Payoneer Singapore: Fees, features & how it works (2026 guide)

Key takeaways:

• Payoneer is a payments platform for businesses, freelancers, and online sellers that need to receive and manage international payments.

• Payoneer supports international receiving, multi-currency balances, bank withdrawals, and marketplace payouts. Fees vary depending on how you receive, send, convert, and withdraw funds.

• Airwallex offers a Business Account that lets you hold 20+ currencies, along with free transfers to 120+ countries via local rails. There is no monthly fee and no setup fee on our free Explore plan.

Payoneer Singapore is an option for businesses, freelancers, and online sellers that need to receive payments from overseas customers or marketplaces.

But whether it’s the right choice depends on the currencies you need, how you plan to receive and withdraw funds, and the fees that apply to your transactions.

In this guide, we’ll look at how Payoneer works in Singapore, including its key features, fees, supported currencies, payment options, and withdrawal methods.

What is Payoneer?

Payoneer is a payments platform that helps businesses, freelancers, and online sellers receive and manage money from international customers and platforms.

Rather than opening a separate bank account in every market they operate in, users can get local receiving account details for supported currencies and receive payments directly into their Payoneer account.

From there, funds can be held in different currencies, converted when needed, or withdrawn to a local bank account. Payoneer also offers a Mastercard for eligible users who want to spend their balance directly.

Information in this section is based on Payoneer’s official website as of 14 Sep 2026.

Payoneer key features

Payoneer offers several features for businesses that receive and manage international payments. These include local receiving account details, multi-currency balances, bank withdrawals, and a Mastercard for eligible users.

Receive payments through local receiving accounts

Payoneer currently offers local receiving account details in 13 currencies.¹

You can share the relevant receiving details with eligible clients or platforms, which can then send payments using supported local payment methods.

Payoneer connects with more than 2,000 marketplaces, platforms, and networks, including Amazon, eBay, Fiverr, Airbnb, and Upwork.

Hold and convert your funds

Payoneer lets you hold funds in multiple currency balances within your account. This means you can keep money in the currency you received it in and choose when to convert it, rather than converting it immediately.

Payoneer does not publish a specific number for how many currencies you can hold.

Need to hold funds in multiple currencies? Airwallex lets businesses hold 20+ currencies in their account and convert them when needed.

Withdraw funds to your bank account

When you want to move your money out of Payoneer, you can withdraw eligible funds to a bank account. Availability, fees, currencies, and minimum or maximum amounts vary depending on the account and transaction; see the “Fees” section for more details.

For Singapore businesses, this can provide a way to move international earnings into a local bank account without maintaining separate traditional bank accounts in every currency you receive.

Spend with a Payoneer card

Eligible Payoneer users can also use a Payoneer Mastercard to spend from their available balance.

This provides another way to use funds without first withdrawing them to a bank account, although card availability and applicable fees depend on the user's account and location.

Payoneer fees in Singapore

Payoneer uses transaction-based pricing, so the fee depends on how you receive, send, convert, or withdraw your money.

Here’s a quick overview:²

This information is based on publicly available information accessed on 14 Sep 2026. Information reflects Airwallex's own research and has not been independently verified.

For Singapore businesses, the key costs to watch are currency conversion and withdrawals, particularly when you're moving funds between currencies.

Receiving through a local-currency receiving account can be free, while other payment methods and withdrawals may incur additional fees.

Looking for a platform without an annual account fee? Airwallex offers a S$0 Explore plan, and you can access our business account without a monthly subscription fee.

How to open a Payoneer account in Singapore

You can apply for a Payoneer account online. The information required depends on whether you're signing up as a business, freelancer, or individual, and Payoneer may ask for additional documents during verification.

The general process is:

• Create an account. Sign up through Payoneer's website and select the account type that applies to you.

• Provide your details. Enter your personal, business, and contact information as requested.

• Complete verification. Payoneer may ask you to provide identification, business documents, or other information to verify your account.

• Wait for approval. Payoneer reviews your application and may request additional information before approving the account.

• Start using your account. Once approved, you can access the features available to your account, including receiving account details, currency balances, withdrawals, and other payment services.

The features and receiving options available to you depend on your account type, location, and verification status. Payoneer may also apply additional requirements depending on how you plan to use the account.

Is Payoneer right for your business?

Payoneer can be useful if your business regularly receives payments from overseas clients, marketplaces, or other platforms. The best fit depends largely on how you get paid and what you need to do with the money after you receive it.

Here’s a quick overview:

Overall, Payoneer is most relevant for businesses, freelancers, and online sellers that receive money from international customers or platforms and need a way to manage and withdraw those funds.

Whether it makes sense for your business will depend on the currencies you work with, how you receive payments, and the fees that apply to your transactions.

Information in this section is based on Payoneer’s official website as of 14 Sep 2026.

Why Singapore businesses choose Airwallex over Payoneer

For Singapore businesses, the biggest difference between Airwallex and Payoneer is how much you pay to move and manage your money. Here’s what you get with Airwallex:

• Lower-cost international transfers. Airwallex offers free transfers to 120+ countries via local rails. Payoneer charges up to US$4 when sending from your Payoneer balance to a recipient in the same country, or up to 1% + US$4 when sending to a recipient in a different country.

• No withdrawal fees. Airwallex lets businesses withdraw funds to their bank account without an additional withdrawal fee. Payoneer charges US$1.50 for withdrawals to a bank account in the same country and local currency.

• No annual account fee on the Explore plan. Airwallex's Explore plan has S$0 monthly fees, while Payoneer charges a US$29.95 annual account fee if the account receives less than US$6,000 in any 12 consecutive months. For businesses with lower or irregular payment volumes, Airwallex's free plan avoids this conditional charge.

Frequently asked questions (FAQs)

Is Payoneer available in Singapore?

Yes, Payoneer is available to businesses, freelancers, and other eligible users in Singapore. Singapore users can receive eligible international payments, hold funds in supported currencies, withdraw money to a Singapore bank account, and use a Payoneer Mastercard if eligible.

Can I receive SGD with Payoneer in Singapore?

Yes, Payoneer provides local receiving account details for SGD. This allows eligible users to receive payments in Singapore dollars through supported payment methods without having to receive the funds as a foreign-currency payment. Availability and receiving requirements depend on your Payoneer account and the payment method used.

Can I withdraw money from Payoneer to a Singapore bank account?

Yes, eligible Payoneer users can withdraw funds to a bank account in Singapore. You can withdraw supported funds to a local bank account, with the applicable fees, currencies, limits, and availability depending on your account and transaction.

How long does a Payoneer withdrawal take in Singapore?

A Payoneer withdrawal typically takes three business days to reach a bank account, although the actual processing time can vary depending on the destination bank and transaction.³ Payoneer shows the applicable withdrawal details in your account before you confirm the transaction.

What currencies can I receive and hold with Payoneer?

Payoneer currently offers receiving account details in 22 currencies, including local receiving account details in 13 currencies.¹ You can also hold funds in multiple currency balances within your Payoneer account, although Payoneer does not publish a specific number of currencies that can be held. Additional receiving options may be available through SWIFT, depending on your account.

Is Payoneer a bank account in Singapore?

No. Payoneer is a payments platform, not a bank or deposit-taking institution. Its receiving account details allow eligible users to receive payments in supported currencies, but they are not the same as opening a traditional business bank account in Singapore.

Sources:

1. https://www.payoneer.com/receiving-accounts/

2. https://www.payoneer.com/pricing/

3. https://www.payoneer.com/withdraw-funds/