How to create a Payoneer account from Ethiopia

Payoneer is an online financial company that offers reliable services for sending, receiving and storing funds online. By creating an account at Payoneer , users will be able to enjoy advantages such as interacting directly with traditional bank accounts, not paying fees for transfers between users or the possibility of withdrawing cash through ATMs using the physical debit card of the platform.

Being classified as one of the best online wallet, Payoneer offers Ethiopians multiple functionalities that can simplify some daily tasks, especially for small business owners or freelancers with international clients.

Today on this blog post I will be guiding you how to open a Payoneer account from Ethiopia in 2023 , reviewing the most important aspects when creating a Payoneer account such as its minimum requirements, frequently asked questions, how to request the debit card, how long shipping takes, we will clarify if it is possible to open Payoneer account without bank account and more.

Requirements

Creating an account on Payoneer is extremely simple, since it requires the same requirements as other platforms such as Binance or Amazon. Before creating your Payoneer account, you will need to have the following requirements:

  • Valid identification card, passport or driver’s license.
  • Postal code of the area in which they reside.
  • Email and own cell phone number.
  • Local or foreign bank account or credit card of the same owner that can receive USD or EUR.
  • A minimum of $25 USD to deposit into the Payoneer account, to enable the option to request a physical Payoneer card.
  • $100 USD in the account requesting payoneer card in atmost 60-90 days and $40 for shipping the card, in case you wish to use DHL Express services instead of certified mail.

Previous considerations

When creating a Payoneer account from Ethiopia, it is necessary to have a foreign bank account or a credit card with access to foreign currency in order to receive approval from the platform.

For approximately three years, the online financial service Payoneer has been rejecting account opening requests from Ethiopian users who register by entering Ethiopian bank accounts, because it is not possible to make direct deposits of funds.

For these reasons, to open an account with Payoneer it is best to have a foreign bank account before starting the registration process. Additionally, it is necessary that the account or credit card used to register with Payoneer belongs to the same owner, otherwise the platform will reject the approval.

Create Payoneer account without credit card (Step by step)

Creating an account in Payoneer is a simple process, once you have the minimum requirements necessary to receive approval, we will indicate how to open a Payoneer account from Ethiopia in 2023 :

  • Step 1: Enter the Payoneer page and click on the register button .
  • Step 2: Indicate whether the Payoneer account will be for individual use or for a company.
  • Step 3: Fill out the form with the personal data of the account holder, avoiding using characters of Latin origin.
  • Step 4: A new form will be created, in which you will request the country of residence, exact address of your town, city and postal code. This point is extremely important, since if you request the Payoneer prepaid card by certified mail, this will be the address to which IPOSTEL will send it. Enter a phone number and click next .
  • Step 5: The security form is completed, the password will be entered, which must have at least 7 characters and include 1 alphabetic and 1 numeric. You must also create a security question.
  • Step 6: In the last tab, the details of an identity document will be requested, it may be an ID, passport or driver’s license. In addition, specify the address to which the Payoneer prepaid card would be sent.
  • Step 7: Check the email and look for the account confirmation email to log in.
  • Step 8: Once you log into your Payoneer account, the message you have information to send to the Verification Center will appear . Click on the button that says send now and it will indicate the information the platform needs to approve your account. Once all the information is corroborated, they will be able to receive payments to request the physical Payoneer card.

How does Payoneer work?

Being an online financial platform, Payoneer works in a similar way to that of traditional banks, since it allows you to view the available balance, receive money, transfer funds to another country, receive money locally and pay for services online.

However, it has the great advantage that it transforms the stored currencies into the currency that the user requires to make their payments, in this way it can automatically convert USD into EUR without the limitations that we would normally find in traditional banking.

On the other hand, being an online financial institution, Payoneer does not have physical branches where users can go to carry out transactions. Transfers, withdrawals or payments are made through your website or mobile application, in addition to the payments or withdrawals that users can make using the debit card.

What can be done

Payoneer online accounts are called e-wallets or electronic purses, because they offer their users the following services:

  • Receive money in Ethiopia from anywhere in the world.
  • Transfer money to your Ethiopia Bank Account instantly for free from your payoneer Account
  • Pay for products and services online.
  • Mass payment service, for users who need to send many payments to different people, in different currencies and in different countries.
  • Currency management allows you to use multiple currencies in a simple way; in addition to offering convenient exchange rates.
  • Request the Payoneer MasterCard, with which you can make purchases in stores or make withdrawals at ATMs worldwide and debit it directly from your Payoneer online account.

