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.
- User RatingTrustPilot or Feefo User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
World First
- 9.6/10
- Online
PhoneOne off transfers Regular transfers Forward contracts Currency options - Two Transfers Fee Free. Worth up to $10 each! Learn more
- $10 / NO FEESNo fees on transactions over $10,000! For personal transactions.. it's that simple! Business customer fees are negotiable.
- 1 - 3 Days
- Their website is responsive so it auto-scales to your screen size.
- £1000 / $1000 / €1000 / AUD$2000
Payoneer
- 2.4/10
- Online
Phone Assistance - Receiving FREE / 1%
Withdrawing ~2%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. - 2 - 4 Days
- Varies Per CustomerThe withdrawal service limits with Payoneer vary per customer account.
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
- Fees
- Countries
- Ease of Use
- Security
- Regular Overseas Payments
- Coupons
Foreign Currency Exchange Rates
You can select either World First 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.
World First
- You can check existing interbank rates by using the World First currency converter.
- You learn the guaranteed rate that will apply to your transfer before its confirmation.
- World First live rates and graphs give you an easy way to keep track of exchange rate fluctuations.
- 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 World First vs. Payoneer comparison does not generate a clear frontrunner.
World First
- 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.
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.
Destination Countries
Whether you choose Payoneer or World First, you can transfer funds to different countries, in major and exotic currencies alike.
- The World First 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. 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.
World First
- 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.
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 World First vs. Payoneer comparison where both companies excel. Websites for both rely on high-level encryption to keep the data you provide secure.
World First
- World First USA comes under the purview of the U.S. National Mortgage Licensing System (NMLS), the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and the U.S. Financial Crimes Enforcement Network (FinCEN).
- The UK Financial Conduct Authority (FCA) and FINTRAC regulate operations of World First UK Limited.
- The Australian Securities and Investments Commission (ASIC) regulates operations of World First Private Limited.
- The Monetary Authority of Singapore and the Hong Kong Customs and Excise Department regulate operations of World First 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. World First comparison, the latter does better. While setting up scheduled payments with World First is easy, Payoneer does not provide that functionality.
Coupons
You can benefit by using promotional offers that each company provides on occasion.
- The World First referral program lets you earn credits, which you can use towards subsequent transfers.
- New Payoneer customers receive USD $25 in their accounts after their balances reach USD $100.
Learn More
- Learn more about Azimo Vs World First.
- Catch up on the World First awesome services and feature offerings
- Considering TransferWise or World First? Find out more with this feature comparison.
- Looking for an alternative to World First?
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