Payoneer Safety and Security FAQ (2024)

FAQs

How to bypass security questions in Payoneer? ›

What should I do if I have forgotten my security answer? If you forgot your security answer or got locked out after entering the incorrect security answer three times, please reset your password. If you are unable to reset your password, contact us and we'll be happy to help!

Note: Payoneer requests your social security number (SSN) as part of their KYC process to ensure that you are the rightful account owner before they accept you as a customer.

Payoneer is licensed and regulated by multiple government regulators. As a regulated financial institution, customer funds that are managed by Payoneer are kept in segregated, safeguarded accounts by legal requirement. Our core obligation at Payoneer is to protect your funds and prevent money laundering.

To ensure the safety and security of all transactions, we may ask for supporting documents to verify details, such as, but not limited to: Your identity. The bank details you provided.

Payoneer will ask for identity verification (proof of ID or proof of address) when transferring money abroad. We use this global payment documentation to keep your money safe and to prevent fraudulent transactions.

If the details in your account provided during the registration can't be verified by Payoneer or don't match the documents provided for the verification, we are unable to keep the account active.

Pros & Cons

Limited functionality; can't accept in-person payments. Customers report account freezes and terminations, resulting in the loss of funds. Must pay a withdrawal fee to move funds from your Payoneer account to your bank account.

How long does it take for Payoneer to approve my Visual Identity Verification? Your Visual Identity Verification review will take up to 3 business days.

Payoneer provides you with the details of a receiving account in the currency you need to get paid in. You provide those details to the company or marketplace that you need to get paid by and they use these details to send you a local bank transfer.

PayPal has a larger network and has been around much longer than Payoneer. Both use end-to-end encryption and are fully regulated as a US Money Service Business (MSB). Payoneer is also certified at a PCI Level 1 Data Security Standard. However, Payoneer has had issues with fraud on its card in the past.

How do I secure my Payoneer account? ›

Your Payoneer Customer ID is the identification number for your account in our system. If you need to contact us, providing your Customer ID will help us locate your account quickly and provide you with faster service!

Note: if your ID doesn't match your billing country, we will request that you provide additional documents, such as proof of address from your billing country. Document must include: Name of owner of bank account (matching your own name as a Payoneer account holder)/company name.

If you enter incorrect sign-in details 3 times in a row, your Payoneer account will be locked for 30 minutes. If this is the case, please wait 30 minutes and your account will be automatically unlocked.

In Payoneer, go to Security Settings and locate the Personal security passcode setting. You'll see your personal security passcode, masked for security reasons. Click View/Change and verify it's you by entering the one-time code we send you.