Wise vs Payoneer – Which is better for business?
Entrepreneur, sole trader or business owner? You might be looking for a smart online account you can use to hold, receive, send and spend business payments. Wise and Payoneer both offer business account services for US customers – but which is best?
This guide covers everything you need to know including a full side by side feature comparison of Wise vs Payoneer, and a look at the fees and exchange rates you’ll get when converting currencies, or paying or getting paid in foreign currencies.
Summary: Both Wise and Payoneer have multi-currency account services for business owners in the US. Wise has a broader range of currencies to hold and receive, plus some nice business friendly perks like batch payments, multi-user access and expense cards. Payoneer offers working capital solutions and some free payments between Payoneer accounts.
Which is right for you might depend on the currencies you need to hold, send and receive – so comparing both is a smart move.
Side by side: Differences between Wise and Payoneer
Wise and Payoneer both have some overlapping services – but there are also areas where their services vary. Wise offers transfers and account services to both personal and business customers, while Payoneer is for business customers only. We’ll focus on the services Wise has for business customers in this Wise vs Payoneer review, for convenience.
Here’s a quick head to head comparison on features, to start us off.
| Feature | Wise (formerly TransferWise) | Payoneer |
|---|---|---|
| Eligibility | Personal and business customers | Business customers |
| Send payments to | 160+ countries, or in 50+ currencies | Broad range of supported countries and currencies |
| Multi-currency accounts | Available to hold 40+ currencies | Available to hold up to 10 currencies |
| Local account details | Available for 10 currencies | Available for 9 currencies |
| Debit and expense cards available | Y | Y |
| Batch payments | Y | Y |
| Cloud accounting integrations | Y | Y |
| Fully licensed and regulated | Y | Y |
| Working capital available | N | Y |
*Information correct at time of writing, 12th June 2024
So, to summarize:
- Wise offers services to personal and business customers, Payoneer is for business customers only
- Wise has a multi-currency account and cards to support 40+ currencies – Payoneer accounts support around 10 currencies, and come with linked payment cards
- Wise accounts come with local account details to get paid in 10 currencies, Payoneer offers account details in 9 currencies
- Both Wise and Payoneer have accounting integrations available
- Payoneer offers working capital to customers, Wise does not
- Both providers are fully regulated and safe to use
The important bits: TransferWise vs Payoneer
| Wise | Payoneer | |
|---|---|---|
| Rates | Wise exchange rate: Mid-market exchange rate with no markup | 0.5% currency conversion charge applies |
| Fees | Low fees, varies by destination – from 0.35% | Up to 3% of the transaction amount when sending to a bank account |
| Speed | More than 50% of payments are instant, 90% arrive in 24 hours* | Up to 3 business days when sending to a bank account |
| Service | Online, in app and by phone | Online, in app and by phone |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | Trustpilot score: 4.3/5, Excellent rating, from 200,000+ reviews | Trustpilot score: 3.9/5, Excellent rating, from 53,000+ reviews |
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
**Information correct at time of writing, 12th June 2024
Rates: Wise uses the mid-market rate, Payoneer charges 0.5% for currency conversion
Fees: Both providers have variable fees which are based on the destination country and payment type when sending money internationally
Speed: Wise payments can be instant, with 90% arriving in 24 hours. Payoneer transfers may take up to 3 business days when sending to a bank account
Service: Both providers offer multilingual service in a range of languages, online, in-app and by phone
Safety: Both providers are fully licensed and regulated.
Reviews: Wise scores an Excellent review rating on Trustpilot while Payoneer scores Great – Wise has far more ratings registered
As you can see, there are some areas in which the services available from Wise and Payoneer are quite similar – and other places where the offering is quite different. If you’re looking for a personal multi-currency account, Wise is probably the one for you. For business services, both have their own great features, but Wise supports more currencies for holding and exchange, and offers more local account details compared to Payoneer, which can make it easier to get paid from abroad.
Pros and cons
| Wise | Payoneer | |
|---|---|---|
| Pros |
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| Cons |
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*Information correct at time of writing, 12th June 2024
The verdict: Which is better Payoneer or Wise?
Whether Wise or Payoneer is best for you will depend on how you want to use your account.
Wise business accounts have a one time fee to get started, but can be used to hold 40+ currencies, and receive payments like a local in 10 currencies. That means Wise could be a winner if you want to hold, send and receive a large selection of currencies, or if you trade internationally around the world.
