- A Payoneer Overview
- The Criteria for Choosing a Payoneer Account
- Payoneer Deposits at Betting Sites
- Payoneer Withdrawals at Betting Sites
- Payoneer Betting Sites in India’s Safety and Security
- Security Measures with Payoneer
- Betting Bonuses for Payoneer Users
- Payoneer Fees for Indian Users
- Betting Sites Deposit and Withdrawal Limits
A Payoneer Overview
Payoneer was founded in 2005 in New York but has since expanded to offer its services to the global community. The brand has some strictly prohibited transactions, which makes it challenging to use this payment method at a bookmaker. However, it offers its services to millions of customers and supports 70 currencies.
Payoneer’s History with India
Since starting to offer its global services, Payoneer has offered Indians its Debit Mastercard services. However, in 2011, the brand withdrew from the Indian market due to RBI directives. In 2015, India showed many B2B transactions worth around $20 billion, which drew Payoneer’s interest. The brand reentered the market in 2016 when it became clear that the Indian economy was growing fast.
Payoneer’s Workings in India
Payoneer works the same in India as in most other countries. You download the app and create a personal or business account. Once you’ve completed the account, you can use a QR code to pay or receive payment from another party. Payoneer uses B2B transactions; you can make transactions in multiple currencies from one account.
The Criteria for Choosing a Payoneer Account
There are different types of Payoneer accounts, but these accounts are personal, small business, and enterprise ones. That means if you use the e-wallet personally, there’s only one possible option instead of various ones. However, you can also open a Payoneer Mastercard account and decide between physical and virtual cards.
- Most places accepting Mastercard also accept Payoneer Mastercard.
- Consider whether you often lose your cards, as a virtual option might be better.
- Virtual is the better choice if you’re using this account solely for online transactions.
- Use the physical Payoneer card instead of the virtual one to withdraw your money from an ATM.
Payoneer Deposits at Betting Sites
As we stated earlier, you’ll be hard-pressed to find a Payoneer bookmaker, but if it does happen, we look into how to make a deposit. You can deposit two ways with Payoneer: through the e-wallet section or using the Mastercard linked to your account.
A Complete Payoneer Deposit Guide
Below, we list how to deposit at a sportsbook that accepts Payoneer.
- Log into your trustworthy casino account and navigate to the cashier.
- Open the deposit tab, and choose Payoneer or Mastercard, depending on your option.
- Add your Payoneer e-wallet email or your Payoneer Mastercard number and details.
- Enter the amount you want to deposit, and approve the payment.
Frequent Issues with Payoneer Deposits and How Indian Users Can Solve Them
While Payoneer is a popular e-wallet, it’s not really suited to gambling transactions, and we consider the issues you might encounter when using it.
- The payment processor rejected my deposit: You might find your deposit blocked since Payoneer doesn’t allow gambling transactions. In this case, there’s not much you can do, as the payment processor flagged the transaction as gambling, which they prohibit. It’ll be best to try another payment method in that case.
- I can’t see this payment method listed: Sometimes, the bookie won’t list Payoneer as such, but you can use your Mastercard version through the card deposit. Try using the card deposit option with your Payoneer Mastercard. However, if it still doesn’t work, it may be that the payment processor flagged it as a risky transaction.
- I haven’t received my deposit in my account: While deposits usually instantly appear in your account, that’s not always true. Try logging out and in or waiting a few minutes to see whether it appears in your account. It’s best to contact support if your deposit still doesn’t credit after this.
Payoneer Withdrawals at Betting Sites
When it comes to withdrawals, the same applies as it does to deposits, as gambling transactions are banned using this method. You might find that even if deposits are available, withdrawals won’t be, or you can only withdraw small amounts.
A Complete Payoneer Withdrawal Guide
If you find Payoneer available for withdrawal, here’s how to withdraw your winnings.
- Access the bookmaker’s cashier after logging into your account.
- Select the withdrawal tab, and choose Payoneer or Mastercard.
- Add the amount you would like to withdraw from your betting site account.
- Enter any required payment details, like your Payoneer email or Mastercard number.
- Confirm the withdrawal, and wait for the bookie to approve the transaction.
Frequent Issues with Payoneer Withdrawals and How Indian Users Can Solve Them
Payoneer isn’t truly the best payment method to use when gambling, so you might find some issues when using it. We look at how to solve the most common ones below.
- I can’t see Payoneer listed in the withdrawals: As Payoneer isn’t a method that allows gambling transactions, you might find that withdrawals aren’t accepted even if the bookmaker enables deposits. However, it could also be that only the Payoneer Mastercard method is available, which means you must choose the Mastercard option.
- Payoneer rejected my withdrawal: The payment processor might reject your withdrawal if they flag it as suspicious or prohibited. In that case, you won’t be able to use Payoneer and should try using the Mastercard version or another payment method. Luckily, even if they reject the withdrawal, the money will be back in your bookmaker account, and you can withdraw it another way.
