Back to list

Payoneer vs Paypal

Payoneer

  • Payoneer is an online currency exchange broker that has accounts suitable for the personal and small business market. It is not able to handle large transaction amounts, such as a house purchase or regular payments such as a pension.
  • If you have a personal account, you cannot make transfers via the platform, only receive payments to a bank account, onto a Mastercard or into an e-wallet. Fees are charged on taking cash out at 2% and 3% on Mastercard payments.
  • There is a maximum withdrawal limit of $5000 per day (split between withdrawals and buying items online).

PayPal

  • Paypal transfers 1.6 billion payments a quarter.
  • You may not think of Paypal as a traditional foreign exchange payments provider, but if you run any kind of business that trades or exports outside of the UK (or any country for that matter) you may already be using Paypal to support those payments.
  • It is a global payments platform business, that does not offer face to face meetings or personal account management.
  • Paypal does not operate in the way that a traditional foreign exchange currency broker does. Accounts are free to set up, there are fees involved in you run a business account and want to set up a regular frequency of payments out of the account.  
  • There are also fees associated if you make payments by direct debit/credit card during a foreign currency exchange transaction as well as the fees for the currency conversion. Fees are pre-advised by Paypal, we have referenced them in the section below but they are subject to change.

Neither company score well on customer feedback, both scoring a low one-star review on TrustPilot. Paypal gathers over 2,000 reviews. Payoneer has fewer reviews at 97 where negatives centre on being able to access funds and contacting customer services.

Payoneer
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
PayPal
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
?
Est. 1998
Payoneer
Fee: ? Using our Billing Service you can request a payment and get paid directly. - Credit Card (all currencies) 3% - eCheck (USD) 1%
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Global
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
General Notes Whether you work with global marketplaces or directly with international clients, Payoneer is the preferred solution for businesses and professionals to get paid. In addition to offering more ways to get paid, independent research has confirmed that Payoneer can save you up to 71% of the fees you pay through other payment options.* * Source: Unveiling the True Cost of B2B Payments by Let’s Talk Payments
Country Notes Receive funds from Wish, Fiverr, Upwork, Airbnb or any of the thousands of companies that pay via Payoneer.
PayPal
Fee: ? Sending or receiving money between friends and family within the UK (in GBP): Free when funded by the sender’s PayPal balance, bank account or debit card. If you use a credit card to send money, a fee of 3.4% + 20p applies.
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Global
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN
General Notes It’s free to use PayPal to buy something unless it involves a currency conversion.
Country Notes Sending or receiving money between friends and family within the UK (in foreign currencies): Currency conversion fees apply. If you are using a credit or debit card, a fee of 3.4% + 20p will also apply.

Payoneer Features

  • Small businesses and personal accounts

  • Personal accounts cannot make transfers, only receive them

  • Open an account in one of four currencies (or more if you need) EUR, GBP, USD and YEN

  • You can use it like a bank account and use the card to make purchases online

  • Maximum daily withdrawal limit is $2,500 cash and $2,500 for purchases

Paypal Features

  • Trade globally – buying and selling online and collecting/making payments through their platform

  • Easy to access and use online platform

  • You can make payments with one-touch and if you have your account linked to your bank account, you don’t have to go in and transfer funds, Paypal will action this automatically

  • Buyer protection, fraud protection and data encryption. Looks more closely at how transactions are being carried out.

  • Paypal app for on the go payments

  • Their website is translated into a number of European languages and Japanese. All other sites are in English

The pros and cons of using Payoneer

pros

Mastercard available for business customers

Good option for freelancers being paid internationally

Receive payments via debit card

Bank account offered

cons

Not for larger businesses

Takes longer than Transferwise for an account to be opened

Personal accounts cannot add money to the platform and make transfers, they can only receive money paid from another person or company

The pros and cons of using PayPal

pros

Great for global purchases

Simple to shop without carrying out separate foreign currency exchanges

Easy to transfer money to family and friends

iOS and Android apps available

Send invoices from business accounts

Card reader available

cons

Unfavourable for large transfers such as buying a property abroad

Complicated fee structure

No easy way to contact customer services by telephone

cons

Not for larger businesses

Takes longer than Transferwise for an account to be opened

Personal accounts cannot add money to the platform and make transfers, they can only receive money paid from another person or company

cons

Unfavourable for large transfers such as buying a property abroad

Complicated fee structure

No easy way to contact customer services by telephone

Payoneer
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
PayPal
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site

Global presence

Payoneer and Paypal have offices globally.

Payoneer handle 150 currencies across more than 200 countries, but they are a very specialist currency exchange provider.

Paypal can accept over 27 currencies and make transfer payments to over 200 countries.

Compare Other Currency Rates

Need payment solutions for your business?
Click here to use our business tool

Other International Money Transfer Quotes

OFX (US)

?
Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

More Info Less Info

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

Amount Received
GBP £157.12
USD $30.25
saved vs. banks

TransferWise

TransferWise is an online only provider

More Info Less Info

TransferWise is an online only provider

Amount Received
GBP £154.35
USD $26.80
saved vs. banks

Average US Bank

Average of the top US Banks costs as compiled by our own FXC Intelligence group

More Info Less Info

Average of the top US Banks costs as compiled by our own FXC Intelligence group

Amount Received
GBP £154.84
USD $27.41
saved vs. banks

WorldRemit

?
Est. 2010

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

More Info Less Info

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

Amount Received
GBP £157.04
USD $30.15
saved vs. banks

MoneyGram

?
Est. 1940

MoneyGram is a leading remittance provider serving countries across the globe.

 

More Info Less Info

MoneyGram is a leading remittance provider serving countries across the globe.

 

Amount Received
GBP £155.58
USD $28.33
saved vs. banks

Ease of use

They both have an app which is compatible with IOS and Android.

Payoneer

  • An easy solution if you are being paid overseas - India, Ukraine, Russia

  • Similar to Paypal in its application

  • Receive payments into an e-wallet, bank account or prepaid Mastercard

  • Manage your account through an IOS app

Paypal

  • Easy to access website, many places accept or offer Paypal as a method of payment

  • Quick log in and one touch payments

  • IOS and Android apps

  • Link Paypal to your Slack account and send money to co-workers and friends


Security

Payoneer is regulated by the FCA as a Money Services Business but Paypal is not regulated by FCA. Since Paypal moved its head office outside of the UK, it is no longer regulated by FCA. This means that it cannot provide regulated services and products in the UK.

Online security

Payoneer offer encrypted passwords to access accounts, strong encryption around data transfers and firewalls.

Paypal offers a buyer’s protection feature, fraudulent protection and data encryption on every transaction.



 

Other Company Comparisons

Other Services

Site SSL Secured
You can trust our results, each provider goes through a full vetting and is regulated by the relevant authority (FCA in the UK, FinCEN in the USA, ASIC in Australia)

Trusted by sites like:

BBC Logo
Reuters Logo
Forbes Logo
Bloomberg Logo
Business insider logo
world bank Logo

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.