While the Internet has simplified how you transfer funds overseas, selecting the right service provider can be tricky. Whether you choose WorldFirst or Payoneer, you can be sure of getting competitive deals, as well as high levels of customer service.
If you look at the Payoneer vs. WorldFirst comparison from the point of view of existing customers, you will find that both companies are doing reasonably well. However, while both companies offer similar features, there are differences that can be important.
- User RatingTrustPilot or Feefo User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank Accounts
WorldFirst
- 4.8/5
- Online
PhoneOne off transfers Regular transfers Forward contracts Currency options - Real Exchange Rate Used
0.15% - 0.5%Fee is added to the real Exchange rate for transparent pricing.
Fee on top of inter-bank rate is based on total transfers for the year.
0.5% < £500k
0.25% < £5m
0.15% > £5m - 1 - 3 Days
- Their website is responsive so it auto-scales to your screen size.
- £1000 / €1000 / AUD$2000
- No
Learn more about WorldFirst World Account.WorldFirst World Account allows you to ppen multiple local currency accounts in GBP, USD, EUR, CAD, JPY, AUD, SGD, NZD, HKD & CNH. You can now receive funds using local banking details for your suppliers.
Payoneer
- 9.2/10
- Online
Phone Assistance - Free $50 Coupon.
Exclusive to iCompareFX customers *The $50 reward will be credited to you once you receive a minimum of $1000 payments to you Payoneer balance for the first time following registration with Payoneer - Receiving FREE / 1%EUR; GBP; JPY; CNY are free via receiving accounts while USD can charge 1%
Withdrawing EUR; GBP; JPY; CNY; USD can charge up to 2%.
For more details see Payoneer Fees. - 0 - 3 DaysPayoneer offer instantaneous payments if you are transferring from Payoneer account to Payoneer account.
- Varies Per CustomerThe withdrawal service limits with Payoneer vary per customer account.
- Payoneer allows you to order a Mastercard after you register
Click here to learn more about Payoneer Local Currency Accounts.
For instance, Payoneer offers a prepaid MasterCard that you can use to shop online, in-store, or over the phone anywhere in the world where MasterCard is accepted. You can receive funds directly to your card, from individuals and businesses alike. However, you can use Payoneer to send money to Payoneer customers only and not to international bank accounts directly. WorldFirst lets you transfer funds directly to overseas bank accounts.
There are other factors you need to consider before you select Payoneer or WorldFirst, which include:
- Exchange Rates
- Fees
- Multi-Currency Bank Accounts
- Debit/Travel Cards
- Countries
- Ease of Use
- Security
- Regular Overseas Payments
- Coupons
Foreign Currency Exchange Rates
You can select either WorldFirst or Payoneer to get bank-beating rates. Between the two, the company that offers better rates remains subject to change, given the volatile nature of the forex market.
WorldFirst
- You can check existing interbank rates by using live rate charts and graphs provided by WorldFirst.
- The company makes use of existing interbank rates (the real exchange rate) to process all transfers and applies a clear transparent pricing band.
- You can sign up for free rate alerts.
Payoneer
- Payoneer bases its exchange rates on prevailing official mid-market rates. In some countries, an additional 2% to 2.75% currency conversion charge may apply.
- You find out in advance about the exchange that is to apply on your transfer.
- When you use the prepaid MasterCard in a currency other than its listed currency, MasterCard’s official currency conversion rates apply.
International Money Transfer Fees
Fees that both companies charge can vary depending on multiple factors, which is why this section of the WorldFirst vs. Payoneer comparison does not generate a clear frontrunner.
WorldFirst
- A transparent pricing band applies depending on how much money you intend transferring every 12 months. This WorldFirst fees band on top of the real exchange rate can be seen in the WorldFirst Fees Table below.
- Minimum transfer amount restrictions vary depending on where you live.
- Businesses and online sellers are required to pay nominal fees.
- Check the company’s current fee structure in the table below.
Payoneer
- Making payments through Payoneer is free.
- Transferring money from your Payoneer account to a bank attracts fees, which vary depending on the currencies involved.
- If you use the prepaid MasterCard in a currency other than the card’s listed currency, a conversion charge of up to 3.5% applies.
- If you receive funds from another Payoneer customer using the Make a Payment service, you do not have to pay any fees.
- If you receive funds via a receiving account using the Global Payment Service, a 1% fee applies.
- Online sellers who use the company’s Billing Service pay 3% for credit card payments in all currencies. If you receive an eCheck in American dollars, a 1% fee applies.
- Further details about Payoneer’s fee policies are available online.
WorldFirst Money Transfer Fees Table
| Annual Transfer Amount | £0-£500k / AUD$0-$750K | £500k-£5M / AUD$750k – $7.5M</> | £5M+ / AUD$7.5M |
| Real Exchange Rate Plus Fee | 0.50% | 0.25% | 0.15% |
Multi-Currency Bank Accounts
If you need access to multi-currency bank accounts, you may choose WorldFirst or Payoneer. However, there are some differences that require your attention.
