Top 5 Payoneer Alternatives [2024]
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 7 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.
- Revolut: Multi-currency account that allows you to hold and exchange 25+ currencies
- Remitly – Fast, low-cost transfers with multiple delivery time options.
- OFX – Low cost transfers with a multi-currency account and financial management tools.
- PayPal: Send money to PayPal accounts in 25 currencies and 200 countries
- 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.
| Payoneer pros | Payoneer cons |
|---|---|
| ✅ Send more than 150 currencies to more than 200 countries ✅ They offer a wide variety of business tools ✅ Payments between Payoneer accounts are usually free | ❌ 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.
| Wise | Revolut | Remitly | OFX | PayPal | TorFX | Western Union | |
|---|---|---|---|---|---|---|---|
| Great for | Fast transfers with low, transparent fees and the mid-market exchange rate | Multi-currency features for holding and exchanging 25+ currencies | Fast, low-cost transfers with multiple delivery options | Low cost transfers and financial management tools | Send money to PayPal accounts in 25 currencies to 200 countries | Fast transfers with award-winning customer care | Send and receive cash in almost 200 countries |
| Fees & exchange rates | Mid-market exchange rate Low and transparent fees | Mid-market exchange rate to account limits Monthly fees from 0.00-16.99$ depending on plan | Exchange rates include a markup Fees vary by destination | Exchange rate includes a small markup No fees | Exchange rates include a markup 5% cross-border transaction fee | Exchange rates include a markup No transfer fees | Exchange rate includes a markup Fees vary by destination – a service fee is added to the transfer amount |
| International payments | 40+ currencies, Send payments to 160+ countries 90% of transfers arrive within 24 hours* | Hold 25+ currencies Transfer times between Revolut customers are usually instant | Transfer money to 170+ countries or 100+ currencies Express delivery transfers money within minutes Economy takes between 3 and 5 business days | Hold up to 7 currenciesTransfer 50 currencies in up to 170+ countries Transfers take between 1 and 5 working days to arrive | 25 currencies in more than 200 countries Instant transfers take a few minutes to complete Standard transfers typically take 1 -3 business days | 40 global currencies 1 – 2 working days for transfers to arrive | Send to over 500,000 agent locations in more than 200 countries Transfers arrive within 5 working days |
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions. **Information correct at time of writing, 10th June 2024.
- Wise can be a good alternative because it offers mid-market exchange rates and more than 50% of transfers arrive instantly.
- Revolut also uses the mid-market exchange rate up to plan limits. Limits vary based on account tier.
- Remitly, OFX, TorFX, PayPal and Western Union all offer market-related exchange rates.
- While Western Union and PayPal transfers can be instant to other PayPal accounts, most TorFX transfers arrive at recipients within 2 business days.
Wise (formerly TransferWise)
Wise offers fast, convenient, low-cost payments to more than 160 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, 90% within 24 hours
- Wise multi-currency account lets you keep more than 40 currencies
- Spend local currency almost anywhere in the world with the Wise debit card
| Wise pros | Wise cons |
|---|---|
| ✅ More than 50% of transfers are instant, almost all transfers arrive within 24 hours* ✅ Transparent fee structure means you always know what you’re paying ✅ Multi-currency account lets you hold more than 40 currencies ✅ Uses mid-market exchange rate with no mark-up ✅ Personal accounts are free to open, without any annual fees | ❌ Wise is not a bank, so accounts are not interest-bearing ❌ No branch network, meaning you can’t deposit cash payments |
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
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
Revolut
Revolut offers both personal and business accounts that allows you to hold over 25 currencies and spend in 140+ countries. Monthly fees range from 0.00-16.99 USD depending on your chosen plan and they use the mid-market exchange rate up to account limits.
Users can send money internationally with no fees, except on weekends, and sending between Revolut accounts is instant. Best Revolut Features
- Hold, send and exchange in 25+ currencies
- No-fees applied when spending any currency you hold in your account
- No transfer fees to other Revolut users
| Revolut pros | Revolut cons |
|---|---|
| ✅ Multi-currency features for holding and exchanging 25+ currencies ✅ Mid-market exchange rate up to account limits ✅ Transfer processing times between Revolut customers are usually instant | ❌ Monthly fees ranging from 0.00-16.99 USD depending on your chosen plan ❌ There is a 1% currency exchange fee outside of foreign exchange market hours |
Revolut vs Payoneer
Revolut caters to international payments for personal customers, offering a range of plans from $0.00 to $16.00 as well as business customers. In comparison Payoneer only focuses on business customers but it offers a larger number of currencies.
Remitly
With Remitly, you can transfer in 100+ currencies to more than 170 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
| Remitly pros | Remitly cons |
|---|---|
| ✅ Some transfers can arrive within a day ✅ Offers several delivery options, including cash pickup ✅ Various delivery speed options available | ❌ 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.
OFX
Based in Sydney, Australia, OFX lets you send money to more than 170 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
| OFX pros | OFX cons |
|---|---|
| ✅ 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 | ❌ 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.
PayPal
PayPal is a widely recognized platform that allows customers to send and receive payments quickly in 25 currencies and more than 200 countries worldwide. It’s a convenient choice but might not be the most cost-effective due to its higher fees and mark up on the exchange rate.
