Should I open a USD or GBP account with Payoneer?

Hey everyone,

I’m from the UK but currently living in Southeast Asia. I plan to travel while freelancing online, and I’m looking to open a Payoneer account to receive payments.

I’d like to keep some money in Payoneer to use with their card while traveling and send the rest to my UK bank account in GBP.

Most online freelance jobs pay in USD, so I’m wondering:

  • Should I set my Payoneer account to USD or GBP?
  • Can I change this later if needed?

Would appreciate any advice. Thanks!

You can open an account in either currency—it was free when I did it. If you plan to use the card in countries where neither GBP nor USD is the local currency, you’ll pay about 3–8% in fees for withdrawals and purchases. If you’ll be withdrawing in USD or GBP, get the card in that currency to avoid extra fees.

Set up a UK Payoneer account and hold balances in both GBP and USD (or any other currencies you receive payments in).

Based on Payoneer’s fees, withdrawing from a UK Payoneer account to a UK GBP bank account should only cost about £1.50. If you convert money within Payoneer (e.g., from USD to GBP), the fee is around 0.5%.

I wouldn’t recommend using Payoneer’s card for spending since their currency conversion fees are up to 3.5%. You might save more using a UK bank debit card, especially if your bank offers good exchange rates. Some banks, like Chase, have no foreign transaction fees.

@Akira
I just want to make sure I’m not breaking any rules. Since I don’t live in the UK or pay UK taxes, can I still open a UK Payoneer account while abroad?

Sal said:
@Akira
I just want to make sure I’m not breaking any rules. Since I don’t live in the UK or pay UK taxes, can I still open a UK Payoneer account while abroad?

If you’re traveling without a permanent residence, having a UK Payoneer account makes sense, especially since it makes transactions cheaper. Just don’t keep too much money in Payoneer. The main issue would be if you no longer have a UK address to register with.

For spending abroad, your UK bank card may be a better option if it offers good exchange rates. If not, consider opening a Chase account for better rates.

@Akira
Would opening a UK Payoneer account make me a UK tax resident, even though I don’t live there? I don’t want to pay UK taxes on money I send to my UK bank if I’m not actually living in the UK.