[Updated] Transferwise Vs Payoneer Comparison 2019: Which Is Better?

With the announcement by WorldFirst in January 2019, to phase out US support. In the US, most FBA providers have Transferwise Vs Payoneer.

Let’s compare them more closely.

Truth: It’s very painful to send money across borders with a variety of currencies, exchange and management fees.

Payoneer Vs TransferWise - Send Money

You do not want to use your local banks too much as they charge exorbitant fees with a high minimum amount.

Do not get me in trouble and paperwork. So, the local bank is out, what’s left?

Although there are other solutions (Ahem, PayPal / Western Union) that I use every day, my stomach turns every time I see the fees charged to me.

Let’s try two very popular international money transfer giants.

Transferwise Vs Payoneer Comparison 2019: Which Is Better? (TRUTH)

👉👉👉👉👉👉Transferwise Vs Payoneer👈👈👈👈👈👈

Detailed About Payoneer

Payoneer was founded in 2005 and is based in New York. The company strives to facilitate international transfers and cross-border payments to businesses and to provide reliable service to people around the world.

An enviable collection of premium and multinational companies uses Payoneer as their standard payment service, including Amazon, Google, and Airbnb.

Payoneer Vs TransferWise - sign up

A company can deposit into a Payoneer bank account in their own country and the recipient can withdraw money locally with a Payoneer MasterCard or have it transferred directly to their bank account.

How it works

If you already have a Payoneer account with credit:

  • The beneficiary must open a Payoneer account
  • You or the beneficiary may convert the currency at the standard rate plus the Payoneer rates into a Payoneer account.
  • Money can be transferred to the recipient’s account if you wish to transfer money between Payoneer accounts.
  • Once the money has entered the recipient’s account, you can withdraw it from your local bank account.
  • Fees may be charged for withdrawing money

 

Payoneer Vs TransferWise - International Money Transfers

If the recipient has a Payoneer account, but you do not:

  • The recipient may use the Payoneer billing service to request funds
    from you
  • You can pay the bill by credit card, debit card or bank account
  • Payoneer may charge a fee that depends on the type of payment you make
  • The beneficiary may convert the currency at the standard rate plus the Payoneer rates into a Payoneer account.
  • Once the money has entered the recipient’s account, you can withdraw it from your local bank account.
  • Fees may be charged for withdrawing money

Customer service and technical support.

Payoneer provides a very useful help desk on its website with a complete knowledge base and frequently asked questions to answer questions and solve problems. If you can not find an answer to your question here, you’ll need to sign in to your Payoneer account to access the live chat feature. You can also contact Payoneer via email. Telephone support, however, seems limited to reporting a lost or stolen debit card.

Live chat support is only available in English, Spanish or Russian. If you do not speak any of these languages, the email option supports dozens of other languages. Unfortunately, we found many complaints that customer service is inadequate. We recommend that you test the knowledge base before using other support.

Also Read:

Detailed About TransferWise

Transferwise, a peer money transfer service founded in 2011, was one of the most exciting new technology companies at the time of its launch. The Estonian Transferwise founders were frustrated at losing so much money when they needed to send money abroad and decided to take the matter into their own hands.

The idea of ​​eliminating international bank charges in the world has allowed them to transfer more than £ 3 billion of their clients’ money since their inception and congratulate them on the simplicity of their business model.

How does TransferWise work?

The currency exchange process Transferwise completely eliminated the intermediary. Best of all, they could charge much less than other transfer service providers in the market.

Basically, TransferWise is a peer-to-peer (P2P) service that really indicates that it generally corresponds to people who really want to transfer one currency to another.

Transferwise vs Payoneer - how to work

As if we were setting an example here if we want to make transfers of up to £ 1000, you only need to add your £ 1000 to a GBP boat and it will automatically send the equivalent amount (£ 994.53) on the right of the receipt. You have selected This shows that you will not lose your money on a referral.

TransferWise security

You should know that TransferWise is not a bank but, like all other banks in the country, is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom.

