Top 5 Payoneer Alternatives for International Payments

Payoneer offers international money transfer services similar to sites like Wise, OFX and Remitly, with a focus on business customers.

Are  you a business customer? Are you looking to send money faster? Do you want to check if the fees are competitive? Or maybe you need to send larger amounts reliably and at better rates. Or simply you want to check if the provider you usually use is still a good option for you. In this article, we will show you 5 Payoneer alternatives, how they compare and why they may be a better choice than Payoneer for your needs.

In our comparison we discovered that:

Wise – Fast, convenient transfers with low, transparent rates and a multi-currency account.

Remitly – Fast, low-cost transfers with multiple delivery time options.

OFX – Low cost transfers with a multi-currency account and financial management tools.

TorFX – Fast transfers with award-winning customer care.

Western Union – Send and receive cash in almost 200 countries.

Why you should consider a Payoneer alternative

Payoneer is an international money transfer provider aimed at businesses, and freelancers. They offer a wide variety of services like sending and receiving foreign payments, bulk payments, as well as VAT payments in the UK and EU. With Payoneer, you can send more than 150 currencies in more than 190 countries.

Since Payoneer is mostly focused on business customers, it may not be a viable solution for everyone. Alternative providers often offer services aimed at both individuals and businesses.

What’s more, Payoneer charges an annual account management fee on dormant accounts, while accounts at alternative providers are usually free.

Pros of Payoneer

• Send more than 150 currencies to more than 190 countries
• They offer a wide variety of business tools
• Payments between Payoneer accounts are usually free

Cons of Payoneer

• Payoneer is not available in all countries to open accounts
• May charge an annual account management fee
• Card transaction fees can be pricey

Alternatives to Payoneer comparison

There are several alternatives to Payoneer. In the table below we look at 5 international money transfer providers similar to Payoneer. The comparison takes into account the exchange rate used, the speed of transfers, as well as convenience.

*Information correct at time of writing, 22 December 2022

Wise can be a good alternative because it offers mid-market exchange rates and more than 50% of transfers arrive instantly. Remitly, OFX, TorFX and Western Union all offer market-related exchange rates, while Western Union transfers can be instant. Most TorFX transfers arrive at recipients within 2 business days.

1. Wise (formerly Transferwise)

Wise offers fast, convenient, low-cost payments to more than 70 countries in more than 50 currencies. They use the mid-market exchange rate for currency conversion, and have a transparent fee structure. Wise offers multi-currency accounts for individual and business customers.

Best Wise features

• Uses mid-market exchange rate
• More than 50% of Wise money transfers are instant, 80% within 24 hours
• Wise multi-currency account lets you keep more than 50 currencies
• Spend local currency almost anywhere in the world with the Wise debit card

Pros

• More than 50% of transfers are instant, 80% of transfers arrive within 24 hours
• Transparent fee structure means you always know what you’re paying
• Multi-currency account lets you hold more than 50 currencies
• Uses mid-market exchange rate with no mark-up
• Personal accounts are free to open, without any annual fees

Cons

• Wise is not a bank, so accounts are not interest-bearing
• No branch network, meaning you can’t deposit cash payments

Wise vs Payoneer

Wise offers fast, convenient transfers with transparent fees based on mid-market exchange rates, as well as a multi-currency account for both individual and business customers. While Wise offers several tools for business customers, such as expense cards, it is not as extensive as those offered by Payoneer. On the other hand, Payoneer’s fee structure is only transparent on certain fees.

Learn more: Payoneer vs Wise comparison

2. Remitly

With Remitly, you can transfer from 28 countries to more than 100 countries worldwide. They offer low to no transfer fees and fast transfers, and a money-back guarantee for late delivery. A cash pickup option is available in some countries.

Best Remitly features

• Uses market-related exchange rate + markup
• Transfers can take up to 5 working days
• Choose between Express or Economy delivery

Pros

• Some transfers can arrive within a day
• Offers several delivery options, including cash pickup
• Various delivery speed options available

Cons

• Not available to send money from all countries
• Exchange markup fees are hidden

Remitly vs Payoneer

Where Payoneer’s focus is on business customers, Remitly aims to serve the needs of individuals only and offer no business account option or any business-related services.

3. OFX

Based in Sydney, Australia, OFX lets you send money to more than 150 countries in more than 50 currencies. They offer several services to both individual and business customers, including risk management and various money management tools.

