Payoneer and Wise are international online banks that provide convenient functionality for sending and receiving payments from all over the world. Both platforms offer multi-currency payment processing services and are popular among freelancers, entrepreneurs, and company owners. However, although the functionality and operating principle of the systems are similar, they have several differences that are important to consider when choosing. In this article, you will learn about them. You can also estimate currency exchange rates using https://rates.fm/.
Payoneer is a payment system that is present in 200+ countries, supports more than 150 currencies, and has more than 40 million active users. The system is convenient for business: both for large companies and freelancers. There is support for a wide range of e-commerce services, marketplaces, and other online platforms - including Stripe, Amazon, eBay, and Rakuten. The system supports receiving and withdrawing funds to a bank account, issuing physical and virtual cards, mass payments, transfers within the system without commission, and a number of other features.
The Payoneer payment system is used by tens of thousands of users around the world, including clients of Wells Fargo & Company, Aetna, Bybit, and Citigroup with headquarters in New York and other large companies.
Wise is a service that provides multi-currency accounts to both legal entities and individuals. There is support for 160 countries and 40 currencies. The system is used by more than 300,000 businesses. Although this service has a smaller geographic coverage and offers fewer eCommerce services available, users appreciate the more transparent pricing policy and low commissions.
Functionality includes invoicing, funds management, and currency conversion. In addition, the company offers a branded debit card (for both individuals and businesses). Mass payments are available, but their volume is limited: up to 1000. Integration is performed via API.
Payoneer's functionality is focused on providing international payment services for businesses. Payoneer Account allows you to:
- accept payments from platforms such as Amazon, Shopee, eBay, and Rakuten, as well as other e-commerce platforms/marketplaces;
- use the account to receive payment in local currency;
- monitor transaction data from multiple stores within one control panel;
- generate and send invoices for payment;
- make massive payments without restrictions;
- pay taxes through your personal account on the platform.
An important feature of a Payoneer business account is that to access mass payouts, the total amount must be at least $30,000 monthly. This may be inconvenient for smaller companies.
Wise Account offers the following features:
- fast international payments in the selected currency;
- transparent system of fees and commissions, which allows you to avoid overpayments;
- getting a business debit card;
- connection of accounting programs for account management;
- the function of scheduled and regular transfers;
- mass payments (up to 1000);
- the ability to open access to an account for several users.
You can manage currencies in Payoneer using the Manage Currencies service, the use of which involves transferring funds between your accounts. For example, transferring a certain amount from a dollar account to an account in euros. In this case, the commission is 0.5%. If conversion is required for transactions outside the system, the fee increases to 3.5%.
You can access the funds on your balance by using one of the Payoneer functions - the Prepaid MasterCard virtual card. The answer to the question “How to withdraw money from Payoneer?” will be the "Withdraw to bank" service, which allows you to transfer funds to a personal or business bank account.
Conversion in Wise can also be done manually between your accounts at the current rate. In addition, there is an automatic conversion function. It is needed if the account holder is trying to make a transfer in a currency different from the currencies of his account (or in the case when there are not enough funds in the account in the selected currency). The commission size is calculated depending on the currencies being converted and is 0.4-0.5%.
You can use the funds added to your balance using a Wise virtual card. Withdrawal to a bank account or e-wallet is also available.
Both services provide high security and comply with the requirements applicable to payment systems.
Payoneer is a company registered in the USA. It meets the requirements for MSB (Money Service Business). The platform on which transactions take place complies with the PCI standard (Level 1) and undergoes regular audits confirming the security of the system. To provide additional protection for user funds, the service sends notifications about each completed transaction. This allows you to quickly find out if your account has been hacked.
Wise also uses account transaction notifications. Funds are protected by two-factor authentication, and payment information is protected by encryption. The system undergoes regular security checks: both internal and from third-party auditors. The platform is certified SOC 1 Type 2, SOC 2 Type 2, PCI DSS, and ISO 27001, and is also GDPR compliant.
Both platforms are regulated by the laws of several countries: USA, Japan, Australia, India, and Hong Kong. Wise is also regulated by regulatory organizations in the UK, Europe, Canada, New Zealand, and Malaysia.
Both services have a high level of customer support. You can contact Payoneer representatives 24/7 via online chat, email, or phone. Support works in 70 languages and, according to customer reviews, responds quite quickly. Such efficiency makes it possible not only to easily understand questions about the operation of the system but also to quickly solve the problem that has arisen. Wise also offers 24/7 multilingual support.
In addition to support, both systems provide users with detailed FAQs and a wide selection of articles with answers to various questions: “How does registration work in Wise?”, “How to withdraw money in Payoneer?” etc.
Both companies have several advantages for business: Payoneer offers a wider range of tools, and Wise offers a transparent pricing policy and low commissions. Both services provide a high level of security, convenient currency conversion, and 24-hour technical support for users. When making transactions, you can take into account currency exchange rates in Ukrainian financial institutions through the Rates service.