With a number of new overseas money transfer companies entering the market in the last couple of decades, making a cross-border fund transfer now is fairly simple. However, selecting the right service provider is easier said than done. If you, like several others, are unsure about whether you should use the services of Neteller or Payoneer, going through this in-depth compassion will answer most of your questions.
One way to determine where the Neteller vs. Payoneer comparison stands in the real world is to turn to Trustpilot, an online user-review based platform. Here, while Payoneer gets an average score of 9.2 out of 10, Neteller lags considerably behind, with an average of 1.3 out of 10.
Given that both companies operate differently, selecting Payoneer or Neteller requires that you pay attention to other aspects as well. These include:
- Ease of Use
- Regular Overseas Payments
The fee you end up paying through Payoneer or Neteller depends on multiple factors, which is why this aspect requires your particular attention.
- You may send money to other Payoneer account holders for free.
- Receiving payments from Payoneer account holders in U.S. dollars, pound sterling, and euros attract no fees.
- You need to pay a region-specific fee when withdrawing funds from your Payoneer account to a local bank account.
- Online sellers may receive fee-free payments in pound sterling, euros, Canadian dollars, Chinese yuan, and Japanese yen.
- Payments received by online sellers in U.S. dollars come with a 1% fee.
- If you use the prepaid Payoneer Mastercard in an unlisted currency, a conversion fee of up to 2.5% may apply.
- You may view further details about how much your transfer might cost in different scenarios online.
- Adding funds to your Neteller account through most methods comes with a 2.5% fee.
- Withdrawing funds via a bank transfer comes with a U.S. $10 fee.
- If you opt for a wire transfer withdrawal, you pay U.S. $12.75 as fees.
- Making withdrawals via member sites comes with no fees.
- If you use Neteller to transfer money, you pay 1.45% as fees, with a minimum of U.S. $0.50.
- If your account remains inactive for 14 months, the company charges an inactive administrative fee.
- Further details about the company’s pricing policy are available online.
Ease of Use
No matter whether you select Neteller or Payoneer, signing up and using their services is fairly straightforward. Both provide apps for devices that run on iOS and Android.
- You may use the Payoneer website in different languages.
- Payoneer does not let its users transfer funds directly into overseas bank accounts.
- Payoneer users may transfer funds only to other Payoneer users.
- Recipients may withdraw received funds into their local bank accounts.
- They may also access money in their Payoneer accounts by using a prepaid Mastercard.
- As an online seller, you get receiving accounts in U.S. dollars, pound sterling, euros, Canadian dollars, Australian dollars, Chinese yuan, and Japanese yen.
- Depending on where you live, you may fund your Payoneer account using bank account transfers, credit cards, or eChecks.
- Neteller operates a multilingual website.
- You may pay using an international bank transfer, a local bank deposit, a Visa card, or through various region-specific methods.
- You may make payments using cryptocurrencies.
- Neteller lets you send money from your account directly to bank accounts and mobile money accounts via Skrill, its sister company.
- Neteller provides a range of business solutions.
Regular Overseas Payments
Selecting either Payoneer or Neteller to set up scheduled transfers will do you no good because both do not provide this feature yet. Some of the other prominent names you may turn to in such a scenario include OFX, FC Exchange, and WorldFirst.
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