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.
Article Summary – Who is the Winner on Transferwise Vs. Payoneer:
Both services are good at what they do and both are part of the money transfer services USA highly used by freelancers from around the world.
They are each designated at different things.
- You can sign up from North America, UK, Australia, Europe, and certain locations in Asia.
- You will get access to an online money transfer platform to transfer money to a bank account abroad.
- You will enjoy great fees and interbank exchange rate. It will cost you on average 0.5% of each transaction, compared to up to 3% with a bank.
- You don’t have a minimum or maximum transfer amount.
- Sign up is quick and easy, relatively (there are still many documents to upload).
- You can sign up from ANYWHERE globally as a freelancer or a small business.
- As a freelancer: you will have the opportunity of collecting payments from employers abroad into your own bank accounts. You could move the money to your domestic bank account or withdraw it in cash with a designated Mastercard that will be supplied by Payoneer. You will pay around 1% of the transaction in foreign exchange fees.
- As a business: you could pay employees and freelancers across the globe, pay other businesses, or receive money to your bank sub-accounts overseas.
- Sign up process can take days. Delivery of your Mastercard card may last over a month depending on your location.
- As an individual, you won’t be pay able to make overseas payments to anyone, unlike what TransferWise offers.
- Hence, it’s a completely different service. Very good in its own way.
Payoneer Vs. Transerwise: Two Different Services
Transferwise Vs Payoneer, down to the nitty gritty
Transferwise vs Payoneer
Winner, winner, chicken dinner:
Transferwise is the best way to move money abroad under $5,000 (view our large money transfer guide to see your other options).
This use case is just more common than Payoneer’s use case for freelancers being paid from abroad or small businesses.
Transferwise’s benefits include:
- Low fees, low minimum transfer amount
- Better currency exchange rates (view TransferWise rates).
- No hidden fees.
- Smooth system.
- Helpful support.
- 95% satisfied clients.