Payoneer accounts have no upfront fees to open, and can hold around 10 currencies, with local account details for 9 currencies. If you’re looking for access to working capital, Payoneer may be a good fit for you – they could also suit you if you’ll be paying or getting paid frequently by other Payoneer customers, as these transfers are often free.
Read on as we compare both providers so you can see which is best for you.
If you can’t decide between Wise account and Wise business account, check our detailed comparison on: Wise personal vs Wise business
Which is better Wise or Payoneer for sole traders?
The best provider for you will depend on your personal needs and preferences.
- Wise uses the mid-market exchange rate with no markups, making it the better option for low-cost international transfers. It also has a wider range of currencies with Wise multi-currency account.
- Payoneer also allows you to receive payments in multiple currencies and has additional financial services that include payment solutions for popular freelance marketplaces like Upwork and Fiverr.
About Wise and Payoneer
Wise (formerly TransferWise) was set up in 2011, and offers international transfers alongside personal and business accounts to hold and manage currencies, accept payments and spend using a linked Wise Multi-Currency Card.
Payoneer was founded in 2005, and has rapidly expanded to cover 25+ global offices, serving 5 million customers. Payoneer offers business account services and solutions, including working capital, with a focus on digital businesses around the world.
Wise vs Payoneer fees
Both Wise and Payoneer have various account and transaction fees which apply depending on how you use their services.
To see they full range of potential charges you’ll need to visit their account terms and conditions pages – but we’ve summarized the most important and common costs here so you have an overview:
| Service | Wise | Payoneer |
|---|---|---|
| Open an account | 31 USD (business customers only) | No fee – a 29.95 USD account dormancy fee applies if you don’t use your account for 12 months |
| Order a card | One time card order fee of 9 USD for personal accounts. First card on the account is free for business accounts. Cards for team members cost 5 USD for each card. No monthly or annual subscription fees. | Free card sent via standard delivery or 40 USD for express shipping via DHL |
| Spend with your card | No fee to spend in currencies you hold enough of in your account Low conversion fee from 0.35% when you spend in a currency you don’t hold enough balance in | No fee to spend currencies you hold Foreign transaction fee up to 3.5% when you don’t hold the right balance |
| Receive a payment | Conveniently receive payments in 10 currencies using local account details (except wire transfers to USD balances, and CAD SWIFT transfers) 6.11 USD to receive a USD wire (ACH payments are free), and 10 CAD to receive a CAD SWIFT (other methods are free) | Free to receive payments in some major currencies using local account details Up to 1% fee to receive USD |
| Send a payment | From 0.35% | Up to 3% |
| Currency conversion | Mid-market exchange rate | 0.5% |
*Information correct at time of writing, 12th June 2024
Wise vs Payoneer: Which is cheaper?
If you need to send a payment overseas, you’ll want to know how much you have to pay so you can find the cheapest deal out there.
Wise and payoneer operate quite differently for international payments. Payoneer has some free transfers to other Payoneer customers, but adds in fees to send money to bank accounts. Wise fees are based on the way you pay for your transfer and the destination country.
Here’s a rundown:
| Service | Wise | Payoneer |
|---|---|---|
| Currency exchange | Mid-market exchange rate | 0.5% conversion fee |
| Transfer fee | Low, transparent fees from 0.35% | Up to 3% fee based on destination |
*Information correct at time of writing, 12th June 2024
Wise vs Payoneer: which is faster for payments?
More than 50% of Wise payments to bank accounts are instant and 90% arrive in 24 hours*. Payoneer transfers to other Payoneer accounts can be fast, but sending to a bank account can take up to 3 days.
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
Ultimately the amount of time it takes to receive an international payment will vary based on the destination, currency and transfer value.
Wise Vs Payoneer exchange rates
- Wise uses the mid-market exchange rate with no markups and no hidden fees, meaning customers get the best possible rate for their currency conversions.
- In comparison, Payoneer applies a 0.5% fee to the exchange rate. That means the rate includes a small markup over the mid-market rate, making it more expensive compared to Wise.
Wise vs Payoneer card comparison
Both providers offer physical and virtual cards that are compatible with digital wallets, allowing you to spend and withdraw money.
The Wise Multi-Currency Card lets you easily spend in over 150 countries without foreign transaction fees and hold and spend over 40 currencies in one account, making it an attractive option for frequent travelers or those who make frequent purchases abroad.
If you don’t have the currency balance you need, the Wise Multi-Currency Card will automatically convert your money at the mid-market exchange rate with low conversion fees starting from 0.35%. There are no annual fees and no fees for the first 2 withdrawals up to total value of 100 USD each month, with low fees of 1.5 USD + 2% after that.
