Can You Do Better? – Costs, Services and Software Integrations
Payoneer is one of the best ways to get paid (and pay others) if you are a doing business overseas.
But that does not mean it is the best for your needs.
There are 5 others that are most likely to give Payoneer a good run for your money. 🙂
Look for the “Why They Might be Better” at the end of each alternative!
Payoneer is aimed at international payments for businesses, professionals, digital marketers, product/service marketplaces and freelancers.
It’s like having local bank accounts in USD, EUR, CAD, AUD, JPY, MXN (and more) – to get paid and pay others – but simply through one account.
Currencies can be converted inexpensively and your account can be integrated with payment and accounting software which makes it extremely useful for many.
Here is our full review of Payoneer.
Disclosure: This post contains affiliate links. For more information, see my disclosures here.
Is Payoneer Better?
A good place to start is the comparison table. In it you will find heavy weights like PayPal and Skrill alongside services like TransferWise which has less features but is generally lower cost and has other advantages like your own own unique bank details to receive payments, hold money and they can send and receive money bank to bank.
After this you will find some questions ↓ ↓ followed by relevant info.
|Currencies You Can Hold, Convert and Accept|
(Many can be sent or received but typically a conversion fee will apply)
|USD, EUR, GBP, CAD, AUD, JPY, CNH. In addition, conversion to CZK, PLN, RUB and VND is available for tax payment purposes.||ARS, AUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, INR, ILS, JPY, MXN, MYR, NOK, NZD, PHP, PLN, RUB, SEK, SGD, THB, TWD, USD||EUR, GBP, USD, DKK, RON, CZK, HUF, PLN, SEK, CAN, SGD, CHF, NZD, BGN, AUD, NOK|| |
GBP, AUD, AED, ARS, BDT, BGN, BWP, CHF, CLP, CNY, CRC, CZK, DKK, EGP, GEL, GHC, HKD, HRK, EUR, CAD, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, PEN, PHP, NZD, USD, PLN, PKR, ROL, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMK
|GBP, USD, EUR, CAD, JPY, AUD, SGD, NZD, HKD, CNH||AUD, BRL, BGN, CAD, CNY, COP, DKK, EUR, GBP, EUR, INR, JPY, MYR, MXN, MAD, NGN, NOK, PLN, RON, RUB, SING, ZAR, SAK, CHF, TWD, TND, AED, USD|
Money (For total fees add currency transfer fee if not coming from one of the above currencies)
|Via Receiving accounts in USD, EUR, GBP and JPY – Free|
Directly from customers: Credit card – 3%
eCheck(US) – Free
Via marketplaces: Variable
|For business fees vary depending on the countries involved and generally consist of a Currency Conversion + Fixed Fee Range (Total ranges from 2.5% to 6%)||Free||Free||Free||Free but there is a fixed withdrawal fee depending on the method used|
(For total fees add currency transfer fee if required)
|Via eCheck: 1%,|
Credit Card: 3%,
Local Bank Transfer: 1%
Via Payoneer Balance: Free
|For business fees vary depending on the countries involved and generally consist of a Currency Conversion + Fixed Fee Range (Total ranges from 2.5% to 6%)||1.45%|
(A higher one-time fee of 20%, min. €30 may apply if you haven’t made any deposit to your Skrill account, or via Neteller, paysafecard or BitPay)No fee when you use the Skrill money transfer service to send directly to a bank account
|0.35%-2.2% – varies by currency||€0 to €20 per transaction for business accounts||1.45%, min USD 0.50|
|0.5% of amount to transfer||2.5% of the transaction amount||3.99% on wholesale rates||0.35%-2.2% – varies by currency||0.5%- 0.15% depending on trading volume||3.99% to the average daily interbank market rate|
3 Questions to Help You Decide;
- Are the currencies you will be dealing with the most included in table?
- What are the main transactions (sending, receiving and exchanging) cost comparisons?
- What else is important to your business – prepaid debit cards, expense reporting, invoicing and integration with 3rd party solutions like e-wallets, merchant payments and accounting software?
Once you have answered these, check out Payoneer and compare top competitors from notes below;
Payoneer Low Down
Payoneer not only offers foreign payments but also other business services including multi-currency virtual accounts. Payoneer allows you to receive funds in a bank account, through a pre-paid Mastercard or an e-wallet. It enables transactions in over 150 currencies across more than 200 countries.