Transferwise is an authorized, secure and regulated law governed by the FCA. He will keep all his clients’ money separate from the money they use to manage their business.

The best thing about TransferWise is that you always know where your money is. Here you will be informed by e-mail every step of the transmission In addition, TransferWise gives you the opportunity to track your transmission with its amazing mobile application and website whenever it is convenient for you.

TransferWise Customer Service

The support you receive from TransferWise is very reliable. They provide a Frequently Asked Questions section, optimized with many sections for each type of transmission and TransferWise features.

Here you can also get the average market rate that not all providers offer. And here, if you need to ask a question, you can easily chat live with the customer service representative.

If you have any problems, you can also call Customer Service at 8am. at 20 o’clock ET on weekdays. In general, it provides excellent customer service that can help you in every possible way.

How do I register with TransferWise to make payments?

The registration process is very simple and fast. To simplify the initial registration process, you can register with a Google or Facebook account.

Payoneer Vs TransferWise - cheaper transfer

Just before the launch, you must carry out a very rigorous process of verifying your identity and compliance with money laundering regulations. To get started, you need to provide the following documents.

Proof of address: You must present a power bill (telephone, electricity, gas), a credit card bill, tax statements and much more.
Identity papers: National ID, driver’s license, passport.

In addition to these authentication procedures, TransferWise also sends you text messages with a security code and an e-mail. Once you have completed this process, you can make your first transfer.

Quick Links:

How long does a transfer take? (Check Comparison Transferwise Vs Payoneer Here)

First, you must complete the amount to be transferred. As a bonus, you will then see the expected time of arrival of the amount and a few more details.

If you select the money you wish to transfer, Transferwise will display the rates from the beginning and subtract them immediately before conversion. Afterwards mainly the middle market margin without profit margin is used. And the best part is that the exchange is guaranteed as long as TransferWise receives your money within 24 hours.

Payoneer Vs TransferWise- transfer rate

 

Both services are good at what they do.

Everyone is destined for different things.

With TransferWise:

  • You can sign up in North America, the United Kingdom, Australia, Europe and some places in Asia.
  • You have access to an online money transfer platform to transfer money to a bank account abroad.
  • You will enjoy excellent prices and the interbank exchange rate. This costs you on average 0.5% of each transaction, compared to 3% for a bank.
  • There is no minimum or maximum transfer amount.
  • Registration is quick and easy (there are still many downloadable documents).

With Payoneer:

  • You can register as an independent or small business from anywhere in the world.
  • As a freelancer: You can collect payments from foreign employers in your own bank account. You can transfer the money to your national bank account or withdraw it in cash using a MasterCard provided by Payoneer. You pay about 1% of the transaction as a conversion fee.
  • As a company: You can pay employees and freelancers worldwide, you can also pay to other companies or receive money on your sub-bank accounts abroad.
  • The registration process can take days. The delivery of your MasterCard may take more than a month depending on where you live.
  • As an individual, unlike TransferWise, you can not pay anyone.
  • Therefore it is a completely different service. Very good on the way.

Transferwise Vs Payoneer: two different services

Unlike other international cash transfer comparisons, the Cash Transfer Settlement and Settlement page, which Payoneer compares to Transferwise, explains how these two services differ in their approach, audience, and functions.

If we are in WorldFirst Vs. HiFX, we try to give two very similar services specific advantages and disadvantages. This is not the case.

Payoneer Vs TransferWise- Send Money Abroad with TransferWise

Let’s first explain who can use Payoneer or Transferwise for what purpose. Subsequently, we carefully describe the comparison of the tariff structures and integration processes proposed by these two online money transfer providers.

Transferwise is

  • Designed for private individuals and individuals.
  • For customers with bank accounts in the UK, Europe, the USA or Australia.
  • A simple solution that allows you to send money abroad for any purpose.
  • … Learn more about our Transferwise Test.

Payoneer is

  • Only for small businesses and individuals receiving payments from foreign companies. Private customers can not transfer money to the Payoneer platform but only withdraw.
  • For customers around the world, regardless of whether they have a bank account or not. You can order your own Payoneer Mastercard.
  • A simple solution for freelancers and small businesses hiring freelancers. Nothing outside this range.
  • … Read more about our Payoneer test.