The Payoneer card can be linked to balances in USD, EUR, GBP, and CAD and is accepted anywhere on the Mastercard network.
There’s a 29.95 USD fee for the first card and 3.15 USD fee for ATM withdrawals. Other fees include a 1 USD fee for balance inquiries, a currency conversion fee of up to 3.5% and a 3.5% foreign transaction fee.
| Feature | Wise Multi-Currency Card | Payoneer card |
|---|---|---|
| Order fee | 9 USD (express delivery 11.58 USD) | Free (standard delivery), 40 USD (express delivery) |
| Annual fee | None | 29.95 USD for the first card; additional cards free |
| Foreign transaction fee | None | Up to 3.5% |
| Currency conversion | Mid-market exchange rate with low conversion fees | Up to 3.5% |
| ATM withdrawals* | First 2 withdrawals up to a combined total of $100/month for no fee, with 1.5 USD + 2% after that | 3.15 USD per withdrawal 1 USD balance inquiry |
| Spending | Physical and virtual cards, supports Google and Apple Pay | Physical and virtual cards, supports digital wallets |
*ATM operators may charge their own fees. Fee amount varies by ATM operator.
Information correct at time of writing, 12th June 2024
Wise vs Payoneer card: Where can you use them?
- Spend with the Wise Multi-Currency Card in over 150 countries and receive, hold and send in over 40 currencies for multi-currency convenience.
- The Payoneer card can be used anywhere Mastercard is accepted and supports balances in USD, EUR, GBP and CAD.
Supported currencies
Wise accounts can hold 40+ currencies and offer local account details for 10 currencies including USD, GBP and CAD:
Wise local account details for 10 currencies: 🇦🇺 Australian dollar (AUD), 🇨🇦 Canadian dollar (CAD), 🇪🇺 Euros (EUR), 🇬🇧 British pound (GBP), 🇭🇺 Hungarian Forint (HUF), 🇳🇿 New Zealand dollar (NZD), 🇷🇴 Romanian lei (RON), 🇸🇬 Singapore dollar (SGD), 🇹🇷 Turkish lira (TRY) and 🇺🇸 US dollar (USD)
Wise supports 40+ currencies to hold and exchange: 40+ currencies including currencies listed above, as well as 🇨🇳 Chinese yuan (CNY), 🇭🇰 Hong Kong dollar (HKD), 🇮🇩 Indonesian rupiah (IDR), 🇮🇳 Indian rupee (INR), 🇯🇵 Japanese yen (JPY), 🇲🇽 Mexican peso (MXN), 🇲🇾 Malaysian ringgit (MYR), 🇵🇭 Philippine peso (PHP), 🇹🇭 Thai baht (THB),🇻🇳 Vietnamese dong (VND).
See the full list here: Wise account supported currencies
Payoneer accounts can provide local receiving accounts in 9 currencies, including: 🇺🇸 US dollar (USD), 🇯🇵 Japanese yen (JPY), 🇦🇺 Australian dollar (AUD), 🇪🇺 Euros (EUR), 🇭🇰 Hong Kong dollar (HKD), 🇸🇬 Singapore dollar (SGD), 🇨🇦 Canadian dollar (CAD), 🇬🇧 British pound (GBP), 🇦🇪 United Arab Emirates Dirham (AED) and 🇨🇳 Chinese yuan (CNY).
Related: Best online business accounts in US
How do they work?
To use either Wise or Payoneer you’ll need to first register an account. This can be easily done online or in the provider’s app – although bear in mind that you’ll need to provide some personal and business information and paperwork for verification.
Related: How to open a business account online.
Once you have an account set up you can send and receive payments, add funds yourself, order a linked payment card and more.
One thing you’ll often need to do is send money to others, to pay suppliers or staff for example. Here’s how to make payments easily online and in the Wise app:
- Log into your account
- Type in how much you want to transfer, or how much you need the recipient to get
- Enter the recipient’s details – bank account number or email
- Check over the details
- Fund your payment using a card or bank transfer
- Confirm and your money will be on the move
The payment process with Payoneer is quite similar, and can also be completed entirely online. You’ll need to add your recipient’s bank details before you set up your transfer, but once that’s complete you can send money in just a few taps.
Wise vs Payoneer: Payment methods
Payment methods available can easily influence the convenience and cost of international transactions. Both Wise and Payoneer offer multiple payment options that cater to different preferences and needs.
Wise:
- Direct debit: Allows Wise to take money directly from your account once you authorize the payment. This method takes a bit longer and can be more expensive than bank transfers.
