We reviewed Payoneer Singapore’s business account (2025): features, fees, and provider comparison

Key takeaways:

• Payoneer is a digital payments platform that lets businesses collect and hold funds in nine currencies, withdraw to local receiving accounts, and make cross-border transactions using a prepaid card.

• Payoneer supports just nine currencies, which can make it costly and complex for globally-minded businesses to manage multi-market operations or settle global payments efficiently. 

• Airwallex offers a more scalable alternative to Payoneer, with wider currency coverage, access to local payment rails in 120+ countries, and integrated tools to manage global spend – all on a single platform. 

Whether you're an Amazon seller receiving payments from global buyers, a freelancer collecting fees from overseas clients, or an SME paying suppliers across borders, you'll need a platform to manage international transactions.

Payoneer positions itself as a solution for exactly these scenarios: a digital payments platform designed for freelancers, marketplace sellers, and small to medium businesses that need to collect and send money internationally. But while it handles basic cross-border transactions, the platform's conversion fees, card transaction costs, and annual fees can quickly erode profits, particularly as transaction volumes grow.

In this article, we break down Payoneer's features, fees, and limitations to help you decide if it fits your international payment needs. 

What is Payoneer?

Payoneer is a global payments platform specialising in marketplace and freelancer payouts. It lets platforms pay sellers, vendors, and contractors at scale, while recipients can withdraw to local bank accounts or spend via Payoneer cards. With local accounts in major currencies such as USD, EUR, GBP, and JPY, you can receive payments from marketplaces and clients like a local seller. You can also hold, convert, and withdraw funds directly from the account.

Is Payoneer right for your business?

Payoneer is designed for businesses that frequently make or receive cross-border payments but want to avoid the complexity of opening local bank accounts. It integrates directly with platforms like Fiverr, Upwork, and Airbnb, making it a convenient option for freelancers and small businesses active on these platforms.

Once you start dealing with non-Payoneer accounts, however, the fees build up quickly: around 3% per card transaction, up to 3% on conversions, plus extra costs for withdrawals, inactivity, or using the Payoneer Mastercard. Over time, these costs can eat into margins and make regional expansion less viable.

Airwallex removes these barriers with no transfer or withdrawal fees, near-interbank FX rates, and local accounts in 20+ currencies – giving you the flexibility to collect, pay, and grow globally without hidden costs.

Pros and cons of the Payoneer business account

How does Payoneer work?

After signing up, you get local bank details in nine supported currencies, so you can receive overseas payments without incurring hidden charges. Funds land in your Payoneer balance, which you can hold, convert, or withdraw. The costs vary depending on how you’re paid. 

How does Payoneer compare with Airwallex?

Payoneer works for basic collections, but its limitations become clearer as your business grows.  For companies seeking broader coverage, lower costs, and integrated tools to support global expansion, Airwallex offers a more scalable solution. 

Here's how Airwallex outperforms Payoneer across key features that matter most:

Broader currency coverage

Airwallex lets you open local accounts in 20+ currencies across 70+ countries, complete with local bank details. You can collect and hold funds like a local business – no forced conversions or hidden fees. Payoneer, by contrast, supports just nine currencies, which can lead to higher FX costs and slower settlements as transaction volumes grow.

Lower fees

Send free local transfers to 120+ countries via Airwallex’s local payment rails, with 95% of transactions arriving within the same day. Currency conversions start from just 0.4% above the interbank rate, compared to Payoneer’s range of 0.5–3%. Fewer intermediaries mean faster, lower-cost payments that help your business scale more efficiently. 

Advanced spend control

Airwallex gives you unlimited multi-currency corporate cards with 0% FX fees, alongside built-in expense management features to manage reimbursements, bill payments, and vendors. Payoneer, on the other hand, offers limited card functionality and basic expense tools, which may add complexity to operations as teams expand across borders. 

