Transferwise Vs Payoneer

Transferwise vs Payoneer

Are you considering using either Payoneer or Tranferwise for your overseas money transfers? Let us help you understand how each of these services differs and which one could be the best for you.

Payoneer Vs. Transerwise: Two Different Services

Unlike other comparisons on International Money Transfers, 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.

Transferwise is

 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.

Payoneer is

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.

To summarise:

If you, like most, need to transfer money abroad from the UK, USA, Australia, or Europe to any other location for cheap, use Transferwise.

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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 a little higher than Transferwise, but there aren’t that many alternatives in these regions.

payoneer logoread review payoneergo to site payoneer

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 finish reviewing your documents. From testimonials across the internet, that waiting period with Payoneer may be very long.

Client reviews: Both companies have pretty good reviews, with a slightly better overall rating for TransferWise. But, on the other hand, the services are a little different.

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. But again, pretty different services with Payoneer providing a wide range of solutions for freelancers and businesses.

Transferwise vs Payoneer

Winner, winner, chicken dinner:

transferwise logo

Transferwise is the best way to move money abroad under $5,000 (view our large money transfer guide to see your other options).

  • Low fees, low minimum transfer amount
  • Better currency exchange rates (view TransferWise rates).
  • No hidden fees.
  • Smooth system.
  • Helpful support.
  • 95% satisfied clients.
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