Transferwise Vs Payoneer | Transfer, and reception fees.

Transferwise rates are much better in terms of rates, structures are very different.

TransferWise

  • Pay a percentage (usually between 0.5% and 1%) of the amount you transfer as a fee
  • Where is it transferred and how much are the costs?
  • The TrasnferWise Borderless account does not incur any fees for adding and receiving credit. However, the exchange and withdrawal of funds entail costs

Payoneer

  • Pay a percentage (usually 0.5%) if you withdraw Payoneer funds from your local bank account
  • Payoneer to Payoneer account transfer for free
  • Currency conversion rates can be up to 2.5%
  • If you receive money through the Global Payment Service (for example, paid by Amazon), you will receive a rate of 1%.
  • The remuneration structure of the company can be found here

Exchange rate

With regard to the superiority of exchange rates, both countries have no advantage, as both are affected by daily market fluctuations. Compare Transferwise Vs Payoneer rates before transfer.

Payoneer Vs TransferWise - Transfer Money Online

TransferWise

  • Easy to use a currency converter to determine the existing exchange rate
  • The average market rate of the company is not significantly different from the market rates
  • You can enable the notification of exchange rate alarms and see exchange rate fluctuations

Payoneer

  • Use average market rates for exchange rates
  • Currency conversion in some countries leads to conversion rates of 2% to 2.75%
  • You can check the calculated exchange rate before you complete your transfer.

Supported countries

With regard to the number of approved countries and currencies, Payoneer has an advantage in this area.

Payoneer Vs TransferWise- Send Money Abroad with TransferWise

TransferWise

  • Supports up to 41 countries in February 2019
  • Click here to view the list of supported countries.

Payoneer

  • Payoneer is compatible with more than 200 countries.
  • Payoneer trades in more than 150 currencies.

user-friendliness

Both are fully committed to providing their customers with the excellence they expect. From registration to shipping international transfers, the whole process is intuitive and easy.

TransferWise

  • The registration can be done individually or as a business unit.
  • Multilingual website in English, Spanish, German, French, Hungarian, Russian, Portuguese, Italian and Japanese
  • It offers an application for devices with iOS and Android.

Payoneer

  • Registration is open to individuals and businesses. But nobody can receive this payment
  • Multilingual website in English, Spanish, Korean, Russian, Japanese and Korean.
  • It offers an application for devices with iOS and Android.

Available coupons

Do not we all love so much? Let’s see what a better deal offers. Both have their own promotional offers.

Payoneer Vs TransferWise - Refer A Friend

TransferWise

  • When you register with TransferWise through SpriceWorld, you can make a free transfer of up to £ 3,000.
  • This amount, together with the usual tax percentage, is estimated at $ 25.

Payoneer

  • If you sign up to Payoneer through SpriceWorld, you will receive $ 50 from your account when your balance reaches $ 1,000.

However, the general veto factor for the comparison still depends on the long-term costs that one of them requires.

Since the two are almost equal, the consumer is reaching for a more attractive price and a more attractive price structure.

Now it’s Transferwise and we recommend it.

Transferwise vs Payoneer Features

Payoneer Vs TransferWise - Payoneer Fees

Payoneer features

  • Small businesses and private accounts
  • Personal accounts can only receive transfers
  • Open an account in four currencies: EUR, GBP, USD and YEN
  • It can be used as a bank account
  • Buy card online
  • Maximum daily payout limit of $ 2,500
  • Take off ATMs worldwide

TransferWise features

  • Peer-to-peer platform
  • Nominal transfer fees
  • Transfers within 1 to 4 days.
  • Accounts without borders without residence abroad
  • Four currencies are offered: AUD, EUR, GBP or USD
  • One-time payment or repeated payment
  • Find out about fees and tariffs before you make a transfer through an online calculator
  • Payments with a debit card, Apple Pay, SWIFT transfers and bank transfers
  • Secure payment feature available via the TransferWise feature in Facebook Messenger
  • 5 Star Trustpilot rating of more than 40,000 ratings
  • Use the average rate provided by Reuters

Transferwise Vs Payoneer (Pros and Cons)

The pros and cons of Payoneer

Pros

  • Mastercard available for commercial customers
  • A good option for freelancers who are paid abroad
  • Receive debit card payments
  • Bank account offered

Cons

  • Not for big companies
  • It takes longer than Transferwise to open an account
  • Personal accounts can not add money to the platform and make any transfers. You can only receive money that has been paid by another person or company.