An eWallet allows you to upload funds (or receive funds) into an account through a bank transfer, credit card, debit card, etc., and then use the funds stored in your account to make payments with online and/or brick-n-mortar retailers. Some examples of popular eWallet providers are PayPal, Skrill and Google Wallet.
In other words, Payoneer can be used in conjunction with their best competition.
With Payoneer, you can get money into your local bank account at competitive exchange rates and you can spend money in your Payoneer account using your prepaid Mastercard. You can use this prepaid card at ATMs, in-store and online. To know more about Payoneer, you can check out our review here or see their latest offerings for your country here.
- Currency exchange rate fees very competitive
- Focused on one problem (getting paid) and being a great solution
- Prepaid Mastercard
- Recurring payments (direct debit) not available
- High card transaction fees
- Complex fee structures
Jump Links to Top 5
TransferWise though its borderless account (full review) gives you the flexibility to either have your client pay you in their local currency which you can then receive for free into your TransferWise local bank account details – either USD, EUR, GBP, NZD, AUD or PLN.
Your client if they’re based in either of those countries will just send payment like a domestic transfer and you’ll avoid paying any international receiving fees.
Funds are sent directly to your bank account as a local transfer.
You can then hold those currencies and convert between them in over 50 other currencies.
When you have money in your borderless account, you can send and receive payments easily in any of these currencies. You can then quickly and inexpensively withdraw money into your bank account. So, you simply pay into a local bank account in one country and receive it from a bank account in another country.
TransferWise offers mid-market rates on all transfers with a small upfront fee based on the amount you are transferring. Check out their very transparent fee structure here.
- Receiving accounts in US and Aussie Dollars, Pound Sterling, Euros and Polish Zloty
- Supports a large number of currencies
- Comes with a prepaid Mastercard to spend the money inexpensively anywhere worldwide
- Not the best choice for large transactions
- Only support bank to bank transfers
Why TransferWise Might Be Better
TransferWise is a money transfer company (full review) and a very good one at that. Receiving accounts in different countries is often a huge bonus. For receiving or sending smaller amounts (less than $7000 USD) we recommend them in their own right. If money transfers (to a bank overseas) are going to be a big part of what you do and they meet your needs in all the other important ways, they could be an excellent option. Compared to Payoneer however the service is minimalist.
PayPal is definitely the best known name in the market when it comes to sending and receiving international payments. The beauty of it is almost everyone has a PayPal account and it is simple to request payments or make them.
You can receive money simply via your email address or merchant payment solution, although this usually comes at a comparatively steep cost.
PayPal accepts payments in 25 currencies. It offers a range of services from invoicing to payment solutions.
It also offers a PayPal card to its US customers. This card can be used to access funds in PayPal account. This card can be topped up using PayPal account or through direct deposits.
However, when it comes to international payments, the cost could be significantly higher compared to other services. Although there is no fee to open a PayPal account, the currency conversion cost and other fees could be high.
- People are familiar with PayPal
- Serves businesses, online sellers, and individuals
- Provides easy-to-integrate products for the e-commerce industry
- Lets you use funds in the PayPal account to make online purchases
- You can set up recurring payments (direct debit)
- It can take up to business days for withdrawn funds to clear in your bank account
- With business accounts, you need to pay 2.9% when receiving money for goods or services
- Transfers only between PayPal accounts, so recipients have to withdraw transferred funds into their local bank accounts
Why PayPal Might Be Better
For individuals who have a PayPal account and are happy to pay a few extra percent in fees in the short term the convenience of PayPal might win out.
Long term, Payoneer (sign up) will most certainly be a better option in more ways than just costs.
For some small business owners setting up recurring payments from their customers reduces the need for invoicing and “payment requests”. Payoneer also supports payments from PayPal which could be a way to to use the recurring payments part of PayPal and then manage the funds better through Payoneer.
You might also like Payoneer Vs TransferWise where we compare their money transfer abilities
Previously known as MoneyBookers, Skrill (review) is very similar to PayPal in having a digital wallet feature as well as merchant processing services. It is available in 200 countries and accepts payments in 40 currencies. It also offers its users a debit MasterCard that can be used to withdraw cash. It lets you withdraw funds from your Skrill account into your bank account. You can get the Skrill debit MasterCard in GBP, USD, PLN and EUR.
