Payoneer currently does not allow for payments for ebay purchases currently, but I realised that you can place an order for a Mastercard that is linked to the Payoneer account. Hopefully, this would allow payments for ebay purchases through the card. Will update when I get the card.
Update: Just got the virtual card from Payoneer and activated it. And I linked the Payoneer virtual card to Paypal. So I guess this is one way to use the funds to make purchases without incurring the foreign exchange charges.