Top 5 Payoneer alternatives: compare fees, features & benefits

If you run a growing business, you’ll need a payment platform that will allow you to open local accounts in several currencies, seamlessly accept payments from international customers, and send money across borders without excessive fees.

Whilst Payoneer may be one of your options, you may like to consider its alternatives to see which one suits your needs best.

What is Payoneer?

Payoneer is a financial services company that helps businesses, freelancers and marketplace users send and accept worldwide payments.

Its payment platform facilitates domestic and international money transfers, digital payments and also provides some customers with growth capital. Products include prepaid debit cards and a multi-currency business account.

The platform accepts payments in over 70 local currencies, but balances and direct transactions can only be held in USD, EUR, GBP, CAD, AUD, JPY, HKD, SGD and AED. 

It’s free to sign up to Payoneer, although some accounts incur annual maintenance fees, and it charges conversion fees, withdrawal fees and inactivity fees. These differ depending on the account type, transaction volume and products used.

The top alternatives to Payoneer

Here are the top alternatives for Payoneer.

• Airwallex: Founded in 2015, Airwallex is a global financial platform to collect, hold, convert and send multi-currency payments. Designed for businesses only.

• PayPal: A well-established payment gateway that’s been operating globally for over 20 years. eCommerce brands use it to process payments from credit cards, debit cards, and bank transfers. 

• Square: A point-of-sale (POS) system designed to help retail stores sell in-store and online.

• Wise: Launched in 2011 as a consumer-focused international money transfer service which offers multi-currency accounts to hold, convert funds and make payments.

• Stripe: Offers a point-of-sale (POS) system for bricks-and-mortar retailers to accept in-person payments, and an online payment gateway for eCommerce businesses to accept credit and debit card payments. 

Compare the top 5 alternatives to Payoneer

 Why choose Airwallex over Payoneer?

What questions should I ask when choosing alternative providers to Payoneer?

Here are the top 10 most important questions for you ask when considering an alternative to Payoneer. Use these as a handy guide when doing your research.

• What payment methods do you support?

• What are the transaction fees and do they vary?

• What currencies do you support?

• What are the currency conversion charges?

• What are your security credentials?

• Are there any setup or ongoing monthly fees?

• Are there any early termination fees?

• Are there minimum transactions or volume amounts? 

• What kind of customer support do you offer?

• What integrations do you offer?

Conclusion 

Like Payoneer, Airwallex is known for supporting global business accounts.

Airwallex is an end-to-end financial solution that offers expense management and multi-currency employee and corporate cards. Our technology is used to manage customer payments and support treasury operations, as well as embedded finance solutions.

While Payoneer is free if you’re moving money to and from another Payoneer account, the 3% fee if you’re not, may be complicated and costly for business¹⁰. Airwallex customers, from established SaaS enterprises to growing eCommerce retailers, benefit from 0% international and domestic transaction fees, market-leading FX rates and currency conversions at interbank rates + 0.5-1%.

Both Payoneer and Airwallex offer multi-currency business accounts, but there is one major difference. While a Payoneer customer can only hold their balance in nine currencies, Airwallex supports 23.

Choose Airwallex as a holistic financial partner for growing, mid-market and enterprise level companies managing money across borders. 

Sources & references

1. https://www.paypal.com/au/enterprise/payment-methods

2. https://www.paypal.com/au/webapps/mpp/merchant-fees

3. https://squareup.com/au/en/payments

4. https://squareup.com/au/en/pricing

5. https://wise.com/au/business/receive-money

6. https://wise.com/au/pricing/business

7. ttps://stripe.com/au/pricing

8. https://www.payoneer.com/about/pricing/#pay-your-supplier

9. https://www.payoneer.com/get-paid-by-clients

10. https://www.payoneer.com/manage-currencies

Disclaimer: We wrote this article in Q3 2024. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every six months. If you would like to request an update, feel free to contact us at [email protected]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.