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

Airwallex

Airwallex is a global payment solution that lets you accept payments in more than 160 payment methods across 180 countries. No-code to fully-customisable integration options make it easy to get started quickly, and you can save your business a tonne of fees with like-for-like settlement into multi-currency accounts. In other words, you can settle payments in the same currency that your customers pay in, saving you on costly exchange rates. 

It’s easy to open an account with local bank details in Airwallex, without having to go to a bank or complete any complicated paperwork. The platform also offers FX and transfer solutions, with competitive interbank fees. Uniquely, our investment product, Yield, allows businesses to earn competitive rates on their idle AUD and USD funds. Other features like virtual cards, accounts payable, and expense management, make it ideal for growing businesses. 

Unlike Wise, Airwallex offers a more comprehensive all-in-one financial solution which makes growing globally easier. 

Airwallex fees: 

Subscription Fees: Airwallex’s ‘Explore’ bundle starts from $29 per month, which can be waived by holding a minimum of $10,000 or depositing $5,000 per month. 

Domestic transactions: Free

International transactions: Free to 120+ countries

Pros

• An all-in-one platform for business financial operations, combining accounts, payments, corporate cards, and more

• Low-cost international transfers 

• Extensive global reach to convert, send, and hold funds

Cons

• No physical branches – digital only platform and service

• New updates and optimisations being released regularly, which may not suit the user habits of all consumers

• Physical POS system coming soon

PayPal 

PayPal supports a variety of payment methods, including credit and debit cards, bank transfers, and PayPal balances. The platform also offers invoicing, subscription payments, and mobile payments. 

PayPal’s widespread acceptance is available for personal and business use. However, PayPal is likely to incur higher fees for business transactions, which in the long-term may affect a business’ bottom line. 

PayPal Fees: 

Subscription Fees: Free account

Domestic transactions: 2.6% plus fixed fee 

International transactions: 3.6% plus fixed fee

Pros 

• Widespread acceptance and various payment methods

• Suitable for physical and digital stores

• Offers buyer and seller protection

Cons

• Higher fees for international transactions

• Whilst it may be easy to use, there are limited customisations available 

• Doesn’t hold multi-currency funds

Square 

Square is widely used by both physical and online businesses for its point-of-sale (POS) solutions and customisable payment links for online transactions. It's well-suited for physical businesses, offering a range of hardware tools, inventory management, and employee management features. However, the higher fees for online transactions and the inconsistency in customer support can make it a less favourable option for eCommerce and international businesses.

Square Fees: 

Subscription fees: Free account

Domestic transactions: Physical card transactions incur a 1.6% surcharge whereas online or no-card transactions cost 2.2% 

International transactions: 2.2% per transaction 

Pros

• Services in-person and online businesses 

• Social media management tools available as it integrates with Facebook and Instagram

• Easy set up with POS

Cons

• Higher fees for international transactions

• Separate software is required for multi-currency accounts and Square does not hold muli-currency funds 

• Limited customisation options in exchange for easy use

Wise 

Wise is a UK-based financial technology company focused on simplifying global money transfers. It offers businesses multi-currency accounts where customers can accept and hold payments in nine currencies and transfer funds to over 70 countries. They also offer virtual debit cards, batch international transfers, and accounting software integrations. Whilst Wise services individuals and micro businesses, it may not be most suitable for growing businesses that require a single unified platform for all financial operations. 

Wise Fees: 

Subscription fees: Free account. But to receive funds from 23 currencies, it costs $22. 

Domestic transactions: From 0.65% when sending money. To withdraw over the $350 limit per month, it costs 1.75% per transaction. Receiving domestic payments is free.

International transactions: International transaction fees start from 0.65% with additional fixed fees transferring via SWIFT network. Currency conversion fees are applied on top of these fees. 

Pros 

• Simple interface for individuals and businesses

• Offers virtual debit cards 

• Integrates with accounting software

Cons

• Relatively high fees per international transaction 

• Not cost-effective for larger number of transactions

• Does not offer advanced analytics or expense management tools

Stripe 

Stripe is a financial technology company that provides businesses with infrastructure for offline and online payments. It offers a suite of payment processing APIs, letting businesses accept, manage, and reconcile online transactions. For brick-and-mortar stores, they offer a POS system to accept in-person payments. Stripe's tools and services support various payment methods and currencies, providing global reach. However, Stripe does not offer a multi-currency account to hold international funds, or expense management tools to assist with a full suite of financial operations. 

Stripe fees: 

Subscription fees: No account fees

Domestic transactions: 1.7% + $0.30 per transaction

International transactions: 3.5% + $0.30 per transaction. An additional 2% is charged if currency conversion is required. 

Pros

• Extensive analytics and reporting tools

• POS system for physical stores

• Minimal subscription fees may make Stripe an accessible option

Cons

• Primarily a payments product, with no multi-currency accounts or corporate cards

• Users may need another platform to manage other financial operations

• Costly for international transactions, especially where currency conversion is involved

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 Q1 2025. 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.