- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank Accounts
Transferring funds across borders has become considerably simpler and definitely more cost effective because of how the Internet has evolved. One drawback, though, is sifting through the plethora of options and choosing the right service provider. If you, like many others, are wondering if you should use TransferWise or Payoneer for your next funds transfer, reading this page till the end will work well for you.
Side By Side
|Offices in the UK, the U.S., Estonia, Belgium, Hungary, Ukraine, United Arab Emirates, Malaysia, Singapore, Australia, and Japan||Offices in the U.S., the UK, Spain, India, Israel, Hong Kong, the Philippines, and Japan|
|Lets you transfers directly to overseas bank accounts||Allows transfers only to other Payoneer accounts|
|Exchange rates are very close to mid-market rates||Adds currency conversion charge of 2% to 2.75% in some countries|
|Charges nominal fees to make payments||Making payments is fee-free|
|Borderless Account comes with no account keeping fees||Need to pay monthly account keeping fees|
|Receiving accounts in USD, GBP, EUR, PLN, AUD, and NZD||Receiving accounts in USD, CAD, GBP, EUR, MXN, AUD, JPY, and CNY|
|Check the list of supported countries online||Supports transfers in around 150 currencies to more than 200 countries|
|Serves individuals, businesses, and online sellers||Serves individuals, businesses, and online sellers|
|Provides only spot transfers||Provides only spot transfers|
While online reviews of TransferWise are largely positive, you’ll find mixed reviews when it comes to Payoneer. However, this does not imply that you blindly favor the former over the latter. While both companies offer similar services, there are differences you need to be aware of as well.
This Payoneer vs. TransferWise comparison delves into different aspects so you can make an informed decision.
- Exchange Rates
- Multi-Currency Bank Accounts
- Debit /Travel Cards
- Ease of Use
- Regular Overseas Payments
TranferWise Live Price Calculator
There is no frontrunner in this section of the TransferWise vs. Payoneer comparison because both companies follow different fee structures.
- You’ll need to pay a percentage of the amount you transfer as fees.
- The transfer amount and the destination country have a bearing on how much your transfer will cost.
- You can get additional details by checking the TransferWise fee breakdown table.
- The TransferWise Borderless account comes with no fees for account keeping, providing bank details, adding funds, and receiving money. Converting funds and withdrawing money to a bank account attract fees.
- Payoneer lets you make fee-free payments.
- You will need to pay a fee when withdrawing funds from your Payoneer account to a local bank account – the fee depends on the currencies involved.
- A currency conversion charge of up to 2.5% might apply when you use the prepaid MasterCard in a non-listed currency.
- Receiving funds from other Payoneer customers through the company’s Make a Payment service does not attract any fees
- Receiving funds through the Global Payment Service requires that you pay a 1% fee.
- The Billing service for online sellers charges 3% for payments made using credit cards. A 1% fee applies if you receive eChecks in U.S. dollars.
- The company provides its detailed fee policy online.
Debit /Travel Cards
You may sign up with either Payoneer or TransferWise and look forward to accessing money in your account by using a prepaid card.
- The company provides a prepaid Mastercard linked to its Borderless Account for residents of the UK, the EEA (except Greece), Switzerland, the U.S., Singapore, Australia, and New Zealand
- You get free ATM withdrawals of up to £200 every 30 days
- When you convert currencies, nominal fees apply
- Depending on where you live, Payoneer gives you access to a prepaid Mastercard
- The card may come with spending and withdrawal limits
- You need to pay an annual card maintenance fee
- ATM fees and currency conversion fees may apply
Ease of Use
Both companies are largely at par in this section of the Payoneer vs. TransferWise review. Registering and initiating transfers is easy no matter which one you choose.
- You may use your Google or Facebook account to simplify the registration process.
- You can register as an individual or a business.
- You can use the website in English, French, German, Hungarian, Italian, Japanese, Portuguese, Russian, and Spanish.
- TransferWise lets you pay for your transfer using electronic bank transfers as well as debit and credit cards.
- With the TransferWise Borderless account, you get bank account details to receive funds locally in the Australia, U.S., the UK, and the European Union. You can hold and manage your funds in more than 40 currencies.
- The company provides apps for devices that run on iOS and Android.
- Payoneer offers services to businesses and online sellers. Individuals can use it to get paid.
- It offers a multilingual website in languages such as Arabic, Korean, Japanese, Russian, Spanish, and Vietnamese.
- You can use a credit card to pay existing Payoneer users using the Payoneer Billing Service. If you live in the U.S., you can make payments via eChecks.
- Businesses from the U.S., the UK, the European Union, and Japan can make payments to existing Payoneer users using local bank transfers, credit cards, and eChecks.
- You can view further details about Payoneer payment options online.
- The company provides apps for iOS and Android.
- Payoneer offers receiving accounts in USD, EUR, GBP, JPY, AUD, CAD & CNY
Regular Overseas Payments
Both companies falter in this section of the TransferWise vs. Payoneer comparison by not offering this feature. If you want to schedule transfers, consider looking at what OFX, HiFX, TorFX, and Currencies Direct have to offer.