Simpler payments

With Airwallex, you can accept customer payments worldwide through custom, low-code payment gateway solutions and integrations with leading eCommerce platforms such as Shopify, WooCommerce, and Amazon. Offer 160+ local payment methods to boost conversions and reduce checkout friction. Payoneer focuses on marketplace payouts and lacks support for end-to-end payment acceptance. 

Built for scale

Airwallex unifies global accounts, transfers, cards, and expense management into one platform, helping your finance team reduce admin and scale efficiently, without the hidden fees and coverage gaps you’ll find with Payoneer.

Note: The information in this table has been reviewed to be accurate as of 10 November, 2025.

What are the key features of Payoneer accounts for businesses?

Multi-currency accounts

You can open local receiving accounts in SGD, USD, EUR, GBP, JPY, AUD, CAD, HKD, and AED. But with just nine currencies available, businesses managing multiple markets will face higher conversion costs and slower settlement times, which can impact profit margins and cash flow predictability. 

Send international payments

Pay suppliers and contractors abroad with Payoneer, but expect conversion fees of up to 3% on bank transfers. When you pay suppliers outside Payoneer’s network, fees rise sharply because transactions run through traditional banking channels instead of Payoneer’s internal system.

Receive payments from clients

Payoneer lets you request payments directly from clients, but brace yourself for the fees. Card payments cost 3.99% plus S$0.67 (US$0.49) per transaction, which means a S$1,365 (US$1,000) client payment will set you back about S$41.50 (US$30.49) in fees. A 1% charge also applies for local bank transfers. These fees cut into margins and limit profitability as transactions grow. 

Pay for business expenses with a Payoneer Commercial Mastercard

You can spend globally with the Payoneer Mastercard, but conversion fees can run up to 3.5%, while cross-border transactions add another 1.8%. ATM withdrawals are also subject to additional fees. For businesses, these charges reduce margins and make it harder to manage cash flow, especially when paying suppliers or managing expenses across multiple currencies.  

Convert currencies

Converting balances in your Payoneer account comes with a 0.5% fee. Additional conversion charges apply when it comes to withdrawals and international card spend. Withdrawals with currency conversion hit you with up to 3% in fees, while card transactions abroad can cost up to 3.5%, plus an additional 1.8% for cross-border transactions. These compounding charges make it expensive to‌ use your converted funds.

What are Payoneer’s pricing & fees?

Here’s what you can expect to pay with a Payoneer business account:

Note: The information in this table has been reviewed to be accurate as of 10 November, 2025.

Stop losing out to hidden charges – explore Airwallex's pricing & fees 

While Payoneer makes marketplace payouts easy, it can get expensive once you start using it for wider cross-border needs. Layered fees and limited transparency make it harder to predict costs when sending or receiving money outside its network. 

In contrast, Airwallex helps you avoid those issues with one global platform for both marketplace and international transfers. You get clear, upfront pricing, no transfer or withdrawal fees, and near-interbank FX rates, so you can move money and manage your finances confidently across 120+ countries.

Note: The information in this table has been reviewed to be accurate as of 10 November, 2025.

How to open a Payoneer account in Singapore

For registered companies in Singapore, Payoneer typically requires businesses to have the following documents ready:²

• ACRA business profile

• Constitution or Memorandum and Articles of Association (MAA)

• A board resolution authorising account opening (Payoneer provides a template)

• Proof of company address, if it differs from the registered office

• Identification and proof of address for authorised representatives and ultimate beneficial owners (UBOs). NRIC or FIN are accepted, and verification can often be completed via Singpass

The onboarding process for Payoneer is fairly straightforward:³

1. Sign up on Payoneer’s website.

2. Verify your identity using Singpass or by uploading ID documents.

3. Submit company paperwork such as ACRA profile and incorporation documents.

4. Payoneer checks your details.

5. Once approved, you get SGD account details plus local receiving accounts in other currencies.

6. Start transacting, collect payments, and withdraw to your bank.

Need a global-ready option? See how to open a business account with Airwallex 

Opening an account with Airwallex is 100% online and only takes a few minutes. To get started, you’ll need: 

