How to withdraw money from Payoneer in Ukraine 2026: commissions, methods and step-by-step instructions

The author of the article: Denis Korablyov

Modified date: 19 January 2026

Do you work on UpWork, Patreon, or Envato? Then you already know that withdrawing money from international platforms often turns into a quest with high fees and complicated workarounds. That’s exactly where Payoneer becomes a real lifesaver for Ukrainian freelancers and sole proprietors (FOPs) working with foreign clients. Payoneer remains the main financial hub for Ukrainian freelancers and IT entrepreneurs.

In this article, we’ll break down: how Payoneer works, which fees are актуальні in 2026 and where you can save money, and how to report correctly to the tax authorities (especially important for FOPs).

What Is Payoneer and How Does It Work in Ukraine?

In short: Payoneer is an international payment platform that provides you with virtual bank account details in the US, the EU, the UK, and other regions.

For your foreign client, you look like a local contractor they can pay via a domestic transfer. For you, it’s a convenient wallet from which funds can be transferred quickly to Ukrainian banks.

Payoneer is especially popular among Ukrainian FOPs who receive income from international clients, marketplaces, and freelance platforms, because it makes it possible to legally confirm incoming payments for tax reporting.

Why is this better than a regular SWIFT transfer?

1. Direct integrations with major platforms: Payoneer is an official partner of Upwork, Amazon, Adobe, and Shutterstock. Payments from these platforms arrive faster and often with lower fees.
2. Multi-currency support: The system supports over 80 currencies and works in more than 190 countries worldwide. You can hold balances in USD, EUR, GBP, CAD, and AUD at the same time.
3. Legal clarity for FOPs: Payoneer statements and invoices are accepted by Ukrainian banks as proof of income source.
4. Local support: Ukrainian-language support makes it easier to resolve verification issues or blocked payments without needing a translator.

Who this service is definitely for:

• IT specialists and freelancers (Upwork, Freelancer, Toptal).
• Designers and artists (99designs, Envato, Shutterstock, Etsy).
• Content creators (Patreon, YouTube, BuyMeACoffee).
• E-commerce entrepreneurs selling on Amazon or eBay.

How to Register a Payoneer Account: Step-by-Step

The registration process is standard, but there’s one detail that many beginners get wrong.

Individual
for personal use 

Business
for FOPs and legal entities

Why does it matter? To withdraw currency legally to a Ukrainian bank, your Payoneer details (company name or FOP full name) must match the bank account owner’s details 100%. If you register a personal account but try to withdraw to an FOP account, the bank may block the payment.

Step-by-step registration process:

Step 1. Sign up → Go to Payoneer and click “Open an account” or “Sign up”. Enter your email, use a strong password, and enable two-factor authentication.

Step 2. Enter personal details and business information → Enter your full name (in Latin letters, exactly as in your passport), your residential address, and your phone number. For FOPs, enter your full name in the “Company Name” field.

Step 3. Link your bank account → After successful verification, you can connect a Ukrainian bank to withdraw funds in UAH. The system will ask you to enter your IBAN (international bank account number).

Don’t worry – Payoneer does not automatically share this data with the tax authorities. It’s a technical requirement for profile verification. For more details on Payoneer, how it works for FOPs, what checks exist, and potential risks, check our channel.

Where to find your IBAN? In Monobank, open “Top up your card”, then choose “By bank details” – you’ll see your IBAN there. In PrivatBank, tap the gear icon in the top-right corner, select “Card details”, and copy the number.

Important note: even if you plan to use only the Payoneer card and never withdraw money to a Ukrainian bank, you still must add a bank account during registration. This is a technical requirement of the platform. Later, you can simply use the card, and the bank account information will remain as a backup option. 

Step 4. Verification → Upload identity documents and, if required, business документы. Payoneer reviews documents from a few hours up to 2-3 days.

During registration, make sure you enter the same address that is listed in your Ukrainian bank documents. This will speed up the verification process.

Important note: for beginners, a personal account linked to your FOP is usually enough. However, if you plan to масштабувати, work with larger корпоративні payments, or want to connect Stripe, the best option is to open a корпоративний account for a legal entity. 

