Payoneer has established itself as a premium online payment provider. Core audiences are business owners, freelancers and service marketplaces. What makes it different from other online payment providers? Immediate payment solutions, the 200+ countries it’s available in and the possibility to transfer in over 150 currencies.
Payoneer prohibits gambling transactions and is a B2B solution, so it could be hard to find any Payoneer betting sites. However, if you opt to use it for small deposits, they could go through, without any hassle. This guide will provide you with Payoneer’s pros and cons, plus the best alternatives for betting.
In this guide we will provide you:
- The best Payoneer betting sites
- The pros and cons of betting with Payoneer
- How to open a Payoneer account and make a betting deposit
Best Payoneer Bookmakers
Since Payoneer cannot be used to make gambling transactions, there are not any Payoneer bookmakers that accept this payment option. You should look at other methods to get high-quality welcome offers, including free bets and matched deposits.
How can I bet on Payoneer betting sites?
To register for a Payoneer account, you need to do the following.
- After choosing ‘Register’ on the homepage, fill out the relevant details and pass a security check.
- Deposit money into your account.
- Go to your chosen betting site.
- On the bookmaker’s website, go to your account. Select ‘Mastercard’ when choosing a deposit method.
- Confirm payment.
- If the payment is accepted, your funds should appear in your account soon after.
Remember that if your transaction goes through, Payoneer may block your account as they prohibit gambling payments.
Alternatives for Payoneer bookmakers
Wallets like Skrill and Neteller are both friendlier options for depositing with Payoneer bookmakers. You will be able to benefit from reward schemes, as well as multi-currency depositing and fast, secure payments.
Other fintech alternatives may also take your eye if you want to bet. Outside the UK, N26 is an option (though gambling transactions are charged at 3%). Revolut is also a non-UK possibility, while residents in Britain might look at Monzo instead. Transferwise is another possible alternative. However, like Payoneer, it is unaccommodating towards gambling transactions.
Pros of betting with Payoneer
Betting with Payoneer is a challenge, but having an account does come with a few positives. You will find the most important ones below.
✔ Strong global presence: Payoneer is present in over 200 countries worldwide, with 4 million+ customers.
✔ Free payments between Payoneer accounts: When transferring from your Payoneer account to another, you will not pay any extra fees.
✔ Reasonable currency exchange fees: Currency exchange costs up to 2% if you transfer to your local bank account, or $/£/€1.50 when moving money within the same country.
✔ Worldwide fast payments: Payoneer processes payments within 0-3 business days.
Cons of betting with Payoneer
Betting with Payoneer is complicated and has numerous drawbacks. Three big cons of using a Payoneer account are listed right below.
❌ Gambling transactions prohibition: According to the company’s terms and conditions, betting with Payoneer is forbidden. Therefore, attempted deposits to bookmakers will either be rejected or could lead to an account suspension.
❌ Several additional fees: Payoneer’s fees include transferring to bank accounts, whether local or abroad, and having to pay a percentage on all payments to non-Payoneer accounts. If you use Payoneer regularly, you may find it less cost-effective than other payment methods.
❌ Limited currency conversion options: Payoneer only enables currency conversion if the money arrives into a Payoneer account or business-related transactions and payments. It's less of a viable payment option for non-business owners.
More information for your Payoneer account
There are two main Payoneer account types. The first is a business or company account, which is suitable for freelancers, small business owners and companies at a higher level too. Account-holders can accept international payments and also pay others - whether they are a Payoneer partner or not.
The other type is a personal account, which only requires personal details to set up. Payoneer business/company account holders can open a personal account if they wish to, while personal account-holders can open a business account if they supply the relevant necessary documentation.
What about the Payoneer fees?
There are multiple Payoneer fees to be aware of, which can add up fast for regular users. Payoneer charges 2% for all transactions to a local bank account while transferring to a bank account in the same currency costs $/£/€1.50.
There is also a $29.95 annual fee for obtaining a Payoneer Mastercard, though you can choose whether or not you want one. Cross-border payments and currency conversion can cost up to 3.5% of the transaction’s value, while there are fees involved for both withdrawing at ATMs and if your card is declined at one of these.
Payoneer app and mobile betting
The Payoneer app is free and available on both iOS and Android devices. It’s available in dozens of languages and allows members to see an overview of their account. On top of this, account holders can also visit the payment history and view the current account balance in multiple currencies. The service is available 24/7.
Verdict on betting with Payoneer by Book Spy
Payoneer is one of the first companies in the ‘field’ of online payments. With over 4 million customers, there are many reasons why someone would use it. Fast payments from all around the world and currency plurality are some of them.
Nevertheless, the fact that you cannot use Payoneer for betting or gambling is insurmountable. Moreover, it has many fees that can add up quickly. Betting with Payoneer is challenging and the only way to accomplish that is to connect your Payoneer account with a Skrill or a Neteller account to your favorite bookmaker but you will probably see your Payoneer account to be suspended because the company does not allow using it for gambling purposes. Therefore, I have to recommend more betting friendly and direct methods such as Skrill and Neteller or Crypto.
Complete list of bookmakers with Payoneer
Payoneer is an online payment method targeted at freelancers and other business owners looking to process international payments. Users can receive payments via the service, as well as create invoices.
Yes. Payoneer has licenses in the EU, Japan, Australia, Hong Kong and other jurisdictions.
No – it’s against the company’s terms and conditions to bet with Payoneer. Attempted gambling transactions may go through, but your account might then be blocked.
On either the Payoneer website or mobile app, choose the ‘register’ option and fill out the details about who you are and why you need an account.
PayPal offers lower transaction fees, while there is no minimum monthly payment; Payoneer accounts must have a minimum of $20,000 per month. PayPal is also directed towards both consumers and business owners, whereas Payoneer is more of a B2B solution.