Payoneer

Based in New York, Payoneer has become one of the leading international payments companies specialising in providing business owners, professionals and freelancers a safe and secure route to money no matter where they are based. In fact, they boast an enviable list of top businesses as clients who deploy them as their default cross-border payments facilitator.

With an easy-to-use process for money transfers – where customers can withdraw cash using a special Payoneer Mastercard – they have become leaders in their field and are an outstanding solution for small businesses to ensure that remote workers are paid.

 

WorldFirst

Only established in 2004, WorldFirst has risen quickly to become one of the most trusted and respected money transfer operations in the global market. Specialising in larger amounts of money, their automated online service is intuitive and user-friendly. Furthermore, WorldFirst scores highly on customer support thanks in part to their dedicated dealer feature.

WorldFirst has received a number of awards in their relatively short lifetime. Their commitment to transparency in their dealings and transfers have attracted a lot of businesses their way. The fact that large financial service providers, such as Virgin Money, use them to transfer money to their clients says a lot.

 

Payoneer
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
WorldFirst
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
?
Est. 2004
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.
WorldFirst
Fee: ? No Fees in the UK via FXcompared. $10 for transfers below $10,000 in the US; AUD15, below AUD15,000 in Australia
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Worldwide
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN, FinTRAC, ASIC
General Notes N/a
Country Notes Regulated in UK, US, Australia and Canada

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

WorldFirst Features

  • Payments complete in 1–4 days
  • Spot, forward and options contracts but no exotic hedging products
  • Live rate alerts
  • Currency performance reviews via live online charts
  • Regular payments function fixed against pre-agreed rates
  • £1,000 minimum transfer
  • Android and iOS apps
  • Secure trades through wearable tech
  • High ratings on both Trustpilot and Feefo (5 and 4.7 stars respectively)
  • Websites available in English, Dutch, French, Japanese and Mandarin

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 WorldFirst

pros

Can accept payments across a larger number of currencies and into many countries

Set up for payments on the go that you can manage via Android, IOS apps and wearable tech

Due to the volumes of transfers that they handle (billions), they are able to offer large discounts to the interbank rate

Specialist in serving ecommerce and marketplace customers

cons

£1,000 minimum transfer rate

Not suitable for handling small, regular remittance payments

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

£1,000 minimum transfer rate

Not suitable for handling small, regular remittance payments

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

Price Comparison

Although Payoneer’s fees are not the lowest on the market, they are competitive – and the fact that they offer a service to many freelancers that just simply wouldn’t be possible any other way is to be applauded. There is a set charge for same currency transfers and just a 2% fee if the currency is converted. VIP clients are able to get further reductions if the amounts are large enough, however.

Although generally concentrating on larger amounts of money than Payoneer, WorldFirst are hard to beat when it comes to fees and exchange rates. There are no fees at all for outbound transfers from most countries including the UK and Australia, as well as the EU. There is a fixed $10 fee for transfers from the US under $10,000. The exchange rates are low and there is even a guarantee on offer to all UK clients. The main thing to note here is that there is a minimum transfer amount of £1,000 (or equivalent).

 

International Presence

Payoneer’s list of high-profile, international companies on their books is a good indication of their global reach and standing in the industry. Amazon, Google and Airbnb are just some of the clients who use them for international money transfers. They have offices all over the world and are able to send money abroad to over 200 countries and manage around 150 different currencies.

With dedicated dealers in offices in all five continents, WorldFirst offers a truly global service for cross-border payments. Their extensive setup of banks across the world enables a fast and secure service that many of their competitors cannot provide. Their transfer process, aligned with this local involvement, means that they can keep their costs low.

 

Ease of Use

The ability to withdraw payments using a special Payoneer Mastercard enables freelancers to gain access to money that would be much more difficult using traditional methods. With more and more work done on a global scale, there is a real need for multinational companies to be able to utilise services like this to pay their remote workers. The fact that only clients can send money is a downside to the overall model, however.

As a tech startup, WorldFirst has produced a clear and easy platform to use their services and offer an unrivalled app with wearable functions as a plus. Their global reach, customer support and transparent business model have earned them numerous awards and accolades – and that is reflected in their huge success in the money transfers world.

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?
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