Is Payoneer safe for UK businesses?

If you’re a UK business owner who relies on international business payments, then you may be wondering what the best safe online payment platforms are for sending money. This brings us to today’s topic: Is Payoneer safe?

Here, we uncover everything you need to know about Payoneer’s security measures including how it compares with competitors and its compliance with FCA regulations. We’ll also take a look at the TransferGo Business Account to see how it compares.

Ready to find out if Payoneer is safe? Let’s go. 

What is Payoneer and how does it work?

Payoneer is an American fintech company specialising in global payment solutions and online payments. It’s popular with a range of different business customers including e-commerce sellers and freelancers looking to manage their finances more effectively on a global platform. 

The Payoneer multi-currency account enables users to do business in multiple currencies and reach new markets through a simplified payment experience. At the time of writing, Payoneer has millions of customers worldwide, supporting over 190 countries and territories, 70 currencies and 17 languages.

Key features of Payoneer

Many features of Payoneer make it a desirable option for businesses and individuals worldwide. These include: 

• Global payment services: Payoneer supports payments in over 70 currencies across more than 190 countries and territories. 
• Seamless integration: Payoneer partners with many major platforms for seamless integration including eBay and Google.
• Multi-currency accounts: Businesses can get paid locally thanks to Payoneer’s multi-currency account that supports major foreign currencies. 
• Payoneer card: Powered by Mastercard, the Payoneer card is available in GBP, EUR, USD and CAD.

Benefits of using Payoneer

There are many benefits to using Payoneer including:

• Easy international payments to over 190 countries in more than 70 currencies
• Seamless integrations with over 2,000 marketplaces worldwide including Amazon
• Payment cards to cover business expenses
• Transparent pricing. What you see is what you pay
• User-friendly interface for simple financial management 

Who is Payoneer best suited for?

Payoneer’s wide range of services and total transparency make it an ideal choice for:

• E-commerce sellers: Online sellers using platforms like Amazon and Etsy can streamline their payment processing through Payoneer
• Contractors and freelancers: Payoneer makes it easy to send and receive payments to and from clients
• Businesses with global operations: Multinational companies can pay employees, clients and suppliers in various countries with their Payoneer account
• Digital marketers: Payoneer makes it easy to receive payments from different revenue sources around the world
• Travellers and digital nomads: Payoneer isn’t just good for businesses; travellers and digital nomads can also use its services to send and receive funds abroad

Is Payoneer safe?

Partnering with Payoneer means your transactions are fully regulated, secure and compliant with industry standards. Let’s take a look at some of the Payoneer security features that keep your money and data safe.

Security measures and protocols

Fraud prevention: Payoneer uses tools and intelligence to detect and prevent fraudulent activity and ensure future safety. 

Encryption: By using SSL encryption, Payoneer makes sure your transactions are protected.

Account verification: Payoneer requests that you verify your identity and details before accessing certain services. 

Comprehensive anti-money laundering (AML) program: Payoneer complies with many regulations including the MLD4 (Fourth EU Anti-Money Laundering Directive) to prevent money laundering.

User reviews and trust factors

Thanks to its user-friendly interface and reliable and transparent platform, Payoneer has established a reputable position as a trusted payment solutions provider.

That said, its customers do sometimes complain. Its average customer score on Trustpilot is 3.8/5 with reviewers lamenting its unreasonable payment delays and inconsistent customer support advice.

(In comparison, TransferGo has an average customer rating of 4.7/5 on Trustpilot with customers complimenting its seamless money transfers and responsive customer support team). 

Comparison with competitors

When it comes to sending international payments, Payoneer is a popular platform around the world. However, it’s not the only payment platform in the market providing secure and reliable finance services to a range of different businesses worldwide.

Let’s take a look at the TransferGo Business Account for example.

Supporting more than 35 currencies in over 60 countries, the TransferGo multi-currency account is simple to use and opens up a world of possibilities for business users. There are zero set-up fees and subscriptions (there are annual account fees with Payoneer although exceptions may apply) with zero fees charged on major routes.

