Wise or Payoneer?

Register a Payoneer account + $25 bonus to your account

After receiving your first 1,000 USD* (or equivalent), you will get 25 USD.

Payoneer

Payoneer offers comprehensive solutions for freelancers, online sellers, and businesses in need of convenient methods for conducting international financial transactions. The service helps simplify cross-border payments by providing secure transfers to bank accounts, virtual card options for online payments, and cash withdrawals via local ATMs.

The platform is compatible with various marketplaces, eCommerce services, and other online resources, such as eBay, Stripe, Rakuten, and Amazon. This makes Payoneer a convenient payment system for businesses. It has over 40 million active users, including freelancers and large enterprise owners.
(Detailed review of the Payoneer payment system)

Register a Wise account

Get a free transfer of up to £500.

Wise

The service caters to both corporate and individual clients. Wise supports 40 currencies. Despite limited geographic coverage and fewer connected eCommerce services, users highly appreciate the platform for its low fees and transparent pricing policy.

Wise offers API integration, allowing users to issue invoices, manage finances, and convert currencies. There is also a mass payout feature, but the number of transactions is limited to 1,000. Additionally, the service provides branded debit cards.

(Detailed review of the Wise payment system)

1. Main Function and Purpose

Wise:
The Wise payment system is primarily designed as a platform for affordable and fast international transfers between individuals and companies. Its main goal is to reduce the cost of transfers by using the real exchange rate (interbank rate), without hidden markups.
Payoneer:
Payoneer is more focused on freelancers, small businesses, and international companies. It's not just a platform for transfers but also a system for receiving and sending payments in various currencies, often used on freelance platforms like Upwork and Fiverr. Payoneer offers virtual bank accounts in different countries and allows withdrawals via physical or virtual cards.

2. Commissions and Currency Conversion

Wise:

Wise transparently informs users about its fees. The main costs include a fixed transfer fee and a small percentage of the transfer amount, which depends on the currency chosen. For example, a transfer from euros to US dollars may cost around 0.4% of the transfer amount, which is significantly cheaper than traditional banks.

Features:

• Real exchange rate — Wise uses the interbank rate without hidden markups.

• Fixed fee and percentage of the amount — transparent rates that are visible before confirming the transfer.

Payoneer:

Payoneer's fee structure is more complex:

• Receiving payments may incur a fee of 1-3%, depending on the currency.

• Currency conversion also comes with a fee (around 2-3% on the exchange rate difference).

• Withdrawal to a bank account can cost up to 2% of the transfer amount, depending on the region.

• Cash withdrawals from ATMs using a Payoneer card can additionally cost $3.15 per transaction.

• Payoneer applies its own exchange rate, which can be 2-3% higher than the interbank rate, as one of the platform’s profit mechanisms. Additionally, currency conversion may come with fees depending on the transfer conditions.

• Payoneer also charges an inactivity fee, an annual fee, amounting to $29.95 USD.
  Fee is charged if 12 months pass and you have received less than 2,000.00 USD (or equivalent) in payments.

3. Transfer Speed
Wise:

Wise transfers usually take from a few minutes to 1-2 days, depending on the destination and method of sending. Wise is known for its fast fund delivery due to the use of local banking networks.

Payoneer:

The transfer time with Payoneer depends on the receiving method. For example, a transfer to a bank account can take 2-5 business days, while a transfer from Payoneer to Payoneer can be almost instantaneous. However, the transfer speed depends on many factors, including the country and currency.

4. Ease of Use and Customer Support
Wise:

Wise offers a simple and user-friendly interface for both the web version and the mobile app. The platform streamlines the transfer process as much as possible: the user just needs to enter the recipient's details, the amount, and the currency. Customers note the high transparency and accuracy of information regarding fees and transfer times.

Payoneer:

Wise offers a simple and user-friendly interface for both the web version and the mobile app. The platform streamlines the transfer process as much as possible: the user just needs to enter the recipient's details, the amount, and the currency. Customers note the high transparency and accuracy of information regarding fees and transfer times.

5. Business Accounts Payoneer and Wise
Receiving and sending international payments is possible through business accounts with both Payoneer and Wise, each offering its own advantages.

With Payoneer, users can:

• Receive payments from marketplaces like eBay, Amazon, Rakuten, Shopee, and other eCommerce platforms;

• Use the account to receive funds in local currency;

• Manage transactions from different stores through a single dashboard;

• Issue and send invoices;

• Make mass payments without limits if their monthly volume exceeds $30,000;

• Pay taxes through the Payoneer personal account.
  

Wise users can open an account for free if they are individuals. However, if they create a business account, they pay £45.
Wise users receive the following benefits:

• Quickly make international transfers in the desired currency;

• Save on fees due to a transparent fee calculation system;

• Obtain a business debit card;

• Integrate accounting software for account management;

• Execute scheduled and recurring transfers;

• Make up to 1,000 mass payments;

• Provide access to the account to other users.

Wise's integration capabilities with eCommerce services are limited; however, this can be done for free through the API.

6. Additional Features
Wise:

Wise focuses on international transfers and offers:

• A multi-currency account where users can hold funds in different currencies;

• International debit cards linked to the multi-currency account;

• The ability to send transfers to over 50 countries worldwide.

Payoneer:

Payoneer offers a broader range of features:

• Virtual bank accounts in different countries, which facilitate receiving international payments;

• Physical and virtual MasterCard debit cards that can be used to withdraw cash at ATMs and make purchases in stores;

• Integration with online platforms for freelancers and e-commerce (Amazon, eBay, Fiverr, and others).

7.Conclusion
It is important to consider the goals of your business and its profitability. From a technical standpoint, both platforms offer excellent features: they provide a high level of security, convenient currency exchange, and 24/7 user support.
Wise offers low fees, fast transfers, and transparent terms for personal and business payments, making it an ideal choice for users who want to control their expenses. Payoneer is aimed at professionals and companies, offering more options for receiving payments through various channels and currencies, making it an excellent tool for regular operations in global business.
If you need to make a one-time transfer or value low fees, then Wise is the best choice. However, if you work with international clients and freelance platforms, Payoneer will offer you more flexibility and opportunities.