Payoneer vs. Paypal | Payoneer India [2017] Review | Make 25$ FREE

Review
Summary
  • Review
  • Summary

8

Payoneer Support

9

Payoneer Faster Transactions

8

Payoneer is much more Flexible

Pros

  • Payoneer Better Conversion Rates
  • Local Banks reach is better with Payoneer

Cons

  • Payoneer is new as compared to Paypal

Note: Clear computer system cache / cookies before creating account; otherwise you may be redirected to Payoneer credit card signup page, which is NOT available in India. 

In the current economic times, cross border transactions have evolved from being large B2B or government transactions to millions of small transactions occurring everyday between individuals and firms.

The internet has converted the world into a global marketplace where people from one part of the globe can indulge in the products and services of another part. This has spawned the era of secure online transactions which are not limited by national boundaries.

When it comes to online payments the most used services are those of global payment processors. These firms take responsibility of allowing you to give and receive payments from abroad. They provide a secure framework for the same and also charge a certain fee based on the transaction sizes and volumes.

Payoneer vs. Paypal  Detailed Comparison| Payoneer India [2017] Review | Make 25$ FREE

The first obvious name which comes to mind is PayPal. It is the first and the payment processor I have been associated with since I started digital marketing. Founded in 2005 by innovators including Elon Musk, it has grown in the most popular channel for global payment processes.

The other name which comes to mind because of its recent big launch in India and my direct involvement with it as a marketer is Payoneer.

Payoneer Vs PayPal

Founded in 2005 by Yuval Tal, Payoneer has risen nicely in the past years with substantial funding from Carmel Ventures, PingAn, Nyca Partners, Greylock, Crossbar Capital and others. It has become a popular PayPal alternative for many and is currently operational in 200 countries with over 100 currencies.  It had earlier started its services in India but was discontinued by the RBI according to some guidelines.

Well, now it has launched its services with some hand-crafted features ideally suitable for Indian freelancers and online business owners.

But how should one decide to go for Payoneer or PayPal?

What are the pros and cons when it comes to these Payment Processes?

Well, here I will showcase an Infographic which features a showdown of Payoneer vs. PayPal:

Payoneer vs PayPal: Which is Better for Global Payments?

Sign Up For Payoneer to Get 25$

Note: Clear computer system cache / cookies before creating account; otherwise you may be redirected to Payoneer credit card signup page, which is NOT available in India. 

Now let’s look into the details:

  1. Payoneer is definitely more profitable than PayPal

The costliest average charges per transaction are $14.88 while the cheapest are $1.55. This shows that the variance is inclined to the costlier side i.e. loss of valuable money is almost inevitable.

With Payoneer you save an average of $5 per transaction of $100 that is INR300. With PayPal this is not the case as Payoneer offers:

  • Higher Conversion Rates
  • Higher Exchange Rates

PayPal charges a straight fee of $5 per $100 and then there is the added transaction charges which results in heavy money-erosion.

With Payoneer the entire cost before the money is in your account is almost $3. Huge Savings!

  1. Payoneer is smoother than PayPal when it comes to global pay-outs and withdrawals

payoneer work process

With a PayPal account you have to manually initiate a withdrawal process every time you need cash in your bank account. The entire process is lengthy too!

Payoneer eliminates such hassles by automatically converting funds into Rupees and then transferring them to your bank account.

The daily withdrawal limit is also higher with Payoneer at INR 500,000 which is approximately $9500. I guess that is good enough for any India freelancer or marketer!

Every time an automated withdrawal happens you will receive an email alert of the transaction.

It does not end here. The turnaround time with Payoneer is better than that for PayPal! The latter takes about 3 to 5 business days for transferring funds to your account while Payoneer guarantees account transfers within 24 hours. Everybody loves speedier transactions!

  1. Added “Indian” Benefits

payoneer india payment system

Payoneer has a very unique service for Indian customers. After the sign-up, you receive a separate UK and US collections account.

This means you will have a virtual bank account in that region with complete details like account number, router number coupled with complete privacy and control. You can use this account to collect from those clients who desire to pay to local banks due to their own reasons!

Thus, Payoneer can help you amplify your reach and use your market potential to the maximum.

Once the collection has been deposited the rest of the process is the same. You will receive the money in your account within the next 24 hours.

If you ask me, there are certain added benefits with Payoneer which make it a compelling choice for Indian freelancer. If asked which one to use, I would choose both. Why?

Well, the sign-up is free for both! As a marketer, I have to think about all my options and all my current and prospective clients. Both platforms are popular but PayPal is still the premier choice for many people. This trend is slowly changing as more and more people realise the added advantages of relatively newer platforms like Payoneer.

To conclude I will come forward and say that I am inclined towards using Payoneer more. This is because as per my research it is more profitable and creates a more sustainable monetary framework for me.

Here is video to let you know more about how to receive Payments on Payoneer:

Video Credits: Payoneer

How to Activate Your Payoneer Card

How to Access Your Payoneer Online Account

 Sign Up For Payoneer to Get 25$

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About Jessee R

An experienced content writer and digital evangelist. Jessee has been writing for more than 4 years on various writing platforms all across the internet. At BloggersIdeas, he is an avid contributor and a part of the entire digital marketing team. Find him on Twitter & Google+

14 Comments

  1. First of all, I’d like to thank you for providing a clear cut comparison between Payoneer and Paypal. I was a bit hesitant to use Payoneer at first due to its service fees. But with the comparisons you’ve mentioned, it made me look twice on getting my account reactivated.

    Reply  
  2. Daniel

    Thanks a lot for the comparison, mate. I’ve been tired of using Paypal, with all their nonsense policies and lowest exchange rate possible. I’ve finally made the switch to Payoneer and signed up through your link. Thanks a lot once again 🙂

    Regards,
    Daniel

    Reply  
  3. GIRMA BIRHANU

    I really wondering Payoneer!!!! FOR STRATEGIC BETTER BUSINESS. AND I CAN DO MY BUSINESS

    Reply  
  4. ishaque

    Hi mate

    Can you please confirm that the comparison which is there on site, have got it published by simply adding a plugin or it has been developed by you.
    If you have purchased the plugin please let me know from where you had.
    I want it at a lowest cost and better benefit.

    Reply  
    • Hey this is a plugin I am using. I am creating my own Schema plugin if you want then you can PM me anytime I will give you review copy.

      Reply  
  5. kavita

    hey, when schema plugin launch, i use WordPress so i am waiting for it.
    thanks

    Reply  
  6. I think Payoneer is the best option (unless you live in the USA). The problem is that PayPal is more widely accepted, we probably have to work with both

    Reply  
  7. Time to try Payoneer. Paypal eats up a lot 😀

    Reply  
  8. Kalpesh Sharma

    Hi Jitendra ,

    Thanks for the great payonner review, Yes payoneer helps you to get money easily. In some point of view payoneer is far better than paypal.

    Reply  
  9. Alex

    Amazing Post!
    Keep Sharing….
    Alex,

    Reply  
  10. Joan Jean Saloria

    how much are the charges deducted to the payments I will receive thru payoneer?

    Reply  
  11. Lloyd

    Payooner is now accepted worldwide. Very easy in transactions RIP Paypal hahaha

    Reply  
  12. Great Post here @Jitendra,

    Payoneer is simply the best as of now compared to PayPal. Payoneer is simply the best.

    Especially when it allows me receive payments in three currencies: USD, GBP, EURO.

    Thanks for sharing this with your readers.

    Reply  
  13. Thank you so much for this incredible Comparison.

    Reply  

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