TransferWise Vs Payoneer – Which is Better for FBA?

With the announcement from WorldFirst in January 2019 that they have phased out USA support, most FBA sellers are left with either Payoneer or TransferWise.

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.

User Rating

Service Type


Transfer Speed

Mobile App

Minimum Transfer

Travel Debit Card

Global Bank Accounts




Per TrustPilot

Online & Phone Assistance

FREE Receiving / 1%

Up to 3 Days


Click here

to learn more about Payoneer Local Currency Accountrs

Free $50* Coupon!

Exclusive to SpriceWorld Readers

*$50 will be added once you receive a min of $1000 



Per TrustPilot



1-2 Days


Click here

to learn more about TransferWise Borderless Accounts

First £3,000* Fee Free

Exclusive for SpriceWorld Readers

*Other Currency Equivalent Denotes US$4,500, AUD$6,00 etc 


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.

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


  • 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


  • 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


  • 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


  • 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


  • Supports up to 41 countries as of Feb 2019
  • To check the list of countries supported, click here


  • Payoneer supports more than 200 countries
  • Payoneer deals in over 150 currencies


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


  • 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


  • 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:3 Payoneer: 4


  • 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


  • 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.

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