Wise vs Payoneer – Which is better for business?
Entrepreneur, freelancer 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.
Wise (formerly TransferWise) vs Payoneer: side by side
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 | 70+ countries, 50+ currencies | Broad range of supported countries and currencies |
| Multi-currency accounts | Available to hold 50+ currencies | Available to hold up to 11 currencies |
| Local bank 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 | In UK and EEA only |
| Fully licensed and regulated | Y | Y |
| Working capital available | N | Y |
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 50+ currencies – Payoneer accounts support around 11 currencies, and come with linked payment cards
- Wise accounts come with bank details to get paid in 10 currencies, Payoneer offers 9 different currency receiving account details
- Wise has cloud accounting integrations available to US customers, Payoneer does not
- 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 0.41% | Up to 2% 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 5 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: 4.4/5, Excellent rating, from 186,000+ reviews | Trustpilot score: 4.3/5, Excellent rating, from 50,000+ reviews |
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 5 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: Both Wise and Payoneer score an Excellent review rating on Trustpilot – 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 bank details compared to Payoneer, which can make it easier to get paid from abroad.
Pros and cons
| Wise | Payoneer | |
|---|---|---|
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Wise vs Payoneer: The verdict
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 50+ currencies, and receive payments for free 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 11 currencies, with local bank 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
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 debit card.
Payoneer was founded in 2005, and has rapidly expanded to cover 24 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.
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 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 subscription fees. | 29.95 USD annual fee |
| Spend with your card | No fee to spend currencies you hold Currency conversion from 0.41% when you don’t hold the right balance | 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 | Free to receive payments in 10 currencies using local bank details (except wire transfers to USD balances) 4.14 USD to receive a USD wire (ACH payments are free) | Free to receive payments in some major currencies using local bank details Up to 1% fee to receive USD |
| Send a payment | From 0.41% | Up to 2% |
| Currency conversion | Mid-market exchange rate | 0.5% |
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 0.41% – average fee was 0.66% in Q1 2023 | Up to 2% fee based on destination |
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 5 days.
Ultimately the amount of time it takes to receive an international payment will vary based on the destination, currency and transfer value.
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
Supported currencies
Wise accounts can hold 50+ currencies and offer local bank details for 10 currencies including USD, GBP and CAD.
Payoneer accounts can hold up to 11 currencies and receive local payments in 9 currencies.
Related: Best online business accounts in US
Conclusion on Payoneer vs Wise (formerly TransferWise)
Wise and Payoneer both offer handy features for entrepreneurs, freelancers 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 you’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
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 0.41%, with no exchange rate markups. Payoneer has a 0.5% currency conversion charge, and up to 2% 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 50+ currencies and offer local bank details for 10 currencies. Payoneer accounts can hold up to 11 currencies and receive local payments in 9 currencies.
