Wise vs Payoneer

About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.

Wise and Payoneer are both reputable and secure, but Wise is better for individuals and businesses who want to keep things simple and cost-effective, while Payoneer can be better for people involved in e-commerce and who need a full payment solution.

In this comparison of Wise vs Payoneer, I will tell you more about the pros and cons, fees, transfer speed, customer feedback, and cards.

Let’s get started!

Disclosure: This post contains affiliate links and savings on transfers if you use some of the links! For more information, see my disclosures here.

Both Wise and Payoneer have a good reputation on Trustpilot, Wise is rated at 4.2/5 (196k+ reviews) while Payoneer has a 4.1/5 (52k+ reviews). Wise is perfect for personal money transfers abroad while Payoneer is recommended for a reliable e-commerce payment solution.

Quick Comparison: The Lowdown on Differences

Wise (review) was founded in 2010 and Payoneer (review) in 2005.

Wise is known for their transparent fees and multi-currency account for both individuals and businesses.

Payoneer is known for their wide coverage and multi-currency account for freelancers, small businesses, and online sellers.


Wise Likes:

  • Multi-currency account available for both personal and business
  • Receive money like a local in 10 currencies (including GBP, EUR, USD, AUD, NZD, SGD, RON, CAD, HUF and TRY)
  • Spend in local currency with one card (and low fees to exchange currencies)
  • Hold manage and convert between over 40 currencies
  • Dedicated business tools like bulk payments and integration with accounting software
  • Excellent customer service

Wise Dislikes:

  • Fewer e-commerce marketplaces supported
  • Not ideal for holding or transferring large amounts


Payoneer Likes:

  • Multi-currency account available for freelancers, online sellers, and small businesses
  • Receive, manage and convert between 7 currencies including USD, EUR, GBP, CAD, AUD, JPY and CNH. In addition, conversion to CZK, PLN, RUB and VND is available for tax payment purposes (subject to availability)
  • Supports multiple marketplaces for freelancers and e-commerce sellers (including Amazon, Ebay, Rakuten, etc.)
  • Manage multiple store payments from a single dashboard
  • Free and instant Payoneer to Payoneer payments
  • Available in 150+ countries

Payoneer Dislikes:

  • Not available for personal use
  • Not ideal for holding or transferring large amounts

1. Real Fees & Hidden Costs


Currency conversion

A fee is applicable for paying others or for converting between different currencies in your multi-currency account. The fee depends on the currency pair.


  • from EUR to USD 0.41%
  • from USD to GBP 0.45%
  • from USD to EUR 0.45%
  • from AUD to USD 0.47%

Get the exact fees you will pay with their calculator.

Paying others

If you use the card and money is being exchanged from one currency to the another, the fee is usually exactly the same as currency conversion fees (above) The range is 0.33%-3.56% but for common currencies it is at the low end.

Likewise sending money direct to someones bank account usually attracts the same (very low) conversion fee.

Getting Paid

Getting paid via Wise is generally free because they have local bank accounts in all the areas they service.

The exception: If you are receiving USD for both domestic and international SWIFT and wire transfers. there is a $7.50 USD fee. However ACH transfers are free, so even this can potentially can be avoided depending on who the senders use. (See ACH Vs Wire Transfers)

Other Fees

Withdrawal fees

A small, location-specific fixed fee is applicable for withdrawing money from your Wise account to a bank account.

Holding fee

Holding money up to a limit is free in over 40 currencies.

Some examples of how much you can hold (higher for business accounts):

AUD — $23,000
EUR — €15,000
GBP — £13,000
USD — $18,000

Over that amount, you’ll pay a small annual percentage fee (location specific).

ATM fees

There are limits on how much and how frequently you can withdraw money from ATMs. And this depends on where your card was issued.

You can withdraw money free twice a month up to 200 GBP/EUR for cards issued in the UK and Eurozone. Fees are applicable over this limit.

For US-issued cards, fees are applicable if you withdraw more than twice or withdraw more than $100 USD in a month

Fixed fees apply per transaction over that limit.

Card fee

Sometimes a small card fee is applied to issue cards.

This list is not comprehensive – check out the latest fees for your country here.


Currency conversion

Converting between currencies you hold or for outgoing payments in a different currency will attract a currency conversion fee of 0.5% of the amount. Here is a direct link to the fee page.

Paying others

Paying other Payoneer customers is free (but there may be currency conversion fees involved).

If you’re sending money to a service provider’s bank account, Payoneer gives you the option to pay the transfer fees (up to 2% of the transaction amount) or pass it on to the recipient (in EEA countries this is automatically passed on to the recipient).

If using the same currency or country a fixed fee of $1.50/£1.50/€1.50 applies

Fees for different payment options:

  • eCHECK: 1%
  • Credit card: 3%
  • Local bank transfer: 1%

In addition to the conversion by Mastercard, Payoneer applies a currency conversion charge of up to 3.5%.