• A registered business in Singapore

• A valid NRIC or passport for identity verification

• Proof of address and business details

• Names and IDs of directors or shareholders (if applicable)

Once your documents are in order, follow the steps below:

1. Visit the Airwallex signup page

2. Sign up for an Airwallex Business Account 

   1. Provide your business email, legal name, and create a password 

   2. Provide additional details, including your company size, primary area of interest, business name, business headquarters, and mobile number

3. Verify your business and activate your account 

   1. Confirm your business location  

   2. Provide your Unique Entity Number (UEN)     

   3. Provide documents for identity verification

Once submitted, our team will review your application. Most accounts are approved within 3–5 business days. Want to see how it works? Watch our quick demo.

Consider Airwallex: the all-in-one payments platform for global businesses 

Airwallex gives businesses the global coverage, transparency, and control that Payoneer can’t match. With our proprietary network of local payment rails in 120+ countries, you can move money faster through local rails without losing out on hidden fees to intermediaries. Our Global Accounts give you access to local account details in 20+ currencies, so you receive and hold funds in multiple currencies without forced conversions that eat into margins.

Airwallex also integrates seamlessly with your existing systems through powerful APIs. Connect your accounting software to automate payments, reconciliation, and reporting – giving your finance team more time to focus on growth. Our multi-currency corporate cards come with built-in expense management and let you make payments with 0% foreign transaction fees – empowering teams to spend globally from day one. 

As Singapore-based retailer Motherswork expanded beyond Singapore, navigating complex local banking systems and catering to local payment preferences became mission-critical. By integrating Airwallex Checkout with its website, Motherswork could let customers in each market pay in their preferred currencies and payment methods, boosting conversion rates at checkout and lowering transaction costs. Payments flowed directly into its multi-currency account, allowing the team to make fast, low-cost payouts to suppliers across the globe.  

Unlike Payoneer, Airwallex brings global collections, payouts, and expenses into one unified platform. From faster, lower-cost transfers to flexible multi-currency accounts, instant card issuance, and API integration, Airwallex gives you the control and speed you need to manage your global financial operations with confidence. 

Frequently asked questions (FAQs)

Is Payoneer available in Singapore?

Yes. You can open a Payoneer account with Singpass, get SGD receiving details, and use the platform to manage global payments.

How do I contact Payoneer’s customer service?

You can submit a ticket or use live chat through the Payoneer Help Centre. They also provide regional phone lines and a dedicated email for escalations.

Is Payoneer safe?

Yes, Payoneer is generally safe to use in Singapore. Payoneer has implemented multi-factor authentication (including app-based two-step verification) and 24/7 fraud monitoring, along with bank-level encryption protections. Payoneer Singapore Private Limited also holds a licence from the Monetary Authority of Singapore (MAS) as a Major Payment Institution. Customer funds are safeguarded in segregated accounts with banks and other safeguarding institutions in Singapore.

Sources: 

1. https://www.payoneer.com/about/pricing/

2. payoneer.com/resources/business/alternative-to-opening-a-business-bank-account-in-singapore

3. payoneer.custhelp.com/app/answers/detail/a_id/44838/~/singapore-payoneer-account-setup---faq

All comparisons and information reflect Airwallex’s own research using public documentation as of 10 November, 2025, and have not been independently validated. 

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations, warranties, or guarantees regarding content accuracy, completeness, or currentness. Product features, pricing and other details are subject to change. Airwallex does not guarantee the continued accuracy of this information and is not responsible for any inaccuracies that may arise from such changes. This publication is not intended to be relied on for the purpose of making a decision about a financial product. Users are encouraged to conduct their own verification and seek their own advice.

If you would like to request an update of the content in this publication, feel free to contact us at [email protected]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.