Are you considering using either Payoneer or Tranferwise for your overseas money transfers? Let us help you understand how each of these services differ and which one could be the best for you.
Payoneer Vs. Transerwise: Two Different Services
Unlike other comparisons on International Money Transers, the leading site for money transfer reviews and comparisons, comparing Payoneer to Transferwise deals with explaining how these two services are distinct in concept, target audience and functionality. When we write about WorldFirst vs HiFX, we try to give specific pros and cons two very alike services have. This is not the case.Let’s start off with explaining who can use either Payoneer or Transferwise and for what purpose, and then we will get down the nitty gritty of comparing the fee structures and on-boarding processes these two online money transfer providers offer.
Geared for both private clients and individuals. For clients who have bank accounts from UK, Europe, USA or Australia. An easy solution that enables you to send money abroad for any purpose. … read more on our Transferwise review.
Geared only for small business and individuals who receive payments from businesses abroad. Private clients cannot transfer money on the Payoneer platform, only withdraw it. For clients from across the globe regardless of whether they have a bank account. You can order your own Mastercard from Payoneer. An easy solution for freelancers and small business that hire freelancers. Nothing out of this scope. … read more on our Payoneer review.
If you are a freelancer in India, Bangladesh, Ukraine, Russia, etc. and want to receive money directly into your newly issued debit card, then you should use Payoneer. Beware that the costs will be significantly higher than Transferwise and the service won’t be up to par, but there aren’t that many alternatives in these regions.
If you, like most, need to transfer money abroad from UK, USA, Australia, or Europe to any other location for cheap, use Transferwise.
Transferwise Vs Payoneer, down to the nitty gritty
On-boarding: both have online on-boarding but with Transferwise your account can get approved and active online within seconds while with Payoneer you would have to manually wait until the on-boarding/compliance teams finishes reviewing your documents. From testimonials across the internet, that wait period with Payoneer may be very long.Response: Transferwise is responsive. You have a nice support staff located in Estonia and they have great English and are helpful with any inquiry. While, alas, you can’t really get a hold of Payoneer’s support. The company might be too large for its own benefit! There are thousands of reviews online describing a situation when someone was unable to find the support team. While leads us to our next topic.
Client reviews: Transferwise has 20,000+ positive client reviews in various websites online. Payoneer has much less reviews and they are particularly negative. There were a lot of people who didn’t manage to sign up and receive funds as expected, a tonne of delays, and so on.
Fees: Payoneer charges 2% on incoming payments. Then 3.5% on cash withdrawal if you use the Mastercard. Transferwise’s complete fees amount to 0.5% to 0.9% of the transfer’s volume A big difference.