Source: https://rivet.global/blog/uk-payoneer-alternatives-for-limited-companies
Published: 2026-07-17 · Updated: 2026-11-04 · By Alexia M.

# Payoneer alternatives for UK limited companies

Why UK limited companies move from Payoneer: annual fees, withdrawal and conversion costs, account reviews, and what to look for in a business account instead.

## Key takeaways

- Payoneer charges $29.95 a year if the account receives under $6,000 in 12 months, 0.50% to convert between balances and 1.2% to 4% on withdrawals that convert.
- For a UK company paid by clients in USD and EUR, those conversion and withdrawal fees often cost more than a business account's FX margin.
- Look for account details in the company's own name, FCA-authorised status of the provider or its partners, and clear pricing.
- Keep Payoneer where a marketplace pays only through it, and move direct client payments elsewhere.

UK searches for Payoneer lead with "payoneer uk account", "payoneer uk business account" and "payoneer uk bank account". Many come from limited companies that started on Payoneer as freelancers and now invoice clients directly.

## What Payoneer costs a UK company

Figures from Payoneer's pricing page, read on 1 November 2026. Payoneer says fees vary by country.

| Fee | Amount |
|---|---|
| Annual account fee | $29.95 if under $6,000 received in 12 months |
| Receive into same-currency details | Free |
| Convert between balances | 0.50% |
| Withdraw with conversion | 1.2% to 4% |
| Client pays by card | Up to 3.99% + $0.49 |

## Where it adds up

A London studio receives $15,000 a month from US clients and withdraws to sterling. At 1.2% to 4%, that is $180 to $600 a month, or $2,160 to $7,200 a year, before any other fee.

## What to look for instead

1. Account details in the company's name: USD for ACH, EUR with an IBAN, GBP with a sort code.
2. FX priced as a published margin, shown before you confirm.
3. A provider that is FCA authorised, or works through authorised partners.
4. Payouts to contractors abroad without per-payment SWIFT fees.

## Switching cleanly

- Update invoice templates with the new details.
- Email each client the change, signed off by a director, to reduce fraud risk.
- Keep Payoneer for any marketplace that pays only through it.

## Paying into the United Kingdom: the local rail

| What | Detail |
|---|---|
| Local rail | Faster Payments |
| Run by | Pay.UK |
| Settlement | Seconds, 24/7; the scheme limit is £1,000,000, and each bank sets its own |

Bacs still carries most payroll and Direct Debits, on a three-day cycle.

Source: [Pay.UK: Faster Payment System](https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/). Checked when this guide was last updated; the scheme's own page has the current figures.

## Where Rivet fits

Rivet gives UK limited companies USD details on the free Starter plan and EUR and GBP on Growth, with no fee to receive by bank transfer and FX from 0.50% on Growth, shown before you confirm. Payouts reach 120+ countries. Rivet is not a bank; regulated partner institutions hold the funds. See [Payoneer vs Rivet](/blog/payoneer-vs-rivet) and [Payoneer fees explained](/blog/payoneer-fees-explained).

## Questions

### Is Payoneer good for a UK limited company?

It suits companies paid by marketplaces and platforms that use Payoneer. For direct B2B invoices, its conversion and withdrawal fees are higher than many business accounts.

### What do UK companies switch to?

Multi-currency business accounts with GBP, EUR and USD details, cards and payouts. Check each provider's UK pricing and FCA status.

### How do I switch without missing payments?

Add the new details to invoices, tell clients in writing, keep Payoneer open for a few months for stragglers, then close it once receipts stop.

### What about marketplaces?

Some pay only through specific providers. Check each marketplace's payout options before you close anything.