche Bank, and Citibank are some of the burning examples.

In addition, some of the top investors also come in touch with Payoneer. TVC, Temasek, and Viola Ventures are the most prominent names. And this also showcases the credibility of the platform for transactions and keeping money.

What Are the Risks Associated with Keeping Money in Payoneer?

Doesn’t matter what money transfer or payment platform you are talking about; it has some risks associated with keeping money. The same goes for Payoneer.

And that’s why the service provider often warns the users to remember some safety precautions. But what are the potential risks a user can face?

Fraud and Scammers

This is one of the biggest threats to payment platforms out there. And the scenario remains the same in the case of Payoneer. Scammers can send suspicious emails to users and then hack their accounts. And that’s the reason why account takeover prevention is done.

Chances of Account Suspension

Your account on Payoneer can be suspended if you do anything against the regulation of the platform. And if this happens, your account will be on hold. This means you can make any transactions from your account until the authority reviews what wrong happens.

Limited Customer Support

This has been a claim for a few Payoneer users. According to their statements, Payoneer customer support often takes a long time to give feedback. And the core reason behind this is a huge customer base.

Now, this might not happen to you, but you can still consider this, especially when you need to withdraw money urgently.

Tips Keep Your Money Safe in Payoneer

It’s your very own duty to be careful about your account on Payoneer and ultimately keep your money safe. Payoneer itself, along with experts, often suggest some of the safety measures to follow. These are;

  • Ensure you go with strong passwords.
  • Don’t download suspicious software or apps on your computer and mobile.
  • Always use anti-virus software.
  • Never respond to phishing emails.
  • Always go with two-factor authentication.
  • Don’t share your Payoneer information randomly.
  • Don’t share a Payooner card PIN.
  • Limit the use of Public WiFi.
  • Make sure you go with customer support if there are any issues with your account.
  • Never send funds to people you don’t know.

Where to Buy a Verified Payoneer Business Account?

Don’t go with random sellers when buying a verified Payoneer bank account. Instead, you should go with a seller like Marchantta, the reliable business account seller of Payoneer. Here, the price range is very affordable, and you don’t need to worry about security issues.

The 24/7 customer support and rapid delivery make the seller even more efficient. In addition, you can also have a replacement guarantee if any further issues occur with the account.

Frequently Asked Questions

As the day advances, people worldwide are showing more interest in Payoneer. And so we often find some quotes about the money transfer platform. Let’s know the answers to some common questions.

How Much Does Payoneer Charge Per Transaction?

The charge per transaction of the Payoneer varies based on a few factors. If you want to withdraw money using a Mastercard, you will be charged $3. Withdrawing money from the bank charges $1. But receiving payment from other customers is free.

Can I Use Payoneer as My Bank Account?

Yes, it is possible to use Payoneer as your bank account. You need to add a bank account to your Payoner account. But you need to make sure Payoneer accepts the bank account.

Can I Withdraw $50 From Payoneer?

Yes, you can withdraw $50 from your Payoneer account. And you can withdraw the money in multiple ways. For example, you can get money via bank or ATM (Payoneer Mastercard). But $50 is the minimum withdrawal limit; you can withdraw less than the amount.

Final Words

Knowing the advanced safety measures of Payoneer in protecting funds, we can undoubtedly state that it is safe to keep your money in Payoneer.

But you need to be smart enough to be careful about your account. Only then can you enjoy the ease of cross-border payment with the help of Payoneer.

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