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.

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.

With TransferWise:

  • 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).

Transferwise Sign Up – View Live Rates

payoneer logo

With Payoneer:

  • 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.
Sign up with Payoneer

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.


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 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.

Transferwise Sign Up – View Live Rates



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