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 to Payoneer:

Airwallex is a global financial technology company that offers a range of financial services, including international payments, multi-currency accounts, and Borderless Cards. It aims to empower businesses of all sizes to drive their global growth through easy-to-use transaction solutions.

PayPal has been a trusted payment gateway for over 20 years, serving the global community. It empowers eCommerce brands to process payments from credit cards, debit cards, and bank transfers.

Square is the financial services and mobile payment company that equips businesses with the tools to accept payments, manage sales, and operate more effectively. Recognised for its sleek card readers and POS systems.

Wise, previously recognised as TransferWise, is a worldwide tech enterprise that excels in international money transfers. We provide multi-currency accounts and affordable, crystal-clear foreign exchange services.

Stripe is a technology company that creates the economic infrastructure for the internet. It equips businesses with a comprehensive suite of payment processing tools and APIs to facilitate payment acceptance, payouts, and financial management online.

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 to consider when choosing an alternative to Payoneer. Use these as a handy guide when doing your research.

1. What payment methods do you support?

2. What are the transaction fees and do they vary?

3. What currencies do you support?

4. What are the currency conversion charges?

5. What are your security credentials?

6. Are there any setup or ongoing monthly fees?

7. Are there any early termination fees?

8. What kind of customer support do you offer?

Final thoughts on alternatives to Payoneer

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

Airwallex is an end-to-end financial solution that offers more than basic payment facilitation. Our technology is used to manage customer payments and support treasury operations, as well as embedded finance solutions.

We offer a full suite of financial operations features like expense management and multi-currency employee and corporate cards.

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%.

With Payoneer, transactions are free if you’re moving money to and from another Payoneer account. Otherwise, you pay a fee. For credit cards, you’ll pay 3% and for ACH bank payments the fee is 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.

For medium and larger businesses who aren’t solely moving funds between Payoneer accounts, the platform’s fees can get complicated and costly.

Airwallex is designed to be a holistic financial partner for growing, mid-market and enterprise level companies managing money across borders. In fact, over 100,000 businesses use our software and APIs to simplify their global payments and financial operations.

Sources & references

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

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

3. https://www.skrill.com/en/business/

4. https://wise.com/gb/blog/skrill-money-transfer

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

6. https://squareup.com/gb/en/pricing

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

8. https://wise.com/gb/pricing/business

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

10. https://wise.com/us/blog/stripe-international

11. https://stripe.com/gb/pricing

12. https://www.payoneer.com/get-paid-by-clients/#:~:text=Payment%20request%20%E2%80%93%20sent%20payment%20requests,bank%20debit%2C%20direct%20bank%20payment

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

Disclaimer: We wrote this article in Q2 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].

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