Introduction

Payoneer is one of the most established electronic payment systems. It was launched in 2005 to ease financial transactions between people all over the world via the internet. Payoneer, in particular, is used to pay for goods and services offered by businesses or independent contractors. Many online casinos have now decided to incorporate this strategy.

Payoneer Pros

Available in many countries: It can be used in more than 200 countries.

Low fees: It does not charge fees for sending or receiving money between users, but if you withdraw money to your bank account, you will be charged a 3% fee (which is lower than the PayPal fee rate, which can reach 5%).

Offers a prepaid card: Like Skrill and ecoPayz, Payoneer lets its customers get a prepaid card for $29.95 per year. With this card, you can use the money in your account to do any kind of financial activity, online or off. Also, you can use it to get your wins from ATMs instead of having to move money to your bank account. It’s important to know that ATM withdrawals only cost 1% and that you can only take out $2,500 per day.

Payoneer Cons

Too complicated compared to other payment methods: when you open an account with Payoneer, the first thing that shocks you is that you will not be able to top up account balance on your own; to recharge your account, you must receive a payment from another account. Moreover, Payoneer PayPal accounts cannot be linked!

The minimum withdrawal limit is too high: The minimum withdrawal amount at Payoneer is $ 200, which is quite high compared to other e-wallets that accept withdrawals starting from only $10. Also, withdrawals take a period ranging from 2 to 5 working days.

You will have to activate your account by sending your documents: you will be asked to send a copy of your ID card and another image of the bank statement to verify your personal and financial data.

What makes Payoneer different from Paypal?

Both ways accomplish the same thing. But PayPal Iraq is much easier and faster because payments are sent straight to your card and can be taken out quickly. Withdrawing through Payoneer, on the other hand, can take up to 3 business days. But Payoneer is cheaper than PayPal when it comes to fees.

How Do I Create A New Account?

You can sign up for a new account in 3 easy steps, which are:

• Go to the site for Payoneer.
• Click on the link to sign up.
• Then you need to say who you are (freelancer, business owner, seller, ad marketer, or just a person).

After that, you have to say what you want to do with Payoneer (get paid by clients or companies, send or receive money from family and friends, get a prepaid card, etc.).

After that, you should fill out the registration form, which asks for your personal information and asks you to choose the bank account where the payments will be sent.

After that, you will need to attach a copy of your local ID, passport, or driver’s license. In addition to a second copy of your bank account, which you can get online through the eBanking service of your bank.

If you want the card, you have to buy it and pay $29.95 per year. Then, wait a few days for your order to be approved. The card will be sent to you by mail, but you will have to pay for shipping.

Payoneer Card

Payoneer provides customers with a prepaid Mastercard that may be utilized at ATMs, as well as traditional and online retailers. In general, it can be accessed on any website that recognizes Mastercard as a valid form of payment.

Instructions For Funding Your Payoneer Account.

You have two options for having money sent to you:

This service provides you with a virtual bank account in Euros, US Dollars, and British Pounds that you can use to receive payments via the “Global Payment Service” by providing the sender with your International Bank Account Number (IBAN), swift code, name, and date of birth. When funds are transferred to a bank account, a 3% fee is charged to cover the cost of this service.

Upon giving the sender your email address,  You can receive payments on your account from any online business (including online live casinos) by sending an email to the business in question; the cost of this service is 3%, which is deducted from the total amount withdrawn to your bank account.

How Do You Cash Out Your Earnings?

You can take cash out of your winnings in one of two ways, which are as follows:

Either through an electronic transfer to your bank account if the payment was sent to you using the “Global Payment Service” or to your e-mail address if you requested it. You can withdraw them to your bank account, but there will be a fee of 3%, and the money will arrive at your disposal anywhere from one to three business days after the transaction has been processed.

You can make a request to withdraw your money directly to MasterCard using the card, and your order will be completed within two hours. After that, you can use the funds to make traditional or online purchases, or you can withdraw them in cash from an ATM for a cost of only 1%.

Is Payoneer Secure To Use?

All of your financial dealings are protected by these measures to ensure the safety of your account:

Safe passphrase If a user tries to access his or her Payoneer account and enters an incorrect password three times in a row, Payoneer will immediately suspend the account and send the user an email instructing him or her to set a new password in order to reactivate the account.

In order to prevent unauthorized use of your account, our system now requires you to provide a one-time password (OTP) texted to your mobile phone number before any financial transactions may be processed.

Protect the program using your fingerprint and facial recognition technology. The mobile app now requires you to verify your identity with either fingerprint or face ID before allowing you to log in.

Benefits Of Using Payoneer In Iraq

Payoneer offers several compelling advantages for businesses and individuals in Iraq, making it a preferred choice for international financial transactions. Here are the key benefits:

1. Cost-Efficiency:

Lower Transaction Fees: Payoneer typically offers more competitive transaction fees compared to traditional banking methods, especially for international payments. This cost-effectiveness is particularly advantageous for businesses that frequently engage in cross-border transactions, helping them save on transfer fees.

2. Speed and Efficiency:

Faster Payment Processing: Payoneer’s digital platform facilitates quicker payment processing times, ensuring that funds are received or sent promptly. This is especially important for businesses that rely on timely payments for their operations, reducing the waiting period associated with traditional banking systems.

3. Accessibility:

Accessible to Unbanked or Underbanked Populations: Payoneer’s accessibility is a significant advantage for individuals and small businesses in Iraq, including those who may not have access to traditional banking services. It allows unbanked or underbanked populations to participate in the global economy by providing them with a secure and convenient financial tool.

4. Currency Conversion:

Competitive Exchange Rates: Payoneer typically offers competitive exchange rates for currency conversion. This benefit is particularly relevant for businesses and freelancers who deal with international clients or receive payments in various currencies. The favorable rates help maximize the value of each transaction.

5. Enhanced Financial Control:

Multi-Currency Accounts: Payoneer provides users with the flexibility of maintaining multi-currency accounts, allowing them to hold, receive, and transfer funds in multiple currencies. This feature simplifies financial management for businesses engaged in global trade.

6. Simplified International Business:

Global Market Access: Payoneer’s services open doors to global markets, enabling businesses in Iraq to expand their customer base internationally and explore new opportunities for growth.

7. Convenience:

User-Friendly Platform: Payoneer offers a user-friendly platform, accessible through its mobile app and website, making it convenient for users to manage their financial transactions and accounts from anywhere in Iraq or abroad.

8. Reliable Support:

Customer Support: Payoneer typically provides reliable customer support to assist users with any questions, issues, or inquiries they may have, ensuring a smooth experience when using the platform.

Conclusion

Payoneer has become an important banking provider in Iraq because it helps businesses and people navigate the complicated world of international transactions in an easy and affordable way. 

Its many benefits, such as lower transaction fees, faster payment processing times, access to people who don’t have bank accounts, competitive currency conversion rates, and the ability to handle accounts in more than one currency, have given people all over the country more power.

Payoneer has made it easier for Iraq to get into the global market as the country continues to trade and do business with other countries. Payoneer has become a trusted financial partner for people who want to make cross-border financial transactions easier. Their technology is easy to use, and their customer service is reliable.