Payoneer in Ukraine: What Businesses Need to Know

Why Ukrainian Businesses Need Payoneer

Payoneer is an international online payment system that has been operating since 2005. It allows Ukrainian entrepreneurs to receive funds from other countries quickly, combine payments from different platforms, and withdraw money without extra fees.

Suitable for small, medium, and large businesses

Payoneer is convenient for individual entrepreneurs and companies. Legal entities and sole proprietors can send invoices to foreign customers, receive currency transfers, and pay supplier invoices directly from their Payoneer balance. The service integrates with Amazon, eBay, Wish, and other marketplaces, and also allows you to pay VAT directly, without currency conversion or third-party intermediaries.

A solution for freelancers, IT companies, agencies, and eCommerce

For freelancers, Payoneer offers a "Request Payment" feature, which is an easy way to get paid by customers in the US and Europe. The system supports direct transactions with over 200 platforms, including Upwork, Fiverr, Shutterstock, Adobe Stock, Envato, Google AdSense, and more.

For eCommerce businesses, Payoneer simplifies the management of multiple stores on different platforms and helps IT companies and agencies conveniently receive and accumulate funds from around the world in one account.

Payoneer's Opportunities for Business

Payoneer is a payment system that simplifies money management and offers a range of benefits for entrepreneurs and freelancers.

Receive payments from international partners and marketplaces

The platform supports payments from over 2,000 marketplaces and platforms. Users can receive funds in USD, EUR, GBP, CAD, SGD, AED, and other currencies, accumulate them in a single account, and withdraw them to any financial institution in Ukraine.

The service allows you to connect to your chosen marketplace quickly: select Payoneer as your payment method, confirm the connection, and all your earnings will be automatically credited to your account.

If the platform is not directly integrated, you can still receive payments through your local Payoneer accounts. To do this, you need to create bank account details in the required currency in your online account and then provide them to the company or marketplace. The transfer will be made as to a regular local account, after which the funds will appear in your account balance. Withdraw money from Payoneer in cash or to a card quickly and conveniently through ObmenAT24.

Issuing invoices directly from the platform

Payoneer (Ukraine) has a built-in invoice generator that allows you to create professional invoices in minutes. You can add your company logo, taxes, payment terms, and save templates for repeat customers.

Invoices are sent directly from the platform to customers in more than 190 countries, and payment is possible in various ways — from bank transfer to card and various local methods. You can track transactions and manage accounts in your personal profile.

Mass payments to contractors and subcontractors

Payoneer allows you to make up to 200 transactions at once. Contractors and subcontractors receive funds in a way that is convenient for them and in the currency they need, which increases their loyalty and speeds up work processes.

Multi-currency accounts: USD, EUR, GBP, CAD, JPY, and more.

One Payoneer account gives you access to local account details in different currencies — US dollars, euros, British pounds, Canadian dollars, Australian dollars, Singapore dollars, Hong Kong dollars, Japanese yen, UAE dirhams, and more. You accept payments from customers and marketplaces as if you had accounts in those countries. The service allows you to store multiple currencies in one place, quickly convert them at favorable rates and without hidden fees.

Payoneer as an alternative to SWIFT and PayPal

Payoneer Ukraine has many advantages over other payment systems. Let's take a closer look at them:

• SWIFT transfers take 3–7 business days on average. Internal transfers between Payoneer customers are instant, and transfers to Ukrainian bank accounts usually take 1–3 business days.
• Banks charge $10–30 plus 3%–5% for conversion for SWIFT payments. Payoneer charges a commission of 1% of the amount (minimum $4) for international transfers to the service balance and 3% for transfers directly to a bank account.
• SWIFT requires an IBAN, SWIFT code, and other details. With Payoneer, you can simply send your client a payment link, even if they don't have an account.
• Payoneer officially works with freelance platforms and other services, while SWIFT does not offer such integration.
• PayPal is not available for entrepreneurs in Ukraine, while Payoneer offers all the necessary tools, from invoices and bulk payments to business accounts.

Payoneer issues physical and virtual Mastercards that can be added to mobile wallets. PayPal does not offer cards in Ukraine.

Taxes and Reporting When Using Payoneer

If you receive payments from customers via Payoneer, these funds are considered income. To avoid penalties, it is important to declare your income correctly and pay taxes on time.

How to declare income from Payoneer correctly?

Individuals who have received income from abroad must pay 18% personal income tax and 1.5% military tax. A declaration of assets and income must be submitted by May 1 of the year following the reporting year, and taxes must be paid by August 1.

Individual entrepreneurs most often choose the third group, which provides for the payment of:

• a single tax at a rate of 5% of income;
• military tax — 1%;
• USC — 1,760 UAH per month.

All funds transferred from Payoneer to a business account in a Ukrainian bank are considered income and are included in the reporting. If funds remain on the Payoneer balance or are transferred to a personal account, they are taxed as personal income.

What documents should be prepared for accounting?

To confirm your income, you need to keep:

• a Payoneer statement with transaction details;
• a bank statement from your Ukrainian account (if there were transfers from Payoneer);
• copies of contracts or invoices from foreign clients.

These documents will help you file your tax return correctly, confirm the origin of funds, and avoid misunderstandings with the tax authorities.

Security, Restrictions, and Technical Support

Payoneer adheres to high standards of data and transaction security, but it also has certain restrictions that businesses in Ukraine should be aware of.

• Security. The platform is regulated in the US and EU, uses two-factor authentication, suspicious activity monitoring, and the 3D Secure system for cards (an additional method of identity verification when making purchases).
• Restrictions. Funds can only be withdrawn to your own bank account, and the minimum amount is $20. Limits: up to $50,000 for incoming transactions per year, up to $2,500 for cash withdrawals, up to $11,000 per transfer. To use the bulk payment feature, you need a monthly turnover of $30,000 or more. If there are no transactions on your account for a year, a fee of $29.95 will be charged.
• Technical support. Available via the contact form and live chat on the website, as well as by phone (in Ukrainian, Russian, English, and other languages). VIP clients receive priority service and a personal manager.

Can I Block My Account?

You can close your Payoneer account, but this decision should be made carefully. Before blocking your account, you must withdraw all funds; otherwise, they will be lost. You will also not be able to:

• connect the same payment senders to another account;
• register a new account with the same email address;
• restore a closed account.

If you are sure of your decision, contact Payoneer support to complete the procedure.

How to Avoid Fraud and Unexpected Delays?

Payoneer is a reliable platform that takes customer protection seriously. However, it is also up to you to ensure that you use the system safely. Here are some simple but effective tips:

• Enable 2FA and use strong passwords (at least 12 characters, including letters, numbers, and symbols).
• Only log in to your account through the official website or app — bookmark it and check for HTTPS and the padlock icon in your browser's address bar.
• Avoid public Wi-Fi networks. It is best to access Payoneer via a secure home connection or mobile internet.
• Before sending or receiving funds, check all details — account number, customer name, currency.
• Do not leave money in your account for a long time; it is best to withdraw it to your bank account or cash as soon as possible.
• Always check the sender's email address — genuine emails from the payment system come from the @payoneer.com domain.
• Do not click suspicious links or enter passwords on unfamiliar websites, even if they look like the Payoneer website.

If the system detects suspicious activity, Payoneer may temporarily restrict access to your account. This is done to verify and prevent unauthorized withdrawals.

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