Payoneer Competitors Exist – Here’s Your Guide
Headquartered in New York City, Payoneer began operations in 2005. This financial services business provides online fund transfer and eCommerce payments solutions, mainly to small and medium enterprises. Payoneer operates as a registered Member Service Provider (MSP) of MasterCard Inc.
As a Payoneer account holder, you can receive funds in an e-wallet, a bank account, or through a prepaid MasterCard. The low currency conversion fee it charges is one of the reasons this platform finds many takers. Payoneer transacts in over 150 currencies. It has about three million users spread across more than 200 countries.
The innovative payment method this platform provides enables global marketplaces and companies to transfer funds securely and quickly. With its prepaid MasterCard and direct money transfer service, you can receive funds from international third parties easily.
Payoneer have given iCompareFX customers access to a $50 coupon! Just follow this link for details.
Payoneer Competitor Comparison Table
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank Accounts
- Online Only
- First £3,000 Fee Free
- 1 - 2 Days
- £1 / $1
- TransferWise Debit Card now comes with the Borderless Account!
- Free $50 Coupon!
- Receiving FREE / 1%
- 0 - 3 Days
- Varies Per Customer
- Yes. Payoneer allows you to order a Mastercard after you register
Does Payoneer Have Any Competitors?
Payoneer lets you receive money from international clients, and it gives you more than one way to access transferred funds. While you can withdraw the funds into your local bank account, you can also spend the money in your Payoneer account through a prepaid MasterCard. This is not an option you’ll find with typical international money transfer service providers. What works in favor of the prepaid card is you can use it in-store, online, and at ATMs, all while getting preferential exchange rates.
Payment methods supported by Payoneer include local bank transfers, international wire transfers, and U.S. Automated Clearing House (ACH) transfers. To receive payments, you can open a virtual bank account in US dollars (USD), Euros (EUR), Great Britain pounds (GBP), or Japanese yen (JPY). This can be particularly useful for online merchants who have international clients, as withdrawing funds into bank accounts of the same currencies tends to attract lower fees.
Finding a Payoneer alternative or other companies like Payoneer that matches every service is not possible just yet. For example, there is no other company that currently offers its users a prepaid MasterCard as well as a bank account in USD. However, there are service providers who offer features that are in line with Payoneer’s offerings.
TransferWise has introduced the TransferWise Borderless Account. This will provide it’s customers a unique USD bank account associated with the customer. They will also be offering GBP and EUR unique customer bank account numbers. Game changer!! Later in 2017, TransferWise will be offering a debit card linked to your Borderless Account. Once this service is fully available, TransferWise will be your alternative to the Payoneer prepaid debit card.
WorldFirst has just launched their WorldFirst World Account. This is their multi-currency account. Currently only available to business or eCommerce customers. This product allows you to open virtual bank accounts in USD, GBP, EUR, AUD, NZD, JPY and CAD. Accounts are all free to open, there are no transfer limits, and they have very competitive exchange rates. There accounts are especially handy when invoicing overseas, as they allow customers to pay directly into a local currency and local bank. So if a debit card is not something you need. Then perhaps WorldFirst is your competitor of choice.
Here are some more Payoneer alternatives that deserve your attention.
OFX is an international money transfer company that provides services to individuals, businesses and online sellers. As an online merchant, you can open a local collection account in USD, GBP, EUR, AUD, HKD, and CAD. This service provider does not charge outgoing fees when you transfer funds to your domestic bank account.
- Lets you register as a business, an online seller, or an individual
- Its Online Seller solution provides local currency accounts in USD, GBP, EUR, AUD, CAD, JPY and HKD
- Lets online sellers automate delivery of funds
- Online sellers pay no fees to transfer funds
- Headquarters in Australia, with offices also in the U.S., the UK, New Zealand, and Hong Kong
- Provides local phone support in some countries
- Fee-free thresholds for personal transfers
- You can initiate transfers online or over the phone
- Provides scheduled transfers, spot transfers, market orders, and forward contracts
- No multilingual website
- Can trade in some currencies only by speaking with an OFX representative over the phone
TransferWise provides services to businesses, online sellers, and individuals. It provides website access in different languages. The TransferWise Borderless Account gives businesses easy means to make and receive payments, and you may hold funds in up to 27 currencies. The Borderless Account also gives you free receiving accounts in three major currencies.