What can’t be done

Unlike other financial platforms such as PayPal or Airtm, with Payoneer it is not possible to make cross-platform transfers, as it only supports withdrawals to linked bank accounts or ATMs using the physical MasterCard debit card. Additionally, with Payoneer it is not possible to trade cryptocurrencies or similar activities, due to how complex it can be to move available funds.

On the other hand, the platform establishes that physical cards can only be sent to the applicant’s country of residence, unless they contact Customer Service and specify that they be sent to a postal address in the United States.

Advantages of using Payoneer

  • Transfers made between Payoneer accounts are instant and free, so users will be able to access their funds instantly and without paying additional fees.
  • It makes managing a business easier, because it has the simultaneous transfer function. With this option, users can make transfers to different users, in different currencies and in different countries at the same time.
  • Receiving money from another Payoneer account is free, because there are no commissions.
  • Banking transactions have a lower cost than most traditional banking, especially in converting foreign currencies to other currencies.
  • It has a multi-currency MasterCard prepaid card that can be used anywhere in the world.
  • Freelancers and small business owners can work with clients from all over the world as they can receive international payments in the Payoneer account In addition, this method also makes it easier for customers to make payments without the need to purchase foreign currency.
  • Small business owners can pay their international suppliers, using the option to convert their currencies to the currency of their choice.
  • Being a multi-currency account, users have dollars, euros, pounds sterling, yuan, among others, available.
  • Ethiopian customers will be able to send or receive currency without any inconvenience.
  • Unlike other financial platforms, Payoneer offers customers the option of sending the prepaid card with a private courier , with DHL Express being the chosen service.

How to get the Payoneer card

To request the Payoneer physical MasterCard prepaid card, it is necessary to create a Payoneer account and receive its approval from the platform. In this way, they will be able to deposit the minimum limit that enables the option to request the card. This is the only method available through which users can apply for Payoneer card.

Requirements to request the Payoneer card

Applying for the Payoneer prepaid MasterCard is simple, you just need to meet the following requirements:

  • Create an account on Payoneer .
  • Receive account approval.
  • Receive a transfer of $30, €50 or £50, through one of the platform’s mass payment companies or through the Global Payment Service or Billing Service services. Once you have the funds in your account, the option to request the Payoneer prepaid card will be automatically enabled.
  • If you want the shipment to be made by DHL Express, you must have an additional $40 USD to cover the courier costs .

FAQ about Payoneer

Payoneer is an online financial platform that offers a service similar to what we can find in traditional bank accounts. This similarity makes it normal for doubts to arise about the operation of the service.

Next, we will answer the most frequently asked questions from Payoneer users:

1. Can anyone use Payoneer?

Yes, it can be used by any user who requires a financial platform in which to receive or issue payments. In recent years, Payoneer has become one of the most used services by freelancers and small businesses, due to the ease with which users can make payments safely and seamlessly.

2. What is the Payoneer card for?

The physical card allows customers to instantly access the money they have available in their Payoneer accounts.

When operating on the MasterCard platform, the cards can be used to make online purchases, pay at points of sale or make withdrawals at ATMs that belong to the financial multinational. In addition, they will be able to pay in different currencies without extra charges for currency exchange, as long as the client has available balance in their Payoneer account.

3. Is it safe to operate on Payoneer?

The company was founded in 2005 in New York, United States, so it is subject to US regulation and registered as a Money Service Business (MSB). In addition, it has licenses in the European Union, Canada, Australia, Japan and Hong Kong; These are the strictest financial entities in the world.

Therefore, Payoneer is one of the safest financial services to deposit, transfer and maintain money online. Currently, the platform has more than 5 million clients, uses more than 150 currencies and operates in more than 200 countries.

4. What are Payoneer’s commissions in Ethiopia?

Payoneer’s commission rates are linked to the financial movements made by users, which are established as follows:

  • Transfers in local currency from a Payoneer balance with another currency: (Example: Balance in USD to bank account in ETB) has a commission of up to 2% of the transaction amount.
  • Local currency withdrawals from a Payoneer balance: (Example: USD balance to USD bank account, with bank established in the US) When users withdraw USD, EUR or GBP to a local bank account, a fee applies Fixed if the account is in the same currency as the Payoneer balance or if the country officially uses the transfer currency. In this case, the withdrawal fee will be $1.50 USD, €1.50 EUR, £1.50 GBP or the applicable amount.
  • Withdrawals in non-local currencies: (Example: Balance in USD to bank account in USD, with bank established in Ethiopia) has a commission of up to 2% of the transaction amount and a minimum fee may apply.