You can register a company in the United States. This will not only help you get a full бизнес profile in Payoneer, but also open access to a wider range of global financial tools and a higher level of trust from international partners.

How to Receive and Withdraw Money from Payoneer 

Once your account is ready, you’ll have two main tasks: send invoices correctly and withdraw your earnings. In your Payoneer dashboard, these actions are managed through the Get Paid and Withdraw sections.

1. How to Get Paid by a Client (Get Paid section)

Payoneer offers three tools here. Choose the one that best fits your situation:

• Request a Payment: You create an invoice and send it to your client. They can pay even with a regular банковська card.
• Receiving Accounts: Your virtual bank details. You copy them and paste them into payout settings on Upwork or Fiverr, or share them with a client for a direct bank transfer.
• Batch Payment Request: If you have many clients at once, this tool allows you to create multiple payment requests in one go.

How to invoice a client (quick guide):

1. In the left menu, click Request a payment.
2. Enter the client’s email and details.
3. Enter the amount, currency, and a detailed service description (for example, “UI/UX Design for Mobile App”).
4. Attach an invoice file and set a payment deadline.
5. Click Send. The client will receive an email with a link and will be able to pay online.

2. How to Withdraw Funds to a Bank Account

If you’re not using direct integrations via the Monobank or Privat24 apps (which we covered earlier), you can withdraw through the standard website option:

Step 1. In the menu, open Withdraw → To Bank Account.

Step 2. Choose the balance you want to withdraw from (for example, USD).

Step 3. Select your linked bank account (your FOP IBAN).

Note: the minimum withdrawal amount through partner banks is usually between $50 and $300, depending on the transfer type.

Step 4. Click Review. The system will calculate the fee (2%) and show the final amount in UAH or in the выбранной currency.

Step 5. Confirm the transaction.

How long does it take? In most cases, funds are credited within 1-3 business days. Monobank often processes these transfers in just a few minutes.

How to connect Payoneer to freelance platforms?

If you work on Upwork, Fiverr, or Shutterstock:

1. Go to your payout settings (Settings → Payment Methods).
2. Select Payoneer as your main method.
3. Enter the email linked to your Payoneer account.
4. The system will automatically link your profiles, and you’ll be able to withdraw your earnings with one click.

We’ve already registered your account, reviewed the fees, and now it’s time to move on to the withdrawal methods available in Payoneer.

How to Add a Monobank or PrivatBank Card to Payoneer

You can add up to three different bank accounts to your Payoneer profile. It takes up to 3 minutes, but it allows you to manage your finances much more flexibly.

Step 1. Go to “Manage bank accounts” and click “Add account”.

Step 2. Fill in the form:

• Account type (Personal/Business)
• Country and currency
• Select your bank from the list
• Enter the account holder’s name and IBAN

The most popular banks among Ukrainians are Monobank and PrivatBank. They support direct integration with Payoneer, the fee stays at a stable 2%, and funds arrive almost instantly. You don’t even need to log in to the Payoneer website.

If you use other banks (Raiffeisen, OTP, etc.), use withdrawals by bank details:

1. In the “Manage bank accounts” section, click “Add account”.
2. Select the country, currency, and enter your IBAN (international bank account number).
3. After verification (up to 24 hours), the account will become active.
4. Withdraw funds via the “Withdraw” menu. The fee is also around 2%, but processing may take 1-3 business days.

Conclusion

Payoneer remains the most reliable “bridge” for Ukrainian freelancers. It’s an ideal tool for receiving payments from Upwork, Amazon, or Patreon, while also helping you legally confirm the source of funds.

To keep your workflow safe and cost-effective, remember three key rules:

1. Minimize conversions: The best approach is to accumulate funds in foreign currency and withdraw via direct integration with Monobank or PrivatBank (2% fee).
2. Stay transparent: For regular activity, choose a Business account and declare your доход at the moment it is credited to your Payoneer account using the NBU exchange rate.
3. Automate: Use modern mobile banking apps for instant withdrawals – it’s cheaper and faster than old-school SWIFT transfers.

Payoneer does not automatically share details of every purchase with Ukrainian banks, but financial transparency is your best гарантія for stable business operations.