Compared to Payoneer, TransferGo is faster and cheaper and judging from recent customer reviews, its customer support team is more responsive and supportive.

Is Payoneer regulated in the UK?

Now let’s get back to the regulations side of things. So, is Payoneer regulated in the UK? Let’s take a look.

Overview of financial regulations in the UK

The Financial Conduct Authority (FCA) is the main and independent financial regulatory body in the UK. Its purpose is to protect consumers and keep the industry safe.

In the UK, most financial institutions or companies must be authorised or registered with the FCA. 

Payoneer’s compliance with FCA regulations

It should come as no surprise that Payoneer is regulated by the FCA, complying with its strict security and safety standards.

International regulatory compliance

In addition to the FCA regulations in the UK, Payoneer also complies with financial regulations in other countries. For example, the company is authorised by the Central Bank of Ireland and registered MSB and prepaid access provider with Financial Crimes Enforcement & Licensed Money Transmitter in the USA.

Payoneer is also licensed by the Australian Securities & Investment Commission and regulated by other regulatory bodies around the world including in Japan, Hong Kong and India.

Is Payoneer covered under FSCS?

In order to answer this one, we first need to understand what FSCS (Financial Services Compensation Scheme) is and how it works. 

What is FSCS and why is it important?

FSCS is a free and independent UK service that safeguards customers’ funds in the event of a financial institution failing. The FSCS protects up to £85,000 per person, adding an extra layer of protection to customers’ funds.

Payoneer’s coverage under FSCS explained

As Payoneer is not a traditional UK bank, it is not covered under FSCS, which applies to bank deposits or investments.

Alternatives for fund protection with Payoneer

Although Payoneer is not regulated by FSCS, it heavily guards every transaction with the state-of-the-art security techniques we’ve just explored.

Is Payoneer safe for large amounts?

Payoneer is generally considered safe for handling transactions in large amounts. However, it’s important that customers also take precautions to ensure an extra layer of security. This includes checking all amounts and details are correct, regularly changing passwords and alerting the Payoneer team as soon as any suspicious activity is spotted.

Limits and safeguards for high-value transfers

With Payoneer, there are usually no limits on the amount you can send via wire transfer, however, you may be asked to undergo extra verification steps (for example, providing documentation or identity checks) to secure your funds.

Real-world examples of large-amount transfers

Many SMEs and large businesses use Payoneer to send and receive large amounts of money. In fact, the company has millions of customers worldwide. 

Tips for securing your Payoneer account

While Payoneer works hard to keep your money and data safe, there are steps you can take to add an extra layer of security and prevent unauthorised access. These include:

Setting up two-factor authentication

Turn on 2FA (two-factor authentication) to dial up the security on your account. This means you’ll have to provide two separate forms of verification to access your account.

Monitoring account activity regularly

Always regularly check your account activity to make sure there is no suspicious activity on your account. 

Protecting sensitive information

Never share your sensitive information like account passwords, card numbers or transaction details with other people and change your passwords regularly. You should also only access your account in a secured network and avoid public Wi-Fi networks. 

Contacting support in case of suspicious activity

Hopefully, this is an action you won’t need to take but if you do spot suspicious activity, report it by contacting the Payoneer Customer Support team immediately.

The TransferGo Business Account

Now that we’ve explored the security features of Payoneer Business, let’s take another look at the TransferGo Business Account and the safety protocols in place.

The TransferGo Business Account is a simple-to-use multi-currency account that lets you send, receive and manage money all around the world, supporting 35 currencies in more than 60 countries. When it comes to safety, it goes the extra mile to protect your money and data by complying with all regulatory requirements and safeguarding every transfer until payout. It also offers two-factor authentication, rigorous transfer screening, robust onboarding controls and a strong anti-fraud team.

What’s more, it’s free to set up and subscribe to and its top-notch customer support team addresses 80% of enquiries within just two hours, giving you total peace of mind that transfers are safe and support is there when you need it.

Ready to get started? Sign up to TransferGo Business today.

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Curious about whether other TransferGo competitors are safe? Read our article, Is Revolut Businesses safe for UK businesses? to learn more.

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The information provided in this blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.