Wise vs Payoneer: Which One Fits Best For Your Business?

Table of Contents
Wise vs Payoneer

Last Updated: April 2024

In the realm of cross-border transactions, the choice between Wise vs Payoneer stands as a pivotal decision. 

While Payoneer boasts a widespread network covering over 200 countries, Wise sets itself apart with its competitive transfer fees, diverse payment options, and alignment with the mid-market rate.

As the digital landscape continues to reshape global money transfers, the complexity of choosing the ideal service provider grows. 

In this article, we embark on a thorough comparison between two industry giants: Wise and Payoneer.  Let’s navigate the intricacies of Wise vs Payoneer to determine which one aligns best with the unique needs of your business.

Wise vs Payoneer Feature Comparison

In the realm of financial management, two prominent contenders dominate the scene: Wise and Payoneer. Both platforms provide a spectrum of features aimed at optimizing business processes. Let’s dive into their key offerings and conduct a comparative analysis.

1. Transaction Fees

Wise

  • Clear Fee Approach: With Wise, expect transparency in fees and updates throughout your transaction. They prioritize matching the mid-market rate over adding extra charges for currency conversion, keeping their fees small yet competitive.
  • Minimal and Calculated Fees: Wise computes fees based on the transfer amount, usually less than 1%. Plus, transferring balances between Wise accounts comes at no cost, a convenient perk for frequent transfers to fellow users.

     

“TransferWise makes it so easy, and the fees are reasonable as well to pay contractors.”

⭐5/5 Kyla G.

Payoneer

  • Transaction Fees: Requesting payments through Payoneer’s Billing Service carries a 1% to 3% fee range. Receiving money in USD has a 1% charge, and fees for online marketplace receipts vary by platform.
  • Withdrawals and Payments: Supplier payments range from 1% to 3%, while transfers to other Payoneer users are free. ACH bank debits, local bank transfers, and credit card payments incur 1% and around 3% charges, respectively.

     

    Getting paid for my freelance work has never been easier with very reasonable transaction charges.

    ⭐4.5/5, Shemmy K.

2. Exchange Rates

Wise

  • Exchange Rate Edge: When dealing with Wise, you can count on a close match to the mid-market rate for converting foreign currencies in global transactions. Right at the outset of a money transfer, Wise provides you with the conversion rate, giving you the chance to compare before moving forward.
  • Transparency and Leading Role: Wise’s strong commitment to transparency is what distinguishes them. This dedication has led to their recognition as an industry leader, known for maintaining minimal-to-no mark-up percentages on exchange rates.

    “It has been a revolutionary change in the competitive market and also in the exchange rate.”

⭐4.5/5 Arnob B.

Payoneer

  • Overseas Transfers: Opting for Payoneer to send money abroad means a 2% mark-up added to the mid-market rate in addition to the transfer fee. 
  • Currency Conversion Consideration: Payoneer also offers an account-based currency conversion service, which involves a 0.5% markup. Given this, it’s advisable to consider converting currencies before initiating a transfer.


“Payoneer gives the best currency exchange rates, and they process payments speedily.”

⭐4.5/5, Ravina M.

3. Transfer and Payment Options

Wise

  • Payment Flexibility: Wise provides a range of choices for bank transfers, balance transfers, debit/credit cards, Apple Pay, and Google Pay for ultimate flexibility.
  • Smart Choices, Trusted Results: Wise’s transparent presentation of options lets you compare transfer speed and fees, ensuring swift and informed payment decisions you can trust.


“Wise is a wise choice.”

⭐5/5 Kate S.

Payoneer

  • Limited Sending Options: Payoneer restricts your transfer possibilities to bank accounts and balance transfers, reducing your available choices.
  • Considering Alternatives: If you usually prefer credit or debit card transactions, be aware that Payoneer lacks these options. This might lead you to explore alternative methods that align with your preferences.


“Multiple currencies, excellent prices, and transfer options.”

⭐5/5, Marian C.

4. Ease of Use, Accessibility, and Security

Wise

  • Support and Ease: Wise offers robust customer support via chat, email, and phone, supporting 12 languages on their website.
  • Mobile Convenience and Security: Wise’s app streamlines transfer on the go, letting you check rates and view transactions. They ensure safety with a two-factor authentication system, enhancing your peace of mind.


“Wise uses advanced security measures to protect users’ data and transactions, including two-factor authentication and encryption.”

⭐4/5 Megha S.

