Now everyone doing online money transfers from many countries. But we should use perfect and best online money transfer service. So, I am writing this post on one of the best money transfer Payoneer Guide: Everything You Need To Know About It from here.
Why we use Online Money Transfer?
In olden days sending and receive money through online was a difficult task. Now we have many options for this type of tasks. But we need to have the proper online transaction source like Paypal. Now I am suggesting you one payment source Payoneer at here.
Benefits of Online Money Transfer:
- Fast & Secure Transaction
- Good Exchange Rate
- Easy International Transactions
- We will Get 24/7 Customer Service
What is Payoneer?
Payoneer is a financial services business that provides online money transfer and e-commerce payment services. Payoneer is a registered Member Service Provider of MasterCard worldwide. The company is headquartered in New York City.
In simple words “Payoneer is a cross-border online payments service used to send and receive payments globally”.
Now check my complete Payoneer Guide below with a detailed explanation.
Payoneer Guide: Everything You Need To Know About It
Payoneer was founded by Yuval Tal with 2 million USD seed funding in the year 2005. Later Payoneer received funding from Greylock, Ping An, Crossbar Capital and others.
But in 2011 Payoneer faced Regulatory Actions by Reserve Bank Of India(RBI). Due to this problem Payoneer Shut down their operations in India. You can also read the full details about this at Shoutmeloud and Forbes
Payoneer Resumes Their Service In India
Later Payoneer entered in India after four years with some Restrictions. RBI put some rules to Payoneer this time. Payoneer will provide Free Payoneer Prepaid MasterCard® for its customers. But in India, we won’t get that card. We can receive our funds from Payoneer account to Local bank within 24 hours.
See below demo video to check How To Receive Payments in Payoneer:
Payoneer Rules For Indians:Payoneer new CEO Scott Galit said that
We are working to build a presence in India, enabling small businesses to sell to clients in foreign markets, receiving payments in real time at cheaper rates
India will be a strategic investment for the company this year. We are looking at long-term growth, so no specific target numbers yet.
User Benefits Of Payoneer:
As I have mentioned above this is the perfect alternative for Paypal because Payoneer has some features and benefits. After reading Chitraparna Sinha‘s review post on her blog EsmeeNetwork then I have decided to post this complete guide at here.
Who is Chitraparna Sinha?
Chitraparna Sinha is a Blogger, Freelance Writer cum Consultant from India. She is also the Payoneer (India) Brand Ambassador (2015 – 2017). Check her Payoneer India review post at here.
The Payoneer Refer A Friend program is great because When your friend signs up and earns just $100 in payments, you both earn a reward of $25. In this way, you can earn extra cash simply by telling your friends about Payoneer.
How To Sign Up at Payoneer & Get $25 Bonus
It is the very simple process. Just follow the below steps.
Step 1: First you need to click on the below link then you will be redirected to Sign Up page.
Step 2: You need to fill up your personal details. Make sure your provided details are correct otherwise you may face problems.
Step 3: Next enter your contact details like address, pincode and working mobile number.
Step 4: Next it will ask you to specify the password and security question. Note down your security question for future reference.
Step 5: Here you need to enter your bank account details along with IFSC code. Double check the details before clicking next button.
Step 6: Finished now you have successfully created your Payoneer account. Then Payoneer team will review your application for approval. Within a day or two you will get an approval Email.
Just log in to your account, then it will ask you to enter two security questions for account safety. Just create two security questions and click on submit. At the end, you will be redirected to Payoneer Dashboard.
After successfully entered into your Payoneer account first, it should ask you to enter the Purpose Code. This is the required option to receive your payments from outside of India.
Payoneer Purpose Code:
I got many questions on Purpose Code like can I use which code. Payoneer Purpose Code is nothing but it will specify the type of transaction. Means “purpose code” describes the nature of Foreign Exchange Transaction that helps Reserve Bank of India (RBI) to identify and classify the Forex transactions.
Click here to see all the purpose codes from RBI along with code description. Then you can get an idea of Which purpose code is suitable for your business transactions.
My recommended Purpose Code is Advertising, trade fair services (P1007). Because this code includes services related to Internet Marketing, SEO, SEM, Social Media and Web Designing. You can also use this for blogging related services.
Indian top blogger Harsh Agrawal mentioned some services which Payoneer supports in his blog.
To find out the more details about Payoneer, then click on the below button.
Conclusion: I hope that you like this post Payoneer Guide: Everything You Need To Know About It well. I think I have covered most of the information at here. Still, if you have more information on Payoneer, then you can share it with me via the comment section.