- I can’t withdraw all my winnings: The bookmaker often limits how much you can withdraw from your account, but Payoneer also has limits. You can draw a maximum of $5,000 (₹411,127) in 24 hours using this method, no matter the bookmaker’s limitations. Wait until 24 hours pass to try again, or use another method.
Payoneer Betting Sites in India’s Safety and Security
Betting sites in India have various measures to keep you safe. It starts with the KYC process, which verifies your age and identity. During this process, you must provide identity documents and proof of address and banking. In the case of Payoneer, you’ll need to give your account details and a bank statement.
Further, the bookies use SSL encryption and other security software and technologies to protect your data. Some even offer two-factor authentication, as it’ll help you protect your login details. Most betting sites also provide responsible gambling tools, which help control your gambling habits. It ensures you don’t spend more than the limits you set, as it restricts your deposit amount and loss amount to a figure you placed previously.
Security Measures with Payoneer
Reputable companies like Amazon, Airbnb, Facebook, and Google trust this payment brand, and it uses robust security measures to protect your account. Several government regulators licence and regulate the brand, and the company thoroughly audits its platforms to ensure a safer environment.
Strict security policies cover your payments, and the Reserve Bank of India registers the Online Payment Gateway Service Provider it uses to make your transactions.
This payment processor is part of FinCEN, which stands for Financial Crimes Enforcement Network. FinCEN dedicates its time to preventing illegal transactions, so the company audits the platforms and ensures you have a safe account.
You can also add security measures like fingerprint identification to your mobile app and have two-factor authentication when transacting or logging into your account. These features will ensure no unauthorised person can access your account without your permission or knowledge.
Betting Bonuses for Payoneer Users
Indian players can find many different bonus types at betting sites, and since Payoneer isn’t a standard method, there are generally no bonus restrictions on it. You start with a welcome bonus, which can be a deposit or no deposit bonus.
A deposit bonus is one where you make the minimum required deposit, and you’ll usually receive 100% of your deposit as a free bet. Free bets are bonus funds that you can use to wager on sports. It’s a set stake, and you must use it in a wager, as you can’t split a single free bet. However, if you receive three free bets from the bonus, you can use them on three different wagers.
The other option is to receive a risk-free wager for 24 hours. After signing up and making the required deposit, your first wager up to a specific amount can be risk-free, meaning the bookie credits your stake if you lose the bet. This risk-free feature can also apply to your first 24 hours at the platform instead of the first bet.
No deposit bonuses are generally free bets, but are often lower than those you receive in deposit bonuses. You also have other promotions, like the Early Cash Out, which allows you to cash out some of your wager or winnings depending on how the match goes. Various bet builders, boosters, and more are also available to adjust your wager’s odds, winnings, or other features.
Payoneer Fees for Indian Users
While payments between account holders are free, there are some fees when transacting with a bookie. When making payments with this e-wallet to a bank account or something similar, you can expect a fee of up to 2% of the amount you’re paying. If it also involves currency conversion, then you might experience a fee of up to 3.5% and a cross-border fee of up to 1.8%.
Knowledge of this fee is crucial, as the bookmaker’s payment processing company might not be in India as you are when betting. Further, if you have a Mastercard with this brand, you must pay an annual fee of $29.95 (₹2,462). Additionally, if you withdraw in a different currency, then you can have a fee of up to 2%.
Overall, Payoneer is not the cheapest way to deposit or withdraw your funds at a bookmaker, which is another reason why you might find it easier to use an alternative method.
Betting Sites Deposit and Withdrawal Limits
Betting sites often set deposit and withdrawal limits on the platform, but they can range depending on the bookie. The average minimum deposit limit is $10 (₹822), but it can sometimes be lower or higher. It would be best to remember that different payment methods can have other limits. Regarding the maximum deposit, it varies between bookmakers, with some not setting a limit at all.
The withdrawal limits generally have the same minimum amount as the deposit, but they can sometimes be higher, at $20 (₹1,644). The bookie generally restricts the maximum limits at the platform to daily, weekly, and monthly amounts. The average monthly withdrawal limit is between $50,000 (₹4,111,275) and $100,000 (₹8,222,550).
It’s also vital to remember that if you don’t follow these limits or the payment processor’s limits, then they can reject your withdrawal request. Depending on the bookie’s process, this rejection will increase the general payout times from two to five days, to seven days or longer.
While some betting sites allow Payoneer, it’s not actually a legal method for making gambling deposits and withdrawals. Using another payment system is generally better, but that doesn’t mean you can’t use it at select bookmakers.
Payoneer will have various fees you must pay if you deposit using it, along with a currency conversion fee if you must convert from the bookmaker’s currency to rupees. These fees range between 1.8% and 2% of the transaction.
It depends on the casino, but most have a minimum deposit between $10 and $20. Although, some have lower limits, like $5 (₹411), while others can go up to $30 (₹2,466). Payoneer might also have limitations, like the “Make a Payment” service, which has a minimum of $50 (₹4,111).