- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
Sending money across borders no longer requires that you deal with your bank’s typically unfavorable exchange rates and steep fees. Now, several overseas money transfer companies give you easy and cost-effective means to make cross-border payments. However, whether you should choose PayPal or Payoneer, or opt for another alternative, depends on multiple factors.
To find out what customers of these companies have to say, you do not need to look beyond Trustpilot. Incidentally, average scores of both companies on this platform are below average.
You may determine if Payoneer or PayPal is better for you by understanding how these companies differ in their operations across multiple categories.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Pay close attention to this section of the PayPal vs. Payoneer comparison because of their different fee structures.
- The country of your residence affects the fees you need to pay.
- In some countries, a currency conversion charge of 2% to 2.75% applies
- Transfers from the U.S. made using a bank account or PayPal balance come with 0% to 2% fees.
- Paying for your transfer using a credit card is typically more expensive than paying through a bank account.
- You may need to pay currency conversion fees.
- You may use Payoneer to send money overseas without paying any fees.
- When you withdraw funds from your Payoneer account to your bank account, a fee applies.
- Payments received from other Payoneer customers using the company’s Make a Payment service come with no fees.
- Payments received through the Global Payment Service require that you pay 1% of the transferred amount as fees.
- If you use the Billing service as an online seller and receive payments via credit cards, a 3% fee applies.
- You may view the company’s detailed fee structure online.
Ease of Use
Both companies fare well in this section of the Payoneer vs. PayPal comparison, unless you want to send money overseas as an individual.
- PayPal serves individuals, businesses, and online sellers.
- Website access comes in multiple languages such as English, Spanish, French, Italian, Portuguese, Chinese, and Japanese.
- You may send money to any PayPal account.
- Withdraw funds from your PayPal account to your bank account easily.
- Depending on where you live, you may be able to use your PayPal balance for online shopping.
- It accepts payments via bank transfers, debit cards, credit cards, and PayPal balances.
- It provides apps for devices that run on iOS and Android.
- The company serves individuals, businesses, and online sellers, but individuals may use its services only to receive money.
- Website access comes in languages such as English, Spanish, Russian, Arabic, Vietnamese, and Japanese.
- The Payoneer Billing Service lets you pay other Payoneer users through your credit card.
- Residents of the U.S. may pay using eChecks.
- Businesses registered in the U.S., the European Union, the UK, and Japan may pay using bank transfers, eChecks, and credit cards.
- The Payoneer payment options page provides further information.
- It provides apps for Android and iOS.
Regular Overseas Payments
Going with PayPal or Payoneer will do you no good if you want to schedule transfers because both do not offer this functionality yet. You may consider turning to other prominent names such as Currencies Direct, World First, OFX, or HiFX.
- Compare FrontierPay and MoneyGram side by side.
- Check out TransferWise Competitors.
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