Best OFX features

• Uses market-related exchange rate + markup
• Transfers take between 1 and 5 working days to arrive
• Hold up to 7 currencies in the OFX Global Currency Account
• Financial management tools

Pros

• Global Currency account holds up to 7 currencies
• Offers several personal and business tools, like mass payments
• Allows you to fix a future exchange rate

Cons

• Fees are not transparent
• Don’t allow transfers under $1,000
• Multi-currency accounts are only available for business customers

OFX vs Payoneer

OFX and Payoneer offer similar tools and services, like financial management tools and OFX has dedicated business accounts, OFX also caters to personal customers. Payoneer’s focus is solely on business customers.

4. TorFX

Established in 2004, TorFX is an award-winning specialist international money transfer service. They offer services to both individual and business customers who can send money to more than 40 countries around the world.

Best TorFX features

• Uses market-related exchange rate + markup
• It takes 1 – 2 working days for transfers to arrive
• Award-winning customer service

Pros

• Send money to 40+ countries in the world
• Award-winning customer service
• Phone transfers via an account manager
• TorFX offers personal and business services

Cons

• Must provide personal details to get a quote
• TorFX does not allow transfers under £100

TorFX vs Payoneer

TorFX offers specialised international money transfer solutions to both individual and business customers. Their business tools and features include services like business health checks and several transfer options. Payoneer only caters to business customers and offers an extensive range of business features and services, including tax payment and capital advance solutions.

5. Western Union

Western Union has an agent network covering almost every country in the world. You can make transfers online or in person at one of Western Union’s more than 50,000 US agent locations. Western Union also offers a cash-pickup option when sending money overseas.

Best Western Union features

• Uses market-related exchange rate + markup
• Transfers arrive within 5 working days
• Cash pickup service is available in some countries

Pros

• Send money in-person at more than 500,000 agents worldwide
• Offers a cash pickup service
• Charges no transfer fees on most routes

Cons

• Exchange fees are not transparent
• Some delivery options are not available in all countries

Western Union vs Payoneer

Payoneer offers international money transfer services with business customers in mind, and while business customers can use Western Union, the company’s main focus is individuals with services like bill payments and cash pickup options.

Payoneer Alternatives – Features and Fees

There are several alternatives to Payoneer. In this table we compare fees of Payoneer against 5 alternative providers.

*Minimum fee may apply

**Information correct at time of writing, 22 December 2022

• As the above table shows, no provider charges fees for opening, managing or closing accounts. Payoneer may charge a fee on dormant accounts.
• Of the providers mentioned, only OFX and Western Union do not charge a transfer fee. However, they may have a markup on the exchange rate.
• To receive money, Payoneer charges a percentage fee, while recipients don’t pay anything to receive money from alternative providers like Wise or OFX.
• Payoneer, Wise and OFX offer multi-currency accounts with Wise allowing holders to hold more than 50 currencies. Payoneer and OFX allow 7 currencies, while OFX foreign currency account being available only for business accounts.

Are the alternatives safe?

Most international money transfer providers are regulated by local and/or international regulators, banks or financial bodies. Providers also use several security measures, such as 2-factor authentication and strong encryption to ensure that personal information and transaction details are safe.

Conclusion: What is the best alternative to Payoneer?

Payoneer is an international money transfer provider that focuses on businesses and freelancers. They offer several business-related services like paying bulk invoices, tax payments, ecommerce payment solutions, and more.

This business-focus may not make them suitable to individual customers. Alternative international money transfer providers like Wise, OFX and Western Union. These providers offer convenient, fast transfers at low fees to almost anywhere in the world. If you are not a business or freelancer and don’t need the business tools and services that Payoneer offers, you may want to consider an alternative international money transfer provider to Payoneer.

Payoneer Alternatives FAQ

1. How can I avoid Payoneer fees?

Transfers between Payoneer accounts are usually free, however there is a fee involved if the recipient doesn’t have a Payoneer. To avoid the annual account service fee, you should use your account regularly.

2. What is the cheapest way to send money internationally?

While some international providers are upfront with their fees, many hide their currency exchange fees. Fees and charges also differ between currency routes. This can make it difficult to determine the cheapest rate. Compare providers to find the cheapest way possible for your transfer.

3. Which is the safest mode of money transfer?

Most international money transfer providers are regulated by local and/or international regulators, banks or financial bodies. Providers use several security measures to ensure that personal information and transaction details are safe.

4. What is the best company to transfer money with?

Different providers offer different features, advantages and disadvantages. Which provider is best depends on what features are best suited to your needs. Do research and compare providers to find out which is the most suitable for you.