Payoneer Resumed Services in India with $50 Bonus(Signup): With India moving towards digitalization there has been a substantial increase in money transfers through the cashless medium. People are searching for various mediums and links to transfer money both in the country and in the international market as well.
Payoneer India is a popular online money transfer service provider answering the calls of people who are willing to transfer money to various regions in the world for multiple reasons or as per the requirement.
Payoneer India’s services are fast and flexible at the same time and to top it all it is very secure. These services are being used to great effect by many of the giant corporations of the world like Google, Up-work to name a few.
Payoneer has understood that the fact the world is one big connected system and people staying at different places in the world be it professional or personal will transfer money to each other for reasons that are many. Payoneer wants to tap into this market by providing some excellent service to transfer money online.
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Payoneer in India
Payoneer has decided to resume its services in India with a lot of changes and requirements after understanding the Indian bloggers, freelancers, and the various groups that use online money transfer services.
Payoneer previously offered a Debit Master Card to the users in India. The services were very secure through the utilization of this card however they had to close this sort of an operation due to modifications in the guidelines of the RBI.
Payoneer has decided to target small business groups initially and has aligned a huge number of groups to join the Payoneer India new journey. Due to certain guidelines, Payoneer India has set limitations to the transactions that can be made.
The limitations are more in terms of the total amount that can be transferred in the particular calendar month. Payoneer India has been supported by IndusInd Bank in its venture in India.
The huge success in the e-commerce industry has made the payment gateway market even wider. Payoneer payment gateway wishes to be a part of this journey again by providing a better experience to the users.
check out this link for Payoneer services
Advantages of Payoneer
The best part of the new online international money transfer service provider is it has some of the best conversion rates that there is in the industry.
Payoneer has ensured that money transfers are smooth and easy by partnering with the major and local banks as per the various communities and localities.
Payoneer is very flexible in terms of the services it provides.
Disadvantages of Payoneer
Payoneer is providing a swift, smooth and secure service of transferring money even though it is new in the industry, but it is this tag of the new player or the new guy on the block that is an issue for the company.
The Payoneer support does a good job but is a bit slow to respond to queries and issues, it although does provide a very stable and efficient solution to all queries and issues once a response is received from their side.
Plans and Features of Payoneer
Payoneer India is building a platform for Indian bloggers, freelancers, professional and business-owners in India to get paid by the companies in the US and EU.
They will charge you a transaction fee for the service that they are providing, but it is very low compared to any other similar money transfer service provider. The transfer from any abroad company is made through Payoneer on a daily basis to the local bank in India and best part at a very low cost.
Payoneer India has made changes from its usual methods for Indian customers. They have eliminated the use or rather need for any prepaid card which was required previously to make any transaction. At present, all the transfers are made directly into the bank accounts of the users through Payoneer.
Payoneer India limit
The transfers are not unlimited and have a capping.
The Payoneer India limit is set at ₹5 Lakhs per transaction, and the amount is also restricted to ₹5 Lakhs per business day for any individual.
The amount that is allowed to be transferred for a calendar month is also capped at ₹ 25 Lakhs. Any transfer received over and above the provided limit will not be accepted for transfer and will be rejected.
The transfer, however, can be received from any form of currency. The payments received through the US or EU payment Service will get rejected when the limit is reached however the amount transferred by the companies through the Payoneer direct payout option then the fund to be transferred will be sent.
Note: Payoneer charges $3 for every payment transfer to your bank account (Try to use for bigger transaction more than $80)
Payoneer VS PayPal: Which is a better service provider?
To understand better in this aspect, that who among the two is better, setting up some common grounds for comparison is necessary. The parameters that are important to any individual before deciding to avail the services of any particular group are many. However, the major ones that are usually a cause of concern for any individual are the cost factor.
It has always been a question that has been asked out loud without any hesitation when any individual decides to take up the service for transferring money from any part for any reason. In this particular case, the transaction charges for Payoneer is much less as compared to what PayPal charges for any transactions that are done through them.
Every individual will ask this question how much will be transferred to my account post deduction, but Payoneer makes sure that the smile is slightly wider than PayPal when you receive your funds.
The other concern that every individual has while requesting the services is the transfer time. In this case, Payoneer offers much faster transfers than PayPal. Payoneer makes sure the funds transferred to them are delivered into the accounts of the users as soon as possible.
Also, Read Best PayPal Alternatives for Online Payments.
The user need not have to wait for the fund which is expected. The other aspect is reached with the other banks. The partnership with the banks is a critical point for many users.
Payoneer has done an excellent job to ensure that the local banks are in partnership with them so that they can provide a superb experience to the user. However, PayPal has spread its branches deeper and wider in every part. They have ensured that the local banks in the various parts are in partnership with them for any possible online transfer.
Payoneer is indeed making efforts to be on par with PayPal on this particular issue of not cross them in the near future. The major problem while finding jobs abroad is the exchange and conversion rates. The user will find different conversion rates in different parts and different banks. Here Payoneer offers some best in class conversion rates and might be considered as to be much better than PayPal.
Payoneer has understood the users in this case and is providing some rates which is much better than any in the industry. PayPal is no small player in the industry, but the rates offered by Payoneer are here to give a big challenge to any other player that wishes to enter the industry.
Considering the major points that are mentioned here the cost of the transaction, the transfer time, partnership with the local banks, conversion and exchange rates it is safe to say that Payoneer is playing ahead within the points table as compared to PayPal. However, the overall experience and the other areas that are needed to be looked to increase the user count and reliability is low because of the tag of the new guy in the industry which it is not able to shake-off.
The customer service level needs to improve by a huge margin to be able to address the various issues quickly rather than keep the user waiting. The customer service is a major point that Payoneer has to look into to ensure that the new users and business groups are willing to work.
Payoneer offers a good $50 when someone decides to sign up and start using Payoneer and has also decided to provide another $50 for the first $100 transaction anyone makes.
They also are encouraging referrals by proving a $100 for signup made through a referral link.
With the new age changes and security being the top concern and the habit of using less cash and more plastic cash and online payments, Payoneer has to ensure that the points of interest for the users that bring them towards Payoneer are not lost while investing and making efforts to grab the other areas where more marketing ideas and promotions are needed to attract the users.
It is considered as a great method to make payments for international markets and transfers in various currencies. With certain advantages over PayPal, it is an excellent way to make transfers and a very secure and flexible gateway to make payments.
Now the users are at an advantage as when the competition gets fierce; users will be given more offers and benefits.