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 Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank 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
- Multi-Currency Bank Accounts
- Debit/Travel Cards
- Ease of Use
- Regular Overseas Payments
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.
- 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 most up-to-date fee structures the different WorldFirst websites follow by visiting WorldFirst UK, WorldFirst France, WorldFirst Australia, WorldFirst China, WorldFirst Japan, WorldFirst Hong Kong, or WorldFirst Singapore.
- 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%|
This section of the WorldFirst vs. Payoneer comparison tilts the scale in favor of the latter.
- WorldFirst does not provide a debit/travel card yet.
- 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
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.
- 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.
- 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.
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.
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