However, fees may be deducted for receiving transfers, banking processing or changing the conversion rate by financial institutions.

5. Can I transfer funds from Payoneer to my Ethiopian bank account?

Currently the platform does not support fund transfers from Payoneer to Ethiopian bank accounts; Therefore, it is necessary to provide an account that accepts currencies that is registered outside of Ethiopia. At the moment, this is the only alternative to withdraw the funds stored in the Payoneer account.

6. Can I transfer funds from Payoneer to other payment platforms?

Payoneer does not have any alternative enabled to make transfers to PayPal, Airtm, Uphold accounts, among others.

The only options available to transfer or withdraw funds from a Payoneer account are through withdrawals to personal bank accounts, making payments, or withdrawing cash at an ATM using the physical card.

7. How much does the Payoneer card cost?

The Payoneer MasterCard has no cost and can be requested by users who have their accounts approved by the system. However, they will need to receive a minimum payment of $25-$30 USD or the equivalent in Euros or Pounds Sterling into their online Payoneer accounts. In this way, the option to request the card will be enabled, although no amount will be charged from the available balance.

8. How long does it take for the card to arrive?

The time it takes for the Payoneer MasterCard to arrive in Ethiopia will depend on the shipping agency selected for its transfer. Currently, the platform offers its clients the following alternatives:

  • Certified mail: With this option the card takes approximately 4 weeks to enter the country and is completely free, because the shipment is made through the services of the Postal Telegraph Institute of Ethiopia. Once the card is requested, the platform ships in the following days and provides a tracking number for users to track the shipment on the DHL eCommerce website. Once the card enters the country, it is assigned a second tracking number for tracking on the IPOSTEL website. It is important to note that, when users request their Payoneer card from Venezuela, the platform automatically selects this shipping method.
  • DHL Express International: With this option, the card takes between 4 to 7 business days to enter the country. Shipping through DHL Express International has a cost of $40 USD, which must be available in the account balance before requesting the card to be sent. If you wish to receive your Payoneer card through DHL, you must make the request directly with Customer Service, otherwise it will be sent by regular mail.

It is important to note that Payoneer has no control over shipments made through certified mail, once the card enters the country of residence.

In addition, the platform offers transit times estimated by its system, but DHL may take several months to deliver or may not even deliver.

9. How to withdraw money from Payoneer using the card?

With the Payoneer prepaid card, customers can make withdrawals at any ATM worldwide that accepts MasterCard cards, as long as the user has available balance in their Payoneer account.

However, the cash obtained at ATMs in Ethiopian territory will be the equivalent in strenth Birr to the official exchange rate of the Commercial Bank of Ethiopia, depending on the amount entered in dollars, euros or selected currency.

10. What are the minimum and maximum amounts to withdraw on Payoneer?

The platform has various limits for making withdrawals through ATMs, linked bank accounts and transfers to other Payoneer users. For their part, the established transaction amounts are the same for US dollars (USD, $), pound sterling (GBP, £) and euro (EUR, €).

  • Minimum withdrawal limit in local currency: 50 bolivars.
  • Minimum currency withdrawal limit: 300 USD/GBP/EUR.
  • Maximum daily currency withdrawal limit: 10,000 USD/GBP/EUR.
  • Maximum monthly currency withdrawal limit: 100,000 USD/GBP/EUR.

Creating a Payoneer account without a bank account is not possible, because the platform needs currency support to rely on when making transactions. However, the possibility of linking a credit card gives us the opportunity to include an online card such as the Net+ Prepaid MasterCard from NETELLER; which even works to verify PayPal.

On the other hand, as Ethiopians, creating a Payoneer account can provide us with a series of benefits; since we will have on hand an account capable of receiving payments directly from international banks and converting the balance into the currency of our preference. This option is not only an advantage when doing business with foreign clients, but it is also very useful for those who travel abroad.

Now that you know how to open a Payoneer account from Ethiopia in 2023,what are you waiting for to get started?

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