Payoneer

  • Multilingual Support Team: Payoneer’s 320 customer service representatives support you in 70 languages via live chat, email, and phone.
  • Global Currency Flexibility: With Payoneer, access 150+ currencies worldwide, with website translations available in 8 languages besides English.
  • Secure App Convenience: Use the Payoneer app for easy currency management, payment requests, and transfers. Excitingly, enhancing security with 3D Secure for prepaid cards, a strong defense against unauthorized transactions.


“Payonner is a versatile and ideal tool to send and receive with the best security that can be offered in the market.”

⭐4.5/5, Jose N.

Wise vs Payoneer Comparison of Pricing

Wise

  • Registration: Free
  • Sending Money: Fees vary by currency, starting from 0.43%
  • Withdrawing Money: Free for 200 GBP (for UK residents) or 100 USD (for US residents) per month per account. Over this limit, it’s 0.50 GBP or 1.50 USD per withdrawal
  • Account Funding Transactions: 2%
  • Wise Debit Card: 7 GBP or 9 USD
  • Currency Conversion: Fee varies by currency, starting from 0.43%
  • Holding Money in Account (40+ currencies): Free
  • Receiving Money (non-wire): Free
  • Receiving USD Wire Payments: Fixed fee per payment of 4.14 USD
  • Receiving CAD SWIFT Payments: Fixed fee per payment of 10 CAD

Payoneer

  • Registration: Free
  • Receiving Payments from Other Payoneer Customers: Free
  • Direct Payment by Clients via Credit Card and ACH Bank Debit (US only): 3% for credit card (all currencies), 1% for ACH bank debit
  • Direct Payment by Marketplaces and Networks: Fees may vary, check the website for precise rates.
  • Withdraw Funds to a local bank account in the Same Currency: Fees vary depending on the currency of your account.

Wise vs Payoneer Comparison Table

FeaturesWisePayoneer
Transfer FeesLow fees and a transparent approachVaries based on transfer type
Exchange RatesMid-market rate alignment2% mark-up on mid-market rate
Currency Options80+ currencies150+ currencies
Transfer SpeedTypically 1-2 business daysVaries based on recipient location
Customer SupportLive chat, email, and phone support in 12 languagesMultilingual support (70 languages)
Account-to-Account TransfersAvailable for freeAvailable for free
Payment OptionsBank transfers, cards, and local optionsBank accounts, cards, and local options
Mobile AppConvenient transfers and trackingCurrency management, transactions
Currency ConversionInstant conversionsAvailable within account
SecurityTwo-factor authentication3D Secure for added card security

Saufter: Get A Single View For All Support Tickets

Introducing Saufter, the ultimate platform centered around your customers’ needs! Crafted to prioritize exceptional customer experiences, this platform seamlessly combines self-service tools and proactive support, paving the way for your business to achieve unprecedented success.

Wise vs Payoneer

Key Features:

  • Self-Serve Empowerment: Grant users the ability to find solutions independently, nurturing their sense of autonomy.
  • Automated Streamlining: Elevate productivity by intelligently automating repetitive tasks, enabling your team to focus on what matters most.
  • Unified Insights: Simplify support processes with a comprehensive view of customer information, accessible in a single scroll.
  • E-Commerce Enhancement: Boost customer satisfaction by allowing returns, exchanges, and order modifications through intuitive automation.
  • Order Tracking: Proactively assist customers with round-the-clock order monitoring, ensuring a seamless shopping journey.
  • Tailored SaaS Support: Cater to diverse user needs by offering self-help options for various SaaS interactions.
  • Seamless Omnichannel: Deliver consistent experiences by effortlessly connecting with customers across multiple platforms.
  • Integration Harmony: Effortlessly sync with platforms like Shopify, WooCommerce, Magento, and Facebook, streamlining your operations.

Conclusion

Opt for Wise if:

  • Transparent rates and low fees matter.
  • Mobile convenience and currency options are key.
  • Strong security features are a priority.


Choose Payoneer if:

  • Multilingual support and global accessibility are vital.
  • Handling multiple currencies and e-commerce matters.
  • Integration with diverse online platforms is a requirement.


In the end, your decision should align with your unique needs and priorities. Both Wise and Payoneer offer valuable features that can enhance your financial operations.

Ready to boost your customer support to new heights? 

Say hello to Saufter

This advanced platform turbocharges your e-commerce, elevates service, and fuels business growth. 

Sign up now and experience the game-changing magic today!

Prevent Subscription Cancellations Automatically

Prevent Subscription Cancellations Automatically

Implement anti-cancellation strategies and automate subscription cancellation requests from customers.

AUTOMATE CUSTOMER SERVICE AND REDUCE REFUNDS

Claim Your 6 months of FREE Credits Now!

Get the code. Use anytime in the next 6 months.

Helplama Helpdesk is now Saufter.io!