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.

Go to WisePayoneer Review

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.

FeatureWise (formerly TransferWise)Payoneer
EligibilityPersonal and business customersBusiness customers
Send payments to160+ countries, or in 50+ currenciesBroad range of supported countries and currencies
Multi-currency accountsAvailable to hold 40+ currenciesAvailable to hold up to 11 currencies
Local account detailsAvailable for 10 currenciesAvailable for 9 currencies
Debit and expense cards availableYY
Batch paymentsYY
Cloud accounting integrationsYIn UK and EEA only
Fully licensed and regulatedYY
Working capital availableNY

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 11 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
  • 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

Go to WisePayoneer Review

The important bits: TransferWise vs Payoneer

RatesWise exchange rate: Mid-market exchange rate with no markup0.5% currency conversion charge applies
FeesLow fees, varies by destination – from 0.42%Up to 2% of the transaction amount when sending to a bank account
SpeedMore than 50% of payments are instant, 90% arrive in 24 hoursUp to 5 business days when sending to a bank account
ServiceOnline, in app and by phoneOnline, in app and by phone
SafetyFully regulated and licensedFully regulated and licensed
Reviews (TrustPilot)Trustpilot score: 4.4/5, Excellent rating, from 186,000+ reviewsTrustpilot 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.

Go to WisePayoneer Review

Pros and cons

  • Both personal and business services
  • Hold 40+ currencies, get local account details for 10 currencies
  • Business friendly perks like linked expense cards and batch payments available
  • No fee to open an account, no fee to get paid by another Payoneer customer
  • Hold around 11 currencies, get bank details for 9 currencies
  • Business cards available for convenient spending
  • A one time fee applies to open a business account
  • Transfer fees apply which vary based on the payment type
  • Currency conversion has a 0.5% fee
  • Sending and receiving transfers can involve fees, depending on the details of the payment

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 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.

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:

Open an account31 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 cardOne 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.

29.95 USD annual fee
Spend with your cardNo fee to spend in currencies you hold enough of in your account

Currency conversion from 0.42% 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 paymentFree to receive payments in 10 currencies using local account details (except wire transfers to USD balances, and CAD SWIFT transfers)

4.14 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 bank details

Up to 1% fee to receive USD

Send a paymentFrom 0.42%Up to 2%
Currency conversionMid-market exchange rate0.5%

Go to WisePayoneer Review

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:

Currency exchangeMid-market exchange rate0.5% conversion fee
Transfer feeLow, transparent fees from 0.42%Up to 2% fee based on destination

Go to WisePayoneer Review

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.

Go to WisePayoneer Review

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:

  1. Log into your account
  2. Type in how much you want to transfer, or how much you need the recipient to get
  3. Enter the recipient’s details – bank account number or email
  4. Check over the details
  5. Fund your payment using a card or bank transfer
  6. 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 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

Go to WisePayoneer Review

Supported currencies

Wise accounts can hold 40+ currencies and offer local account 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: Comparing 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 yo u’re looking to expand your business globally. Payoneer offers different perks like working capital and loans – which may suit different customer needs.

Go to WisePayoneer Review

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 0.42%, 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 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.

Claire Millard
Fintech Content Writer
Claire Millard is a content and copywriter with a specialty in international finance. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.
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Seyma Mektepli
Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.
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Last updated
April 2nd, 2024