The pros and cons of TransferWise

Pros

  • Simplify your transfers with your new TransferWise robot available on Facebook Messenger.
  • It offers the possibility to make group payments to up to 1000 recipients, which is useful for regular payments to independent or autonomous contractors.
  • The main website is available in the following languages: English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish.

Cons

  • Difficult to compare with other providers because of the prices, but it makes them
  • transparent and all details in the beginning, so there are no surprises
  • Outgoing payments from Hong Kong can not be accepted
  • Customers have expressed concerns as to when Transferwise will closely verify their identity as it may not be their first transfer. This could affect your transmission times. Therefore, it is better to confirm directly with them if you have an urgent and bulky transfer.

Price comparison

Payoneer promises minimum rates with no hidden costs and keeps its word. The receipt of other Payoneer customers is free and only 2% if you receive money in a bank account in a different currency. If the coins are the same, fees will be charged.

Because of the way they facilitate money transfers, Transferwise works on a case-by-case basis and all details can be determined using the conversion tool available on the website. TransferWise users can avoid overhearing hidden bank charges due to the average market price.

The company also displays the charges initially and withdraws them before the changeover so customers know exactly what to expect.

International presence

The fact that Payoneer can count as partners or customers on Google, Upwork, Airbnb, Amazon and Getty Images shows the global reach and trust they have.

Payoneer Vs TransferWise - international service

With 14 offices around the world, including China, the United States, Spain, and Hong Kong, they can manage 150 currencies in more than 200 countries. The global presence has been expanded in recent years by the opening of offices in the Philippines and in Japan.

With Transferwise Borderless account, customers can send money to more than 50 countries and manage approximately 40 different currencies. His online service extends his worldwide activities and completes the reach of his offices, especially in Tallinn, the country of origin of its founders.

User-friendliness

Payoneer is especially popular with the self-employed in developing countries like India, where the banking system may not be as strong as in traditional financial centers.

Their global reach gives them a clear advantage in this regard, but annual ticket fees can scare off some potential customers. The fact that only VIP customers can organize outgoing payments is a minor inconvenience to an otherwise impressive service.

Payoneer Vs TransferWise - service

This can be expected from a technology startup, but the fully automated TransferWise process is particularly appealing to many customers. Low rates are an obvious benefit, but the friendliness of their customer service team has helped them become a leader in money transfer, which is remarkable given the history of some of their more established competitors.

Also Read:

Conclusion: Transferwise Vs Payoneer | Review 2019

If you want to send money as cheaply as possible, Transferwise is generally cheaper than Payoneer. He does not earn money with the exchange rate and only takes a small percentage of the total transfer as a course.

It is easy to register, send money and in many situations should be even faster than Payoneer.

However, this does not mean that Payoneer is not taking place.

Payoneer is well known and can, therefore, be a practical option. It is especially useful for small amounts where you do not lose so much by taking a percentage.

For amounts over $ 300, we strongly recommend choosing Transferwise as a solution to save a lot of money.
If you would like to take a closer look at Transferwise and similar services, you may like our comparison with Transferwise V Payoneer.

In essence, enable one option or another and see how much it costs to send money with each service. Then you can make a good decision for the best transfer option for you!

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About Vaibhav Singh

Vaibhav Singh is a professional content writer, SEO specialist and Web Developer helping solopreneurs and businesses to build their online presence through friendly, long-form shareable blog posts... He has been working in this sector for many years. When he is not writing, he enjoys the beauty of the Land of the Long White Cloud.

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