The company was founded in 2001 simply as a way for people to transfer money when they placed bets or gambled online. The company is owned by Paysafe Group, the people behind Neteller and the Paysafecard. Today, it has evolved from simply a way to place bets to a complete digital wallet offering a suite of business services.
Skrill recently ventured into the cryptocurrency space by allowing its users to buy and sell coins via their account.
- Easy to Use
- Integrates with third-party shopping carts
- Offers Physical or Virtual Card
- Supports in-app payments
- Hosted payment page
- Cryptocurrency Options
- High fees for currency conversion
- Basic reporting
Why Skrill Might Be Better
For simplicity and ease of use Skrill should be a consideration. It is a convenient way to receive and manage money including crypto. Although the fees for currency exchange are on the high side receiving money is free which can still mean they are a great choice.
WorldFirst (enables “World Account”) for receiving payments with local accounts offered in GBP, EUR, USD, CAD, CNH, HKD, JPY, NZD, SGD & AUD. Their multi-currency accounts international businesses (like FBA for Amazon, Shopify) and international import/export businesses.
WorldFirst focuses on larger transfers with minimum transfer amount being $1000 USD. If you need to transfer smaller amounts, WorldFirst isn’t your option. It offers a range of merchant services including forward contracts and bulk payments.
They do not charge any fees on personal transfers, but they do charge between $10 and $30 on business transfers. However, they also offer a very competitive mark-up on the exchange rate.
With WorldFirst, you can send and receive funds only through your bank accounts. Other payment methods are not supported. You can make transfers both online and via phone call.
- The “World Account” allows online sellers and businesses receive and make payments in different currencies using matching currency accounts
- No fees on personal transfers
- Competitive exchange rates, particularly on larger transactions
- Both online and phone support
- Choose from receiving accounts in USD, EUR, GBP, CAD, JPY and CNY
- Transparent margin on interbank/mid-market rates
- Minimum transfer amount is $1000 (Personal Accounts)
- Money transfers only to bank accounts
- You cannot use WorldFirst to send money from the U.S.
- May not always be the cheapest option for smaller amounts
Why WorldFirst Might Be Better
For larger businesses who need to transfer funds (to a bank account) WorldFirst (see “World Account”) might well be your best option given the extremely low transfer fees and their roots in money transfers. WorldFirst can most effectively handle large amounts (above $7000 USD) and have the all important customer support (we wrote about in their review) which can be needed when you are dealing with banks in different countries and regulations.
Neteller’s offers a suite of products that is similar to Payoneer. It provides both online payment processing and international transfer services. A virtual Neteller account lets you pay anyone with just an email address. You can send money to anyone even if they do not have a Neteller account.
Neteller charges a fee of 1.45%, minimum USD 0.50 for sending money. If you have not made any deposit to your Neteller account or have made a deposit using Paysafecard, Skrill or BitPay, you may need to pay a one-time fee of 20%, minimum $30 USD.
For all money transfers involving currency conversion, you pay 3.99% over and above the average interbank rate. However, VIP members pay only 1%. If you do not make any transaction in a 12 year period, you will incur a monthly administrative fee of $5 USD on your account. There are also different fees for withdrawing and uploading money depending on the payment methods you use. Even today, Neteller is popular as a payment method for casinos and placing online bets.
- Neteller account can be funded using over 40 payment methods
- Quick withdrawals, usually within 24-48 hours
- Available in more than 200 countries and 22 currencies (BGN, AUD, CAD, EUR, DKK, GBP, HUF, INR, JPY, DKK, MYR, MAD, MXN, NOK, RON, RUB, PLN, SGD, SEK, TWD, TND, CHF, USD)
- Complex system of fees
- High costs- account loading fees, withdrawal fees, various administrative fees, exchange rate mark-ups
Why Neteller Might Be Better
Awesome number of payment methods and quick withdrawals make Neteller potentially make Neteller a winning option.
Payoneer is a reputed and trusted payment service. However, it may not be the best option in all situations.
It is better to compare the available options and choose the one that suits your needs and saves you money while giving you the functionality that can be very valuable such as prepaid debit cards, expense reporting, invoicing and integration with 3rd party solutions like e-wallets, merchant payments and accounting software.
There is no doubt that Payoneer and their other main competitors are making it far cheaper and much more efficient when dealing with your money.