- Bank transfer: Usually the cheapest option for funding transfers. While it may be slower than using a card, it often provides the best value for money.
- Debit card: Fast and easy payment method that’s typically cheaper than using a credit card.
- Credit card: Also fast and easy, but usually incurs higher fees compared to debit cards. Wise accepts Visa, Mastercard, and some Maestro cards.
Payoneer:
- Credit card: Payments made using a credit card incur a 3% fee.
- ACH bank debit (US only): A convenient option with a 1% fee for US users.
- Direct bank payments (UK & EU): Free of charge, making it a cost-effective option for users in these regions.
Safety
Wise and Payoneer are both safe and fully regulated providers. As global companies they’re overseen by a selection of bodies all around the world, which means your money is safe no matter which currency you’re holding it in.
Ease of use
- Creating an account: Wise accounts are opened and operated online or using the Wise app. Payoneer accounts can also be opened online or in app
- Making a transfer: Wise and Payoneer international payments can be made online or in-app
- Ways to send money: Wise and Payoneer transfers can be funded by bank transfer, credit or debit card.
- Languages: Wise and Payoneer both offer global support in a range of languages, online, using the app, and by phone.
- Minimum & maximum amounts: Wise limits depend on which currencies you send to and from, and how you pay – typically where limits apply they’re set at around the equivalent of 1 million GBP per transfer. Payoneer limits will be shown in the Payoneer app when you log into your account
Wise vs Payoneer international transfer limits
Wise has different transfer limits depending on the transfer type, whereas Payoneer doesn’t state their limits for international transfers on its website.
| Wise limits | Payoneer limits |
|---|---|
| Local ACH Transfer: Up to 1,000,000 USD per transfer Local Wire Transfer: Up to 6,000,000 USD per transfer when paying from your USD balance International SWIFT Transfer: Up to 1,600,000 USD per transfer | Not stated on the website |
*Information correct at time of writing, 12th June 2024
Wise vs Payoneer customer service
Wise and Payoneer both offer customer service via multiple channels to help their customers when they have a query or need help.
Wise customer services
You can find the answers to most of your questions via the Wise help center. For ongoing issues related to transfers or account management, Wise communicates via email to your registered email address where they often provide options to fix the problem yourself.
If you have a more complicated issue and still need to talk to someone, you can contact Wise’s customer service in English that’s available 24/7 via phone on 1-888-908-3833 or email for personal customers and 24/5 for business customers. You can also write to them by mail at 30 W 26th St, New York, NY 10010.
Payoneer customer services
Payoneer offers multiple contact methods, including phone, email, live chat, fax and an online contact form. They aim to resolve complaints within three business days and provider 24/7 customer support.
For US customers, Payoneer offers a toll-free phone number: 1-888-290-3990. You can also contact them via email at: CustomerServiceManager@Payoneer.com or write to them at their New York office at 195 Broadway, 27th Floor, New York, NY 10007.
Conclusion: Comparing Payoneer vs Wise (formerly TransferWise)
Wise and Payoneer both offer handy features for entrepreneurs, and US business owners. You’ll be able to pay and get paid in a range of supported currencies and spend with a linked card for convenience. However, the accounts do have their own features and fees so comparing your options is essential.
Wise accounts can support a larger range of currencies for holding and exchange, which may mean they’re a better bet if yo u’re looking to expand your business globally. Payoneer offers different perks like working capital and loans – which may suit different customer needs.
Payoneer vs Wise FAQs
What is the difference between Wise and Payoneer?
Wise offers multi-currency account services in 40+ currencies and local account details in 10 currencies. It uses the mid-market exchange rate and offers some business friendly perks like batch payments, expense cards and multi-user access but also provides services to personal customers. Payoneer is focused only on business and freelance customers. It also provides local receiving accounts in 9 currencies but offers payment solutions for marketplaces, working capital and loans.
Is Wise or Payoneer cheaper?
Both Wise and Payoneer have their own fees which vary based on the services you need. For international transfers to bank accounts, Wise fees start from 0.35%, with no exchange rate markups. Payoneer has a 0.5% currency conversion charge, and up to 3% in transfer fees.
Is Wise or Payoneer faster?
More than 50% of Wise payments to bank accounts are instant and 90% arrive in 24 hours. Payoneer transfers to other Payoneer accounts can be fast, but sending to a bank account can take up to 5 days.
How many currencies do Wise and Payoneer support?
Wise accounts can hold 40+ currencies and offer local account details for 10 currencies. Payoneer accounts can hold up to 11 currencies and receive local payments in 9 currencies.
