While the Internet has simplified how you transfer funds overseas, selecting the right service provider can be tricky. Whether you choose World First 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. World First 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.
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. World First has no such offering. However, you can use Payoneer to send money to Payoneer customers only and not to international bank accounts directly. World First lets you transfer funds directly to overseas bank accounts.
There are other factors you need to consider before you select Payoneer or World First, which include:
- Exchange Rates
- 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 World First vs. Payoneer comparison does not generate a clear frontrunner.
- The World First website you use has a bearing on the fees you have to pay.
- The U.S.-based website charges USD $10 for transfers below USD $10,000. Transfers over this amount are fee-free.
- The UK-based website does not charge any fees. However a minimum transfer amount limit of £1,000 applies.
- The France-based website does not charge any fees, but requires that you transfer a minimum of €350.
- Check the most up-to-date fee structures the different World First websites follow by visiting World First U.S., World First UK, World First France, World First Australia, World First China, World First Japan, World First Hong Kong, or World First 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.
Ease of Use
Both companies rate well in this section of the Payoneer vs. World First 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 World First 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.
- 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. World First comparison, the latter does better. While setting up scheduled payments with World First is easy, Payoneer does not provide that functionality.
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