Payoneer

Founded in 2005, Payoneer is based in New York City and promises to make international money transfers and cross-border payments easy for businesses, while providing a reliable service for individuals around the world. An enviable collection of blue chip companies and multinationals use Payoneer as their default payment service including Amazon, Google and Airbnb.

A company can pay into a Payoneer bank account in their country and the recipient will be able to withdraw the funds locally using a Payoneer MasterCard or have them wired directly into their bank account.

 

TransferWise

A peer-to-peer money transfer service set up in 2011, TransferWise was regarded as one of the most exciting tech startups at the time of its launch. With a mission to avoid bank conversion commission rates on international payments, TransferWise’s Estonian founders were frustrated at losing so much money when they had to send money abroad so decided to take matters into their own hands.

The idea to eliminate bank fees from the world of international payments has seen them move over £3bn of their customers’ money since their inception and lauded them with praise for the simplicity of their business model.

 

Payoneer
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
TransferWise
Amount Received
£ 200.00
EUR234.64
USD264.51
CAD348.82
AUDn/a
£ 13.17 Avg. Saving vs. Banks ?
Go to site
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.
TransferWise
Fee: ? 0.5% to 1.5%
Bank Partner: ?
Speed: ? 1-5 days
Local Settlement: ? Europe
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN
General Notes Get your free multi-currency account, to pay and get paid around the world with the real exchange rate. Say bye bye to crazy bank fees for good.
Country Notes When you pay by debit or credit card, most banks charge an additional fee. These processing fees vary depending on the kind of card you use and where it was issued.

Payoneer Features

  • Small businesses and personal accounts
  • Personal accounts can only receive transfers
  • Open an account in four currencies: EUR, GBP, USD and YEN
  • Can be used like a bank account
  • Card for making purchases online
  • Maximum daily withdrawal limit of $2,500
  • Withdraw at ATMs globally

TransferWise Features

  • Peer-to-peer platform
  • Nominal fees on transfers
  • Transfers completed within 1–4 days
  • Borderless accounts without overseas address requirement
  • Offers four currencies: AUD, EUR, GBP or USD
  • Single payment or repeat payment options
  • Provides rate information and fees prior to transfer via online calculator
  • Payments via debit card, Apple Pay, SWIFT transfers and bank transfers
  • Secure payments function available via TransferWise feature in Facebook Messenger
  • 5-star Trustpilot rating from over 40,000 reviews
  • Uses mid-market rate supplied by Reuters

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 TransferWise

pros

Make transferring on the go simple, with their new TransferWise bot available through Facebook Messenger

Offers the ability to carry out batch payments to up to 1000 recipients – useful for regular payments to self-employed contractors or freelancers.

The main website is available in: English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish.

cons

Difficult to compare easily to other providers due to the fees, but does make them

transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Transferwise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

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

Difficult to compare easily to other providers due to the fees, but does make them

transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Transferwise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

Payoneer
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
TransferWise
Amount Received
£ 200.00
EUR234.64
USD264.51
CAD348.82
AUDn/a
£ 13.17 Avg. Saving vs. Banks ?
Go to site

Price Comparison

Payoneer promises low fees with no hidden costs and they are true to their word. There are no fees at all for receiving from other Payoneer customers and just a 2% charge when receiving money into a bank account in a different currency. There is a set charge if the currencies are the same.

Due to the way they facilitate money transfers, TransferWise operate on a case-by-case basis and all details can be found by using the conversion tool on their website. Users of TransferWise can avoid what can be hefty hidden bank charges by using the mid-market rate. The company also displays fees upfront and deducts them before the conversion so that customers know exactly what to expect.

 

International Presence

The fact that Payoneer can count Google, Upwork, Airbnb, Amazon and Getty Images as either partners or clients shows the kind of global reach – and trust – that they wield. With 14 offices across the world, including in China, the US, Spain and Hong Kong, they are able to handle 150 currencies in over 200 countries. Their global reach has expanded in the last few years with offices opening in the Philippines and Japan.

Using the Borderless account with TransferWise, customers can send money to over 50 countries and manage around 40 different currencies. Their online service spreads their business globally and complements the reach that their offices give them – including in Tallinn, in the home country of their founders.

 

Ease of Use

Payoneer has become especially popular with freelance workers in developing countries, such as India, where the banking system is perhaps not as robust as in the traditional finance centres. Their global reach gives them a definite advantage in this respect but the annual card fees can put some potential customers off. The fact that only VIP clients can organise outbound payments is a slight negative on what is otherwise an impressive service.

It should perhaps be expected from a tech startup, but the fully automated process at TransferWise is a particular attraction for many of their customers. The low fees are an obvious plus but the friendliness of their customer support team has helped them become one of the market leaders for money transfers – which is remarkable given the history of some of their more well-established competitors.

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Other International Money Transfer Quotes

OFX (US)

?
Est. 1998

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

Amount Received
GBP £152.51
USD $30.26
saved vs. banks

Average US Bank

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Amount Received
GBP £150.39
USD $27.54
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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.

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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 £152.53
USD $30.28
saved vs. banks

MoneyGram

?
Est. 1940

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

 

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

 

Amount Received
GBP £155.84
USD $34.53
saved vs. banks

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