Competitors
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Payoneer
payoneer.comSummary
Payoneer is a global payment platform that provides solutions for businesses, freelancers, and marketplaces to manage cross-border payments. It offers multi-currency accounts, enables receiving payments from clients and marketplaces, and facilitates paying suppliers and contractors worldwide. The platform also provides developer tools for integration and features for financial management.
Feature Matches12/15
See all12/15
Must Have
4 of 5
Transparent Low Fees
Multi-Currency Account
Borderless Debit Card
Fast Transfer Execution
Mid-Market Exchange Rate Transfers
Other
8 of 10
Batch Payments
API Integration
Business Account Features
Invoice Creation
Mobile App
Regulatory Compliance
Multi-User Access
Customer Support
Real-Time Rate Alerts
Spending Analytics
PricingUsage-based
See allUsage-based
Get Paid - Receiving Payments
Custom
- Receive payments from other Payoneer customers
- Receive payments directly from clients via credit card, ACH bank debit, PayPal
- Receive payments directly from marketplaces and networks
- Receive payments via local receiving accounts
- Receiving from another Payoneer customer: FREE
- Receiving via local receiving accounts (local currency of primary location): FREE
- Receiving via local receiving accounts (other currencies): Fixed fee OR 1% (depending on amount received, some countries exempt, minimum fee may apply)
- Receiving from clients via Credit Card (all currencies): Up to 3.99% (plus $0.49 fixed fee in certain countries)
- Receiving from clients via ACH bank debits (US only): 1%
- Receiving from clients via PayPal (US only): 3.99% + $0.49
- Receiving from marketplaces and networks: Fees set by each marketplace/platform/network
Pay and Use Funds - From Payoneer Balance
Custom
- Pay other Payoneer customers
- Pay recipients without a Payoneer account via bank transfer
- Pay suppliers, employees, and contractors
- Payments to another Payoneer customer (different country): Up to 1% of transaction amount (minimum fee up to $4.00 USD)
- Payments to another Payoneer customer (same country, USD, EUR, GBP): Flat fee up to $4.00 USD/EUR/GBP
- Payments to recipient without Payoneer account (bank transfer): Up to 3% of transaction amount (lower fee for higher-earning customers, minimum fee may apply)
- Payments to recipient's bank account (local currency, USA/UK/EU, up to $50,000/month cumulative): $1.50 USD/EUR/GBP
- Payments to recipient's bank account (local currency, USA/UK/EU, over $50,000/month cumulative): 0.5% of total withdrawal amount
Pay and Use Funds - Not with Payoneer Account
Custom
- Pay Payoneer customers via credit card
- Pay Payoneer customers via local bank transfer
- Pay Payoneer customers via ACH bank debit (US only)
- Pay Payoneer customers via PayPal (US only)
- Pay Payoneer customers via Direct bank payment (UK only)
- Credit card: Up to 3.99% (plus $0.49 fixed fee in certain countries)
- Local bank transfer: 1%
- ACH bank debit (US only): 1%
- PayPal (US only): 3.99% + $0.49
- Direct bank payment (UK only): 1%
Payoneer Card Fees
Custom
- Make business purchases
- Pay for advertising
- Buy goods and business services online or in stores
- Withdraw funds at ATMs
- Card delivery (standard): FREE
- Card delivery with express shipping (via DHL): $40.00 USD
- Annual card fees (first card): $29.95 USD
- Additional cards in any currency: FREE
- Transactions in the same currency as your card, in supported countries: FREE
- Transactions involving currency conversion: Up to 3.5%
- Transactions where merchant country is different from card-issuing country (cross-border fee): Up to 1.8%
- ATM Withdrawals (cash advance): $3.15 USD / 2.50 EUR / 1.95 GBP
- Balance inquiry: $1.00 USD / 0.87 EUR / 0.65 GBP
- Card replacement: $12.95 USD / 9.95 EUR / 9.95 GBP
Manage Currencies
OTHER 0.50 per use
- Move funds between your Payoneer balances
- 0.5% of amount to transfer
Withdraw to Bank Account
Custom
- Withdraw funds to your local bank account
- Withdraw in local currency from a Payoneer balance of a different currency (e.g., USD balance to EUR bank account in EU): Up to 3% of transaction amount (lower fee for high-earning customers)
- Withdrawals in non-local currency (e.g., USD balance to CNY bank account in China, for users from China, Taiwan, Korea, and Hong Kong): Up to 3% of transaction amount (lower fee for high-earning customers)
- Withdrawals in local currency from a Payoneer balance of the same currency (e.g., HKD balance to HKD bank account in Hong Kong): HK$ 12.00
- Withdrawals in local currency from a Payoneer balance of the same currency (USA, UK, or European Union, up to $50,000 cumulative per calendar month): $1.50 USD/EUR/GBP
- Withdrawals in local currency from a Payoneer balance of the same currency (USA, UK, or European Union, over $50,000 cumulative per calendar month): 0.5% of total withdrawal amount
Rationale
Payoneer is a strong match for Wise's concept. It offers multi-currency accounts, transparent fees (though not always the mid-market rate, which is a key differentiator for Wise), and various international payment solutions for freelancers and businesses. It explicitly mentions features like multi-currency accounts, a business debit card, fast transfers, batch payments, API integration, and business account features like managing currencies and paying suppliers. While it emphasizes low fees, it doesn't explicitly state 'mid-market exchange rate transfers' as a core value proposition in the same way Wise does, which is why the confidence is not 1.0. However, it clearly provides a comprehensive platform for cross-border payments and multi-currency management.
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