How to Receive Foreign Payments Through Payoneer in India?

If you are struggling to figure out how to receive foreign payments through Payoneer in India, this blog will help you in answering all your questions!

How to Receive Foreign Payments Through Payoneer in India?
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If you are a freelancer or a small business owner in India who works with international clients, you may have faced challenges in receiving payments from them due to the complexities of cross-border transactions. One such solution is Payoneer, a global payment platform that enables businesses and individuals to receive payments in multiple currencies.

How to Get Started with a Payoneer Account?

Payoneer registration is free of cost. Here is a step-by-step tutorial for creating a Payoneer account:
  1. Go to the Payoneer registration page.
  1. Select an Individual from the list if you are an individual or don't have a registered business. Choose a Company if your firm is registered.
  1. After providing your information and email address, click Next.
  1. Fill up the remaining information, such as your address, phone number, and bank account. Also, Payoneer might request proof of identity.
  1. You must first confirm your email address with the Payoneer email that has arrived in your inbox.
If Payoneer needs further information for ID verification, they will get in touch with you. Also, Payoneer has a variety of accounts such as for freelancers, e-commerce sellers, etc. So, if you are unsure of which account to choose, there is a tool provided by Payoneer. You can choose the option from the dropdown list that applies to you and your company. After that, Payoneer will suggest the ideal account for you.

How to Receive Money through Payoneer in India?

When you sign up on Payoneer, it offers receiving accounts i.e. virtual accounts.
Accordingly, you will be provided with account details. Just provide these details to your client.
Clients will use local bank transfers to send money from their bank account to your virtual account.
Payoneer will convert this money into INR and then send it to your Indian bank account.
It costs nothing to receive money in virtual accounts. However, when settling the funds in INR, Payoneer charges a conversion fee.
Payoneer operates through Payoneer Global Payment Service and Request a Payment Service for accepting international payments in India.

Payoneer Global Payment Service

Both services effectively connect you to international online marketplaces where you can find work and get paid for it.
Residents of India can have local receiving account data in several currencies thanks to Payoneer Global Payment Services. Your client or customer can transfer money in one of the currencies when you provide them with the necessary information.
Once the transfer is complete, Payoneer immediately transfers the funds to your local bank account in Indian rupees.

Payoneer Request a Payment Service

You may ask for a payment from foreign clients using Payoneer's Request a Payment Service.
To create a payment request from your Payoneer account, just include the transaction's invoice from the Payoneer dashboard.
Your client can pay online using a credit card, debit card, ACH bank debit (only for US customers), or Payoneer's worldwide payment service when you send them the payment request.
Only foreign business clients using an invoice-based system are eligible to use Payoneer’s Request a Payment.

How much is Payoneer fee in India?

Payoneer charges for its services even though signing up is cost-free:
However here is how Payoneer charges fees for accepting international payments in India:
If your client is an existing Payoneer customer.
No charge
The client makes the payment via credit card through your payment request.
Marketplaces like Amazon and Fiverr
Depends on the platform
The client makes the payment via ACH transfer through your payment request.
Through USD, EUR or GBP Local Accounts.
No charge
Also note, Payoneer charges transaction costs along with the 2% markup on the foreign exchange rate for currency conversion.
Moreover, Payoneer also charges USD 29.95 if your account is active but unused for 12 months.
On top of all this, your local Indian bank could charge additional bank fees as well. 
Overall, the final charges of Payoneer are quite high.

Payoneer to bank transfer time for Indian accounts

After getting the confirmation email, the amount will be reflected in your Indian bank account in about 2 to 5 business days.

Looking for a better way to receive your freelance and business payments? Try Mulya Finance!

There are multiple reasons to use Mulya over Payoneer to accept payments from your foreign clients. Here’s a complete Payoneer vs Mulya comparison.
  • Transaction Fee: There is just a 1% flat fee on Mulya Finance whereas on Payoneer, it can be up to 3% on transaction cost depending on the mode of payment, and there is a 2-3% charge on currency conversion as well.
  • Hidden Charges: There are no hidden charges on Mulya Finance whereas there are some hidden charges on Payoneer in terms of the mid-market exchange rate.
  • Transparency: Mulya Finance provides proper transparency not only in terms of charges but also tracking payments. Mulya tells you exactly when will you receive INR in your bank account.
  • FIRC: While Payoneer also provides the Foreign Inward Remittance Certificate, you can get it much faster i.e. within 24 hours with Mulya Finance.
  • Customer Service: A major problem with Payoneer is that it doesn't even provide a customer care number in India. However, with Mulya Finance you get valuable customer support, be it any time. Moreover, there are no bots on Mulya. You’ll get to speak with a real person. So, you are ensured of a proper resolution from our expert team.
  • Chargebacks and Issues: Often, Payoneer blocks funds. Moreover, there are a lot of chargebacks and disputes as well. However, with Mulya Finance you’ll never face such problems.
Therefore, by using Mulya's services, any business, regardless of size, can easily accept cross-border payments abroad. To learn more about how to use Mulya, click here to know more about how to get started on Mulya.
Samarth Srivastava

Samarth Srivastava has spent few years honing their skills and knowledge in the field of international payments. With a deep passion for finance and a keen eye for global business trends, the author has become a trusted authority on all things related to international payments.