Payoneer vs Transferwise: Which Payment Transfer Organization Suits Best for Your Business? Independent Review!

Transferwise vs Payoneer: Debit Card Comparison

Both Payoneer and TransferWise offers you access money using a prepaid card.

Payoneer Debit Card Features

• Payoneer offer its customers with a prepaid Master card.
• The card comes with several restrictions on withdrawals and spending limit
• An Annual card maintenance fee is charged
• ATM charges and currency conversion charges apply

TransferWise Debit Card Features

• Transferwise offers a prepaid Mastercard to residents of UK and also for residents of other countries who hold a Transferwise Borderless account
• Free ATM withdrawal allowed up to £200 every month
• Charges levied during currency conversions

Referral/Affiliate Program: Payoneer vs Transferwise

Both Payoneer and Transferwise provides promotional offers for customers signing up for new accounts. You can check the current promotions and offers in place in their official websites.

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 account in a different currency. There is a set charge if the currencies are the same.

With Transferwise, the charges are made on a case-by-case basis and customers can use the online calculator to know the exact charges before making the transaction. With Transferwise, people sending money across borders can avoid the hefty charges involved levied if they use the local banks for transfer.

Global 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.

Looking at the clientele of Payoneer itself shows its credibility and international reach. When you have clients like Amazon, Airbnb, Upwork and Google, you don’t need to advertise your reputation. Payoneer has around 14 offices across the globe including US, UK, Spain, Israel, Hong Kong, the Philippines, and Japan etc. Payoneer supports more than 150 currencies.

Transferwise has offices in the US, UK, Spain, Hungary, Belgium, UAE, Malaysia, Singapore, Australia, Japan, Hungary etc. It supports more than 40 different currencies.

Payoneer vs Transferwise: Usability

When it comes to using their online services to transfer money, both Payoneer and TransferWise allows customers to register new accounts and transfer money easily without any hassles.

Payoneer also allows people to make money transfers on the go as they have dedicated apps available for both iOS and Android. Payoneer is popular among freelance developers in India, Philippines, Pakistan etc. Even though their global reach can play a major advantage and can be amazing alternatives for PayPal, the main hassle that makes people think twice is the hefty annual fee charged to maintain their accounts. 

It will perhaps be expected out of a tech startup, nevertheless the fully automatic process in TransferWise is really a special attraction for a lot of customers. The lower prices are still an evident and nevertheless the friendliness the customer care team has shown and helped them become one among those market leaders to get the money transfers — that is notable given the foundation of some of these well-established competitions.

Transfer Speed: Payoneer vs Transferwise

While the cost involved is a major factor, the speed with which the money transfer takes place is also a vital factor. The speed of the transfer is determined based on the currency you choose to transfer.

With Transferwise, most of the money transfers will be done within a maximum of 1-2 working days.

In Payoneer, the transfer takes place within 1-3 days.

How To Send Money From Payoneer to Transferwise?

To make money transaction from Payoneer to Transferwise or any other bank account takes only couple of steps and most likely – you have already done them.

But if not, let’s take a look how you can send money from your Payoneer account.

1st Step: Go to Bank Accounts in Settings (top-right corner)

2nd Step: Navigate to Pay and then Make A Payment

3rd Step: Add Transferwise or any other recipient bank account

After you have added the recipient account – you will have to wait for the approval of the recipient, but it usually doesn’t take long and quickly enough you will be able to make payments.

4th Step: Choose recipient and make a payment

5th Step: Send money from Payoneer to Transferwise

In the last step you have to choose from which account you want to make a payment and add necessary information.

How To Send Money From Transferwise to Payoneer?

The process for money transaction from Transferwise to Payoneer or any other bank is even more simpler.

Transferwise itself guides you through the payment process so it’s easy to follow.

1st Step: Login into your account and click on Send Money

2nd Step: Finish the process

Even before the payment you will be able to compare the prices for international payments and see the fees Transferwise will charge you.

Paypal vs Payoneer vs Transferwise vs Western Union

It’s hard to compare Paypal vs Transferwise or Payoneer vs Western Union because of their high competitiveness. All companies have pros and cons, and they most likely will depend on the country you live in and financial goals you have set. A lot of these payment solutions can be amazing alternative of PayPal.

Keeping that in mind, let’s take a quick look at what we like the best and compare Paypal vs Payoneer vs Transferwise vs Western Union shoulder to shoulder.

Transferwise vs Western Union vs Paypal vs Payoneer – Transfer Speed, Fees & Benefits

• Transferwise compared to Western Union or any other company offers fixed fees, which can be useful from certain purposes
• Minimum transfer amount starts from only $1
• Transfer fee can vary from 0% to 0.5%
• You can order Transferwise borderless debit cards (Mastercard)

• Transaction fee starts at $5
• Transfer speed can be up to five days
• Exchange rates can be up to 6% above the mid-market rate

• Paypal fees sometimes can be rude, depending on the country
• Fees can vary by a high percentage depending on the transfer conditions
• Exchange rates have mid-market rate plus 2.5% margin
• Paypal transfer speed highly excels compared to other competitors

• When receiving money, transfer fees can charge up to 1%
• As an individual, you won’t be pay able to make overseas payments to anyone, unlike what TransferWise offers
• Good for freelancers and business owners, good PayPal alternative