- Lets you register as a business, an online seller, or an individual
- UK-based, with offices also in the U.S., Estonia, Hungary, Ukraine, Australia, Japan, and Singapore
- Multilingual website
- Send and receive funds using no more than email addresses
- Hold funds in multiple currencies
- Get free receiving accounts in U.S. dollars, British pounds, and euros
- Get local phone support in different countries
- Does not provide forward contracts or market orders
- Transfer fee depends on the country of the transfer’s origin, the destination country, the transfer amount, and the transfer method
- Transfers only to bank accounts
- Peer-to-peer network does not work with all countries
Formerly known as MoneyBookers, Skrill lets you receive money via your email free of charge. It accepts payments in 40 currencies. Skrill offers its users a debit MasterCard, which they can use to withdraw cash. They can also withdraw funds from their Skrill accounts into their bank accounts. You can get the Skrill debit MasterCard in USD, GBP, EUR, or PLN. Withdrawing funds into your bank account costs about USD $5. However, Skrill does not offer the most competitive exchange rates.
- Lets you register as a business or an individual
- Headquarters in the UK, with offices also in the U.S., Austria, and Sweden
- Transfer funds to other Skrill accounts and mobile wallets
- Transfers to merchants attract no fees
- You can use its prepaid MasterCard in U.S. dollars, British pounds, euros, and Polish zloty
- Use the Skrill wallet to choose from 40 currencies and keep all your payment details in one place
- Lets you schedule transfers
- Does not transfer money directly to bank accounts – recipients have to withdraw transferred funds from their Skrill accounts
- Does not have cash pick up centers
- Transfers to individuals attract 1.90% of the transferred amount as fees, which cannot exceed €20
- A conversion fees applies if the transfer involves a currency you do not hold in your Skrill account
- No market orders or forward contracts
As a merchant, you can use Paysafe to offer multiple payment methods to your customers. This platform accepts and processes payments from around the world. It lets you accept payments through your website, you can link your account to point-of-sale transactions, you can use your mobile device to process payments, and you can process orders over the phone or via email.
- Parent company of Skrill, NETELLER, paysafecard, PAYOLUTION, and Fans Entertainment
- Headquarters in the Isle of Man, with offices also in the UK, Bulgaria, Austria, the U.S., Canada, and India
- Website access in English and French
- Gives businesses and online sellers tools to accept and process payments globally
- Provides employee payroll cards, consumer currency cards and custom mobile payment solutions
- Pay Later Solutions provides payment in installments and monthly invoicing for merchants in the D-A-CH (Germany-Austria-Switzerland) region
- You can buy the paysafecard worldwide and use it to make online payments
- NETELLER lets individuals transfer funds internationally
- VIP members pay as little as 1% in foreign exchange fees
- For international transfers, you can use NETELLER only to transfer money to other NETELLER accounts – recipients then have to withdraw funds in local bank accounts
- Funding and withdrawal options affect the cost of international fund transfers
- No scheduled transfers, market orders, or forward contracts
This alternative to Payoneer caters to businesses that need international remittance and account payable services. When working with Tipalti, you may benefit through global payments, supplier onboarding, tax compliance, invoice processing, early payments, and instant payment reconciliation.
- End-to-end accounts payable automation
- Reduce supplier payments workload by up to 80%
- Generate revenue from your accounts payable
- Send funds to 190 countries in 120 currencies
- Schedule transfers according to your needs
- Does not provide services to individuals
- No multilingual website
- Only international office outside of the U.S. in Israel
- Should one consider TransferWise or are their better alternatives?
- Do HiFX have adequate competition or is it all the same with a different name?
- How does the TransferWise Multi-Currency Account work?