Getting paid

Getting paid by another Payoneer customer and accepting money into your local accounts in USD, GBP, EUR, JPY, etc. are free.

Fees are applicable for payments by e-checks (1%) and credit cards (3%)

Other Fees

Withdrawal fees

You pay a fee to withdraw currency in either case: to a local bank account in the same currency or to a bank account in another currency.

USD to USD withdrawal costs $1.50 USD, while GBP to USD will attract a currency conversion fee of 2% above the mid-market rate.

Annual account fee

$29.95 USD per year if your account is inactive for over 12 months.

This list is not comprehensive – Click here to signup (opens a new tab) and get VIP rate of 1.2% for transfers from your Payoneer account to your bank account (normally 2%).

Winner: Wise

Both offer impressive savings on traditional services like banks and PayPal but Wise offers a simpler fee structure. The Wise card fees are significantly lower.

The good news is both Wise and Payoneer are transparent about their fees and break down exactly what you’ll pay for each transaction (see links above)

You might also like Payoneer Vs PayPal

2. Which is Safer? – Both are Equally Safe


  • They keep their customers’ money safe by holding them separately from their operating funds. Customer funds are held in trusted banks like JP Morgan or Barclays, depending on your location.
  • Two-factor authentication on their app and other encryption technology like SSL certificates on their website keep your money and data safe.
  • Regular notifications about account changes and transfers


  • They’re certified at a PCI Level 1 Data Security Standard which means they’re regularly audited and your transactions are protected by sophisticated technology to prevent theft, fraud, or hacking.
  • Keeps you updated about transactions and account activity via email and text

Winner: Tie

Both Wise and Payoneer are licensed financial services providers in multiple countries and have the right security protocols and infrastructure to keep their customers’ money and personal/business data safe.

3. Ease of Use – Both are Easy to Use


  • Available for both personal and business (digital nomad freelancers and small businesses)
  • Share account details with friends or employers to receive money into local receiving accounts
  • Senders may have to sign up for Wise to transfer money to you
  • Easily invoice your international clients from Wise’s dashboard
  • Set up bulk business payments to overseas contractors to save time
  • Integrate with accounting software like Xero to keep track of transactions

Get the latest for what you can do with Wise here.


  • Available for businesses like freelancers, SMBs, and e-commerce sellers.
  • Easily send payment requests and custom invoices
  • Manage multiple marketplace accounts from a single dashboard
  • Senders don’t have to sign up to pay you (options to pay by card or bank transfer)

Winner: Tie

They’re both tied in this category for a number of reasons.

Wise has some really cool features like bulk payments, integrations, and local bank accounts to receive money without high fees in multiple currencies.

Payoneer on the other hand makes receiving payments easier with multiple payment methods, local receiving accounts for SMBs and online sellers, and a bird’s eye view of all marketplace receivables on a single dashboard.

Essentially, both have great features that make paying others and getting paid easy and streamlined.

So it ultimately comes down to your needs and preferences.

4. Reviews (inc. Negative Ones) — What Others Are Saying


Wise is rated 4.6/5 on Trustpilot with over 130,000 reviews, which is considered “Excellent.”


  • Excellent multi-currency account for frequent travellers
  • Fast payments
  • Helpful features for growing global businesses
  • More affordable than banks
  • Great customer service

“I’ve now got 3 accounts with Wise (US dollars, Thai baht and Pound Sterling) and use them to pay for different online purchases and for holidays. So easy to set up and use. Great to use to save for holiday spending if you grab some currency every time rate looks good (you can set a rate target alert as well). Can’t imagine going back to old style bank transfer and the associated various high charges or using my regular credit card abroad, then taking pot luck with the rate and ‘extra’ charges that appear on your next statement. Very good customer service as well with speedy helpful replies. Certainly makes my life easier and saves money as well. A breath of fresh air in the world of money transfer and exchange.”

– Paul on Trustpilot

“This is an excellent service for small enterprises. You can receive, send and convert money at very modest pricing. It is not a bank actually but even better service. I suggest everyone who needs flexible, local, easy to open accounts of financial services.”

– Remzi on Trustpilot

“Wise is a fantastic service. We work with a lot of freelancers from all over the world. We actually use Wise as our primary account where service funds are deposited, and then all payments to contractors are made out of the account and then only profits moved to our actual business account. It has made paying a global workforce so much easier.”

– Pirate and Fox LLX on Trustpilot


  • Unexpected account hold ups and closures

Although a small number of total reviews, some freelancers and small business owners expressed dissatisfaction with Wise’s sudden decision to freeze their account.

As a regulated financial institution, Wise conducts regular checks to comply with local regulations.

