Payoneer is removing top-us settings for cards on March 1, 2024.
Important update – Top-up settings will be removed
We’re reaching out to let you know that the card top-up feature is being removed from our apps as of March 1, 2024. From that date, the maximum amount that can be spent on each card will be controlled by the daily card spending limit that is set for the card.
Please make sure to update your daily card spending limits to align with the maximum amount that you wish to be spent on each card in one day. This is especially important if you had previously configured a custom amount for card top-up that is lower than the set daily spending limit.
How to set card spending limits:
- Sign in to Payoneer and go to Payoneer cards.
- Choose a card to see its details, and select Manage spend limits.
- Set the required daily (and monthly) spending limits per your business needs.
Remember, you have until March 1st, 2024 to update your daily card spending limits, to avoid risk and ensure your card spending matches your cashflow needs.
For more details, see this FAQ.
Payoneer Mastercard
Every Payoneer user is allowed to order multiple Mastercards – one in each currency (Euro, US Dollar, British Pound). It only costs I believe $30 per year in maintenance fee per card, and you can use the card for purchases and withdrawals from ATM machines worldwide. They also have virtual cards that you can get and use for certain things. We wrote an article about it recently – Payoneer – Ordering more cards is now effortless!
How it worked until now is that you had money in your Payoneer account, and you could load money from your account onto your debit card. You could use the money on the card, but if you wanted to use more than that, you had to login into your Payoneer account and load more money onto the card. Starting 1st of March 2024 this will go away, and you will be able to spend whatever the daily limit you set in your Payoneer account for the each card.
Here is a video I made talking about this:
Conclusion
In truth, I don’t see much of a reason for Payoneer to have a top-up option for their cards, other than perhaps if one gets his/her card stolen, in order to prevent the thief from spending all of your money. But even then it will only prevent if you didn’t top-up your card with all of the money you have in your account. The new rule of daily spending limit per card carries the same risk I guess.
On the other hand, not topping-up your card and then trying to spend or withdraw money will just cause you an inconvenience of having to log into your Payoneer account and top-up your card before you can complete your purchase or withdrawal. But even with the new rule, if you exceed your daily spending limit that you’ve set, you’ll have to login and increase it.
All in all I think that this move doesn’t change much of anything. Maybe there’s a positive aspect to this that I’m not seeing.