Welcome to our digital nation, Payoneer

E-Residency & Payoneer are now working together to help more global entrepreneurs access business banking online.

Payoneer is a payment platform that enables entrepreneurs to pay and get paid globally as easily as they do locally — without the need for a local business bank account.

Today, we welcome Payoneer to Estonia’s digital nation as they begin offering dedicated support to our rapidly growing e-resident population across the world. The company already operates in more than 200 countries using 150 currencies and 35 support languages.

This collaboration will widen the choice of financial services available to e-residents — and also provide Payoneer’s four million existing customers with an easily compatible solution for establishing and managing a global EU company entirely online. We invite them to learn more and apply for e-Residency at e-resident.gov.ee.

Many e-residents already use Payoneer and have provided us with positive feedback — and vice versa — but this long-term co-operation will improve the ease of using Payoneer and e-Residency together.

As a result, Payoneer is currently running a special offer for e-residents. If you create a Payoneer account through this link and receive more than $5,000 in payments within the first three months after opening your account, you’ll receive a $250 bonus. E-residents can also become eligible for special terms, such as even lower commission rates, higher transaction limits, and extended customer support.

What does Payoneer offer e-residents?

An account with Payoneer can be opened entirely online from anywhere and has a number of useful features for global entrepreneurs operating across borders.

Their Global Payment Service provides e-residents with access to receiving accounts in multiple countries and currencies — as well as payment cards. Crucially for e-residents, funds can be withdrawn by Payoneer account holders to their own personal bank accounts. This eliminates the need for a traditional business bank account if an e-resident is unable to acquire one for their Estonian company.

This doesn’t just improve e-resident access to EU business banking, but also enables them to receive money to their Estonian companies as if they had a local business bank account in the US, UK, Japan, China, Canada and Australia too.

Although not essential, the easiest way to send and receive money through Payoneer is within their own network. A significant number of online marketplaces already use Payoneer, including Amazon, Google, UpWork, Fiverr, AirBnB, Shutterstock and GettyImages. This makes Payoneer particularly beneficial for location-independent entrepreneurs involved in freelancing, affiliate marketing, Amazon selling, app development, stock photography, and more.

E-residents can also use their Payoneer account to send money cross-border from their Estonian companies to pay for services, suppliers, employees, contracters or other partners no matter where in the world they may be. In addition to making payments within the Payoneer network or by using their payment card, e-residents can also request the option to make direct bank transfers within the SEPA area.

The future of banking

Access to banking has been one of the biggest challenges facing our digital nation as we begun serving location-independent entrepreneurs through e-Residency.

The overall trend is clear though.

New technology is rapidly enabling more people around the world to gain access to entrepreneurship by empowering them with the ability to start a company, run a company, and access business tools like banking entirely online with lower costs and lower hassle. There is still much more work ahead though.

Living globally and working online from anywhere is the new normal so both governments and banking providers must together work harder and find smarter solutions to reduce the barriers caused by borders and bureaucracy.

We welcome Payoneer to our digital nation because we welcome increased choice, lower fees and less hassle for entrepreneurs worldwide.

Both e-Residency and Payoneer have been growing separately around the world at ever faster rates — particularly in markets further from where we started, such as East Asia. Coincidentally, we even both opened new offices in South Korea this year to provide even more support to Korean entrepreneurs. This now provides us both with more opportunities to work together on specific solutions for local entrepreneurs.

E-residents can learn more about Payoneer’s offer to them below, which includes the sign up bonus, subject to their terms and conditions.

Payoneer customers can learn more about e-Residency at e-resident.gov.ee or read another article from our blog below about how to use the programme to start a location-independent company.