Updated (July 2021): As of May 2021, TransferWise (Wise) is not on the approved list of Disbursement Solution Provider and thus, many are just sticking to Payoneer. Wise have however, indicated that they have submitted their application to Amazon and the results is still pending. While this clears up, new sellers can choose Payoneer still, moving forward. I will keep an eye on this and update more as it comes.
Let’s compare them in depth.
Do note that this is an independent review with my honest comparison of both services. Table best viewed on wide screen devices.
Rating
Service Type
Fees
Transfer Speed
Mobile App
Mininum Transfer
Travel Debit Card
Global Bank Accounts
Coupon
Transferwise
9.2/10
Per trustpilot
Online
0.5%
1-2 Days
$1
Click here to learn more about Transfer Wise Borderless Accounts
First US$4,500* Fee Free
Exclusive for SpriceWorld Readers
*Other Currecny Equivalent Denotes £3000, AUD$6,000 etc.
Payoneer
9.2/10
Per Trustpilot
Online & Phone Assistance
FREE Receiving / 1%
Up to 3 Days
Varies
Click here to learn more about Payoneer Local Currency Accounts
Free $25* Coupon!
Exclusive to SpriceWorld Readers
*$25 will be added once you receive a min of $1,000
Truth: It is a huge pain in the neck to send money across borders with the myriad of currencies, exchanges and fees to deal with.
You don’t want to use your local banks too as they charge exorbitant fees with a high minimum amount.
Don’t get me started on the amount of hassle and paperwork involved. So the local bank’s out, what do we have left?
While there are other solutions (Ahem, PayPal/Western Union) which I do used daily, my stomach churns every time I saw the fees they were charging.
So let’s pit two popular international money transfer giants to the test.
Table of Contents
TransferWise Vs Payoneer
Transfer and Receiving Fees
TransferWise fee far better in terms of fees with both being significantly different structures.
Comparison score: TransferWise: 1 Payoneer: 0
TransferWise
- Pay a percentage (Usually 0.5%-1%) of the amount you transfer out as fees
- Where you transfer to and how much will affect this fee
- TrasnferWise Borderless account does not have fees for adding and receiving funds. Converting and withdrawing funds do attract fees though
Payoneer
- Pay a percentage (Usually 0.5%) when you withdraw funds from Payoneer to your local bank account
- Fee-free Payoneer-to-Payoneer account transfer
- Currency conversion charge can go up to 2.5%
- Receiving funds through Global Payment Service (Eg. Amazon pays you) do attract a 1% fee
- Check out the company’s fee structure here
Exchange Rates
Both doesn’t have a leg up in terms of exchange rate superiority as both are affected by daily market changes. Do compare the rates before you transfer.
Comparison Score: TransferWise: 2 Payooner: 1
TransferWise
- Easy to use currency calculator to determine existing exchange rate
- Company’s mid-market rate does not deviates much from market rates
- You can enable notification for rate alerts and it allows you to view exchange rate fluctuations
Payoneer
- Uses mid-market rates for the exchange rates
- Currency conversion to some countries comes with a 2% to 2.75% conversion fees
- You can review the exchange rate you are charged before finalizing your transfer
Countries Supported
For the number of countries and currencies that are supported, Payoneer has an advantage in this area.
Comparison Score: TransferWise: 2 Payoneer 2
TransferWise
- Supports up to 41 countries as of Feb 2019
- To check the list of countries supported, click here
Payoneer
- Payoneer supports more than 200 countries
- Payoneer deals in over 150 currencies
User-friendliness
Both are fully focused on bringing their customers the excellence that you would expect. From registration to sending international transfers, the whole process is intuitive and easy.
Comparison Score: TransferWise: 3 Payoneer: 3
TransferWise
- Registration can be done as an individual or as a business entity
- Multilingual website in English, Spanish, German, French, Hungarian, Russian, Portuguese, Italian and Japanese
- Provides an app for devices that run on iOS and Android
Payoneer
- Registration opens to both individual and businesses. But individual can only receive payment
- Multilingual website in English, Spanish, Korean, Russian, Japanese and Korean
- Provides an app for devices that run on iOS and Android
Coupons Available
Don’t we all love a good deal? Let’s see which one offers a better deal. Both has their own promotional offers.
Comparison Score: TransferWise:4 Payoneer: 3
TransferWise
- Registering with TransferWise through SpriceWorld allows you fee free trasnfer for up to £3,000
- This with the usual fee percentage is valued at US$25
Payoneer
- Registering with Payoneer through SpriceWorld allows you to receive US$50 in your account once your balance reaches US$1,000
However, overall veto factor for the comparison still depends on the long term fees that any one of them are charging.
Seeing that both are almost on equal standing, the consumer will flock to the one with a more attractive fee structure and rate.
At this point of time, that is Payoneer and we recommend that.
Can I Transfer Money From Payoneer to TransferWise?
You can send money with your Payoneer card with a Payoneer Linked account to transfer to your TransferWise account.
TransferWise or Payoneer: Which Fees Are Lower?
TransferWise transfer fees are cheaper compared to Payoneer’s. However, it is noteworthy to mention that Payoneer-Payoneer transfer does not incur any fees.
Can I use TransferWise or Payoneer as a Bank Account?
Both TransferWise and Payonner acts as borderless digital money account. You can still use them to receive payment or make payment like a traditional account.
Does TransferWise and Payoneer have a Debit Card?
Yes, both services offer their own debit card for use. It lets you spend money around the world at the as-seen-on-google exchange rate. Payoneer does charge fees for some countries.