No matter whether you work with Payoneer or OFX, you can be sure of getting reliable international money transfer services. However, your decision to choose either of the two other depends on various factors. For instance, while both offer comparable services for online sellers with international customers, one scores over the other when it comes to personal transfers.
You may get an indication of where the OFX vs. Payoneer comparison stands in the real world by turning to Trustpilot, a review-based website where customers of prominent online companies rate their services. On this platform, while Payoneer gets an average score of 9.2 out of 10, OFX is not far behind, at 9.0 out of 10.
Since customers of both companies rate their services well, choosing OFX or Payoneer requires that you pay attention to different parameters. One important aspect that differentiates the two is that while recipients may receive funds directly into their bank accounts through OFX, with Payoneer, they first receive funds into their online Payoneer accounts. Other than that, these aspects require your attention.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
This section of the Payoneer vs. OFX comparison does not have an outright winner because both rely on different pricing systems.
- Making international payments to other Payoneer users comes with no transfer fees.
- The fee you need to pay when withdrawing money from your Payoneer account to your local bank account varies depending on the currency in question.
- If you use the prepaid Mastercard in a currency that is not listed, you might have to pay up to 2.5% as currency conversion fees.
- You may receive payments from other Payoneer users in USD, EUR, GBP, and JPY without incurring any fees.
- Receiving payments through receiving accounts in EUR, GBP, JPY, AUD, CAD, and CNY come with no fees.
- You will need to pay a 0% to 1% fee when receiving payments through your USD receiving account.
- Credit card payments received directly from customers come with 3% fees.
- The company makes its fee structure available online.
- Personal transfers from the U.S. and the UK do not attract any fees.
- From Canada, if you transfer less than CAD 10,000, you will need to pay CAD 15 as fees.
- From Australia, if you transfer below AUD $10,000, you end up paying AUD $15 as fees.
- Online sellers need to pay up to 1.5% above the daily market exchange rate when withdrawing money into their local banks accounts.
Ease of Use
Using online money transfer services provided by either Payoneer or OFX is fairly straightforward. The online registration process usually takes no more than a few minutes.
- Payoneer offers specialized overseas money transfer services for online sellers and small to mid-sized businesses.
- Individuals may use its services to receive money from other Payoneer users into their Payoneer accounts.
- Access to the Payoneer website comes in multiple languages, some of which include Spanish, French, Portuguese, German, Italian, Polish, Russian, Indonesian, and Vietnamese.
- Clients may make payments using credit cards or bank account transfers.
- People who live in the U.S. may make payments using eChecks.
- You may access funds in your Payoneer account using a prepaid Mastercard.
- Payoneer provides apps for devices that run on Android and iOS.
- OFX operates dedicates websites for its customers in Australia, the U.S., the UK, New Zealand, Canada, Hong Kong, and Singapore.
- The company provides hedging tools such as forward contracts and limit orders.
- Depending on where you live, you may pay using direct debit, a wire transfer, an electronic bank transfer, or BPAY.
- The company provides apps for Android and iOS.
Regular Overseas Payments
One company scores over the other in this section of the OFX vs. Payoneer comparison. While OFX lets its users set up scheduled payments easily, Payoneer does not offer this functionality yet.
- View a CurrencyFair Video Review.
- Who are the alternatives to OFX? Found out here.
- Click here to read more about Money Money Transfer Competitors and Alternatives.