WorldFirst
- The WorldFirst World Account comes with free receiving accounts in GBP, EUR, USD, CAD, JPY, SGD, AUD, and NZD
- Making payments in local currencies is simple
- You pay no fees when receiving international payments
- No ongoing account maintenance fees
- Forex transactions attract no transfer fees
- No caps or limits linked to the account
- The WorldFirst app does not support the World Account yet
Payoneer
- The Global Payment Service comes with free receiving accounts in GBP, EUR, USD, CAD, JPY, CNY, AUD, and MXN
- Simplifies receiving payments from mass payout partners such as Amazon, Airbnb, Fiverr, and Upwork
- Make payments to other Payoneer users through the Billing Service
- Receiving payments in GBP, EUR, and JPY attract no fees
- Receiving payments in USD requires that you pay 1% of the amount as fees
- The account comes with a monthly maintenance fee
Debit/Travel Cards
This section of the WorldFirst vs. Payoneer comparison tilts the scale in favor of the latter.
WorldFirst
- WorldFirst does not provide a debit/travel card yet.
Payoneer
- Payoneer gives residents of some countries access to a prepaid Mastercard
- You may be subject to withdrawal and spending limits
- The card comes with an annual fee
- You may need to pay currency conversion and ATM withdrawal fees
Destination Countries
Whether you choose Payoneer or WorldFirst, you can transfer funds to different countries, in major and exotic currencies alike.
- The WorldFirst review gives you a clear picture of the company’s supported currencies.
- Payoneer lets its customers withdraw funds from their accounts through local bank transfers in over 200 countries and in more than 150 currencies.
Ease of Use
Both companies rate well in this section of the Payoneer vs. WorldFirst comparison. However, Payoneer offers website access in more languages. You can use the services of both companies as an individual, a business, or an online seller. Registering with both companies takes little time and does not cost any money.
WorldFirst
- You can start the account opening process over the phone or register online.
- Depending on the WorldFirst website you log onto, you can use it in English, French, Chinese, or Japanese.
- Available payment methods depend on the country of your residence. Your options include electronic bank transfers, debit cards, credit cards, BACS, and CHAPS.
- If you integrate your World Account with Xero, you may use matching currency accounts to avoid paying currency conversion fees when reconciling payments in any direction.
- The company provides apps for mobiles devices that run on iOS and Android.
Payoneer
- Some of the languages you can use the Payoneer website in include Arabic, Russian, Korean, Spanish, Japanese, and Vietnamese.
- Individuals can make payments to Payoneer users through the Payoneer Billing Service using credit cards. Residents of the U.S. can make eCheck payments.
- Companies registered in the U.S., the UK, the EU, or Japan can pay Payoneer users through the Payoneer Billing Service via credit cards, eChecks, or local bank transfers.
- Check this page for further details about Payoneer payment options.
- You can use the Payoneer Mobile App with iOS and Android devices.
Security
This is another section of the WorldFirst vs. Payoneer comparison where both companies excel. Websites for both rely on high-level encryption to keep the data you provide secure.
WorldFirst
- The UK Financial Conduct Authority (FCA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulate operations of WorldFirst UK Limited.
- The Australian Securities and Investments Commission (ASIC) regulates operations of WorldFirst Private Limited.
- The Monetary Authority of Singapore and the Hong Kong Customs and Excise Department regulate operations of WorldFirst Asia Limited.
Payoneer
- Payoneer (EU) Ltd is authorized and regulated by the Financial Services Commission, Gibraltar, or First Covenant Bank (member FDIC).
- The Payoneer Prepaid MasterCard card is issued by Choice Bank Limited, Wirecard Card Solutions Ltd.
Regular Overseas Payments
In this section of the Payoneer vs. WorldFirst comparison, the latter does better. While setting up scheduled payments with WorldFirst is easy, Payoneer does not provide that functionality.
Coupons
You can benefit by using promotional offers that each company provides on occasion.
- WorldFirst has no ongoing promotional offers.
- The iCompareFX Payoneer coupon gives new customers USD $50 in their accounts after their balances reach USD $100.
Learn More
- Learn more about Azimo Vs WorldFirst.
- Catch up on the WorldFirst awesome services and feature offerings
- Considering TransferWise or WorldFirst? Find out more with this feature comparison.
- Looking for an alternative to WorldFirst?
WorldFirst Vs Payoneer Updates
Sinead Molloy says
Really like this service….easy, efficient and reassured with its transparency and security. …as I have one daughter studying abroad and my son soon to take up an internship in Canada.
At last something to benefit the general public safely !!
iCompareFX says
Hi Sinead,
Thanks for your comment. Delighted to hear that you love the service. Which provider have to decided to go with?
Best regards,
The iCompareFX Team