The good news is, Wise’s customer team is available to answer all your questions during the process and you can be sure they will do their best to resolve any issues.


Payoneer is rated 4.4/5 on Trustpilot with over 35,000 reviews, which is considered “Good.”


  • Robust service for freelancers and small businesses
  • Helpful customer service team

“I’m new to this online online payments thing but my experience overall with Payoneer is good. The application process is easy and the verification is done within a few hours. The customer service is good too. Thank you.”

– Olivia Paul on Trustpilot

“I have been using payoneer for almost a year now and it’s excellent. The support team are quick to respond, polite and professional. I highly recommend.”

– Dennis Kimathi on Trustpilot


  • Complicated sign up process

Some users were dissatisfied with the long and complex sign up process. According to the reviews on Trustpilot, they were particularly annoyed with how long it took to get their accounts verified – this too was our own experience at Transumo.

As a licensed financial services provider with a PCI 1 Level data protection certificate, Payoneer needs to be mindful about following local regulations for every area they service (they’re available in 150+ countries).

The reassuring part is the users were happy with the customer support they received during this time to guide them through the paperwork, account detail changes, etc.

Winner: Tie

Both Wise and Payoneer are customer-focused multi-currency payment services with positive reviews.

We love Wise for making their multi-currency account available for both individuals and businesses. Their services are not only unique, they also have a handle on the efficiency and user experience side of the things.

Payoneer is also a solid choice, with their wide coverage and all-inclusive services for freelancers, SMBs, and online sellers.

5. Payment Speeds – Equally Fast in Most Cases


  • Sending and receiving payments can be almost instant because they have multiple ways to fund a transfer.
  • If you already hold money in a certain currency (say USD), you can send money to a USD bank account within a day.
  • If you don’t hold a specific currency, Wise offers card payments which can speed up the transfer (but can be more expensive).
  • Typically, bank payments through Wise for popular currencies take 2-3 days.
  • For more exotic currencies, you can expect the money to arrive in 2-4 days


  • Payoneer to Payoneer payments are instant.
  • But bank transfers from your Payoneer account can take longer (2-5 days). This also depends on the currency pair.
  • Bank transfers in the US are completed in 2-3 days.

Winner: Wise

Wise is known for their efficient and fast service. Most importantly, they have an edge over purely cross-border payment services like Payoneer because Wise also competes with money transfer companies for small amounts (like CurrencyFair, WorldRemit, Remitly, etc.) where fast transfer speed is a priority.

6. Customer Service and Support – Both Are Excellent


  • Customer service can be reached via live chat, phone and email
  • Extensive FAQs section
  • Customer support can be easily reached and is known for being responsive and proactive


  • Customer service can be reached via live chat, email, and phone
  • Activity community forum
  • Excellent troubleshooting, but can be slow to respond at times

Winner: Tie

Payoneer’s customer service can be reached in multiple ways and they’re helpful for guiding their users through the sign up process as well as troubleshooting for payments.

Wise’s customer support is both responsive and helpful. Besides, their FAQs section gives you detailed information so you can make informed decisions at every step.

7. Awesome Extras


  • MasterCard debit card for both individuals and business
  • Frequent travellers and digital nomads can use the card for ATM withdrawals in the home country and abroad
  • The card can also be used to be for goods and services to spend in over 40 currencies and over 150 countries
  • Volume discount for large transfers (helpful for growing businesses)


  • Payoneer MasterCard for streamlined business payments
  • Pay VAT through their platform (EU and the UK)
  • Get FIRC to submit to the government (India)
  • Manage multiple marketplaces on the same dashboard
  • On-demand consulting, marketing, shipping and legal assistance, etc in partnership with leading firms on the Payoneer platform (untested)

Winner: Tie

Wise offers services for both personal and business users and Payoneer is available for businesses.
And in the business category, they serve slightly different markets. Other than freelancers and SMBs, Payoneer offers excellent support for e-commerce sellers.
On the other hand, Wise focuses on digital nomads who freelance or run online businesses as well as SMBs.
Which means, while there’s an overlap in the services they offer, there are some big differences.
And the awesome extras offered by each service enhance their customer experience.


With two wins for Wise and 5 ties, it can be difficult to determine whether one is better than the other.

We recommend Wise for frequent travellers, freelancers, and SMBs from the US, UK, Australia, and EEA who want to manage their international currency effortlessly. Some smaller online businesses may also do well with Wise and the Wise debit card (review) is excellent at keeping fees low.

Get the latest for what you can do with Wise here.

Payoneer is our recommended suggestion for SMBs and larger online sellers worldwide who want an all-inclusive service.

They’re both safe, legally compliant, and have excellent customer service.

So which one is best for you ultimately comes down to your location and specific preferences.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *