Payoneer vs Neteller

Payoneer only offers money transfer solutions for freelancers and businesses. Therefore Payoneer receives a zero score for the Individual services category. If you need international money transfer services or solutions and you are not a freelancer or a business. You should click Compare Now in the top menu. Find the best companies for individuals that support your home and destination country.

Neteller gives individuals from various countries the ability to carry out overseas money transfers.
 

What Neteller offers

International money transfers - You can send money to any Neteller user around the world. Neteller customers can also use their accounts to receive money from overseas.

Neteller card - The Net+ Prepaid Mastercard gives you easy access to funds in your Neteller account.

Neteller wallet - You can use funds from your Neteller wallet to shop online and make transfers. You can also withdraw funds from your Neteller wallet into your local bank account.
 

What Neteller doesn’t offer

• Cash pickup.
• Regular transfers.
• Personal account managers.

Payoneer specializes in providing international money transfer services for businesses, online sellers and freelancers. Payoneer offers international payment solutions for large and small businesses alike. AirBNB has partnered with Payoneer to service payments to their hosts. Small business and entrepreneurs leverage Payoneers Online Sellers integration to easily receive payments from Amazon, Wish and Shopee and many more. See a high level list of the services Payoneer offer below.

What Payoneer for business offers

• Solutions for online sellers
• Unique local multi-currency bank accounts
• Mass payments
• Prepaid Mastercard
• Payment requests
• Payoneer to Payoneer transfers
• Accounting integration

What Payoneer for business doesn’t do

• Currency hedging tools
• Dedicated account managers for small transfers

Neteller provides different services for businesses that have an international presence.
 

What Neteller offers businesses

• International Neteller payments to employees, suppliers, vendors and affiliates.
• Online payment processing for merchants.
• Integration with affiliate networks and software platforms.
• Multi-currency solution with up to 22 currencies.
• Recurring payments.

What Neteller for business doesn’t offer

• Risk management tools.
• Business account manager.
• FX optimized travel card.
• Accounting integration with Xero, QuickBooks or MYOB.

Payoneer fees include transferring money out of Payoneer to local bank accounts, using their Mastercard to spend in foreign countries, and some additional fees. There are no fees for receiving money in to your Payoneer account.

Payoneer Fees

There are different fees for Payoneer services. Read the review of Payoneer to see a detailed breakdown of all the fees that can apply. Below is a short summary of the Payoneer fees.

Exchange rate margin fee - An exchange rate margin of up to 3% can apply in different circumstances such as withdrawing money and transferring balances between different currencies. You may negotiate better rates when carrying out large value transfers.

Payoneer Mastercard - Spending funds in the Payoneer account using the Payoneer Mastercard can have up to a 3.5% currency conversion fee.

Are there additional Payoneer fees?

Yes. You might need to pay fees when receiving and making payments. The Payoneer Prepaid Mastercard comes with an annual fee. 

Neteller fees

Neteller fees vary depending on the service you use. Their money transfer fees are very high compared to peers. In addition, their exchange rate margin is very high indeed! Neteller is an expensive option to send money overseas.
 

Neteller money transfer fee

The regular Neteller fee for sending money overseas is 1.45% of the transfer amount, with a minimum fee of $0.50. A fee of up to 20% may apply on your first transfer if you have not made any deposit into your Neteller account, or if you have deposited money via BitPay, Skrill, Qiwi, paysafecard or Neosurf.
 

Neteller withdrawal fee

Neteller payment fees for adding funds

Most methods of adding funds to your Neteller account attract 2.5% as fees.
 

Neteller exchange rates

Neteller adds a 3.99% markup/margin to the average daily interbank/mid-market exchange rate.

What Payoneer does well

Sign up process - Fairly straightforward although completing the US tax form can be time consuming.

Payment options -  Bank account transfers, debit card, credit cards and Payoneer balances.

Mobile app - Available for iOS and Android. 
 

Where Payoneer could improve

Transfer speed - Up to 3 business days upon payment.

Phone transfers - Transfers can not be completed over the phone.

USA tax compliance form assistance - Completing the form as a non-US resident can be confusing. It would be of great help to provide more assistance for non-nationals to complete these forms.

Sign up - While the registration process is fairly straightforward, the verification process can be long drawn.

Payment methods - You can pay for your transfer via a bank account, a credit/debit card or your Neteller balance. When it comes to topping up your Neteller balance, you get various region-specific methods from which to choose.

Transfer methods - Online and via the Neteller app.

Transfer speed - 1 - 2 business days. However, some Neteller reviews on platforms such as Trutpilot and Google Play Store complain about delayed transfers.

Neteller app - Available for Apple and Android. However, several Neteller reviews on Google Play Store and Apple App Store highlight problems with how the apps function.

What Payoneer does well

Supported destination countries and currencies - Payoneer supports transfers to more than 200 countries and territories, in over 150 currencies.

Customer support - Customer support is available via chat, email and over the phone.

Languages - Access to the Payoneer website comes in multiple languages.
 

Where Payoneer could improve

Send from countries - As of now, customers can use the Global Payment Service to send money from the United States, European Union, the United Kingdom, Japan, Australia, Canada and Mexico.

Customer Service - There is a growing number of negative customer reviews for Payoneer. These need to be addressed and communicated through review channels such as Trustpilot.

Supported countries

Neteller supports transfers to and from most countries. Its list of non-supported countries includes:

NETELLER Net+ MasterCard

You can apply for the Neteller Mastercard if you live in the Single Euro Payments Area (SEPA).
 

Multilingual website

You can use the Neteller website in different languages.
 

Neteller customer care 

Provided only through a UK-based phone number.

What Payoneer does well

• Payoneer is fully regulated in different countries.
• Two-factor authentication adds another layer of security to your Payoneer account.
• High volume of repeat transfers implies high levels of trust.

Where Payoneer could improve

Exchange rate margin fee transparency - Payoneer’s exchange rates include margins of up to 3% in some cases.

Regulated - Neteller is owned and operated by Paysafe Holdings UK Limited. It is licensed and regulated by relevant governing bodies of different countries.

Neteller reviews - A number of Neteller reviews on Trustpilot, Google Play Store and Apple App Store mention that the company provides poor customer service. Several customers complain about their accounts being blocked and funds not being refunded. With over 850 reviews on Trustpilot, Neteller rates as Bad, getting an average score of 2.6 out of 10.