Best PayPal Features
- Hold and convert 25 currencies in your PayPal account
- Global coverage
- Send to PayPal accounts instantly
- Send payments with just an email address or phone number
| PayPal pros | PayPalcons |
|---|---|
| ✅ Instant transfers to other PayPal accounts ✅ Internationally recognized ✅ Covers 25 currencies in more than 200 countries | ❌ Exchange rate includes a markup ❌ 5% cross-border transaction fee |
PayPal vs Payoneer
Payoneer offers more currencies with 150 currencies on offer compared to PayPals 25, alongside local global account details. However PayPal caters to both personal and business customers, whereas Payoneer mainly focuses on business customers.
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
| TorFX pros | TorFX cons |
|---|---|
| ✅ Send money to 40+ countries in the world ✅ Award-winning customer service ✅ Phone transfers via an account manager ✅ TorFC offers personal and business services | ❌ 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.
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
| Western Union pros | Western Union cons |
|---|---|
| ✅ Send money in-person at more than 500,000 agents worldwide ✅ Offers a cash pickup service ✅ Charges no transfer fees on most routes | ❌ 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 for freelancers
Payoneer offers an account specially for freelancers to get paid by clients and freelance marketplaces, and use and withdraw their funds. Clients can pay payoneer customers from anywhere, allowing freelancers to do international business with ease.
It also allows you to add bank accounts for countries where you do business, meaning you can get paid and save like a local. It also comes with a card in multiple currencies attached to your account for easy withdrawals in over 190 countries and 70 currencies. However, some freelancers may still seek alternatives.
Wise for freelancers
- Invoice clients in their currency and get paid with no fees for popular currencies. You can also make use of handy account features like accounting tools and automate payments and workflows.
- Thanks to local account details in 10 currencies, you can invoice like a local around the world, receive multiple currencies for free and spend on a global debit card in 150+ countries and 40+ currencies.
Revolut for freelancers
- Revolut offers multi-currency business accounts that support over 25 currencies and 100+ countries for payments.
- The account allows freelancers to easily send, spend, receive and exchange money worldwide and also includes features like automated expenses and accounting software like Xero to help you keep on top of bookkeeping and managing your freelance finances.
PayPal for freelancers
- PayPal is a widely recognized platform that’s well-known among freelancers and also allows them to receive payments quickly from clients worldwide. However, while there are no monthly fees, you do have to pay a small fee when you get paid.
- With its extensive user base and easy integration with various marketplaces and e-commerce platforms, PayPal is a convenient choice for many freelancers despite its higher fees compared to other alternatives.
Is PayPal or Payoneer better for freelancers?
Both PayPal and Payoneer have their own advantages when it comes to freelancers. What’s better for you will depend on your specific needs such as fee structures, global reach, and integration with marketplace and accounting platforms.
Payoneer Alternatives – Features and Fees
There are several alternatives to Payoneer. In this table we compare fees of Payoneer against 7 alternative providers.
| Service/Provider | Payoneer | Wise | Revolut | Remitly | OFX | PayPal | TorFX | Western Union |
|---|---|---|---|---|---|---|---|---|
| Opening fee | No fee | No fee | No fee | No fee | No fee | No fee | Info not available | No fee |
| Closing fee | No fee | No fee | No fee | No fee | No fee | No fee | Info not available | No fee |
| Monthly fee | No fee for regular use 29.95USD/year dormant account fee | No fee | Monthly fees range from 0.00-16.99 USD depending on your chosen plan | No fee | No fee | No fee | Info not available | No fee |
| Sending money fee | 3%* Free to Payoneer account | Low fee, varies by currency route. | Free instant transfers between Revolut accounts International transfer and non-USD domestic fees vary.*** | Varies by service selected | Flat fee of $15 on transfers under $10,000 No fee if you’re sending over $10,000 | No fee for sending from PayPal balance or bank account, or Amex send account 2.9% + fixed fee if paid using a credit or debit card | Info not available | Money transfer fees can range |
| Receiving money fee | Free from Payoneer account 3.99% via credit card 1% via bank debit | Free for local payments in 19 currencies 6.11 USD to receive USD wire payments 10 CAD to receive CAD wire payments | Free from Revolut accounts and for receiving bank transfers | N/A | N/A | No fee when currency conversion isn’t involved Fixed fee based on currency when currency conversion is involved | Info not available | N/A |
| Supported currencies or countries | Manage 7 different currencies, send to 190+ countries | Hold 40+ currencies, Send payments to 160+ countries | Hold over 25 currencies and spend in 140+ countries | Transfer money internationally to 170+ countries and 100+ currencies | Transfer 50 currencies in up to 170+ countries | 25 currencies in more than 200 countries | 40+ currencies | 200+ currencies |
- 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, Revolut and OFX offer multi-currency accounts with Wise allowing holders to hold more than 40 currencies. Payoneer and OFX allow 7 currencies, while OFX foreign currency account being available only for business accounts.
*Minimum fee may apply. **Information correct at time of writing, 10th June 2024. ***Fee of up to 5% on the transaction amount for international transfers and non-USD domestic transfers of $200 USD or greater. Fee of up to $10.00, depending on the amount of the transfer for international transfers and non-USD domestic transfers less than $200 USD
Are these Payooner 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
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.
Are you looking to make payments to foreign contractors? This guide can help: Best ways to pay foreign contractors
Which payment method is best for freelancers?
The best payment method for freelancers varies based on individual needs. Wise and Revolut are excellent for their multi-currency account features and using the mid-market exchange rate, while PayPal is globally accepted and offers instant transfers to other PayPal accounts. Freelancers should consider factors such as transfer speed, fees and currency support when choosing a payment method.
