Personal Features

Payoneer

0

0

Payoneer only offers money transfer solutions for freelancers and businesses. Therefore Payoneer receives a zero score for the Individual services category. If you need international money transfer services or solutions and you are not a freelancer or a business. You should click Compare Now in the top menu. Find the best companies for individuals that support your home and destination country.


OFX

59

59

OFX offers international money transfer solutions for individuals specialising in international bank transfers.

What OFX offers individuals

  • International money transfers
  • Personal account manager
  • Regular transfers
  • OFX mobile app

What OFX does not offer individuals

  • Digital wallets for individuals
  • FX optimised travel cards
  • Cash pick up or international bill payments

OFX wins!

OFX scores better in the Personal Features category.

OFX
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Winner

Business Benefits

Payoneer

89

89

Payoneer specializes in providing international money transfer services for businesses, online sellers and freelancers. Payoneer offers international payment solutions for large and small businesses alike. AirBNB has partnered with Payoneer to service payments to their hosts. Small business and entrepreneurs leverage Payoneers Online Sellers integration to easily receive payments from Amazon, Wish and Shopee and many more. See a high level list of the services Payoneer offer below.

What Payoneer for business offers

  • Solutions for online sellers
  • Unique local multi-currency bank accounts
  • Mass payments
  • Prepaid Mastercard
  • Payment requests
  • Payoneer to Payoneer transfers
  • Accounting integration

What Payoneer for business doesn’t do

  • Currency hedging tools
  • Dedicated account managers for small transfers

OFX

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89

Where OFX really shines is their business solutions and partnerships. Global businesses small and large can take advantage of their variety of solutions to work with global customers and suppliers. Most importantly they help manage currency risk. 

What OFX for business offers

  • Risk management
  • Multi-currency accounts
  • Global payment solutions
  • Business specialists
  • Xero accounting integration

What OFX for business doesn’t do

  • Business debit card optimised for FX

It’s a draw!

Both equally compare in the Business Benefits category.

It's a draw!
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Draw

Fees & Exchange Rates

Payoneer

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42

Payoneer fees include transferring money out of Payoneer to local bank accounts, using their Mastercard to spend in foreign countries, and some additional fees. There are no fees for receiving money in to your Payoneer account.

Payoneer Fees

There are different fees for Payoneer services. Read the review of Payoneer to see a detailed breakdown of all the fees that can apply. Below is a short summary of the Payoneer fees.

Exchange rate margin fee - An exchange rate margin of up to 3% can apply in different circumstances such as withdrawing money and transferring balances between different currencies. You may negotiate better rates when carrying out large value transfers.

Payoneer Mastercard - Spending funds in the Payoneer account using the Payoneer Mastercard can have up to a 3.5% currency conversion fee.

Are there additional Payoneer fees?

Yes. You might need to pay fees when receiving and making payments. The Payoneer Prepaid Mastercard comes with an annual fee. 


OFX

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83

OFX Fees

Exchange rate margin fee - OFX offered exchange rate includes a fee of 0.5% and 0.7%. This is low and competitive.
 

Are OFX exchange rates negotiable?

By calling an OFX Expert and discussing your money transfer needs, it may be possible to arrange better pricing. In particular for larger sums and large yearly volume trades.
 

Are there additional OFX fees?

Yes. When sending under CA$10,000 or AUD$10,000, there is an additional fee of $15.
 

OFX & iCompareFX offer

OFX offers customers referred by iCompareFX a low exchange rate margin fee of 0.4%. This is an outstanding offer and is sure to lower all your money transfer costs which means more money being transferred.


OFX wins!

OFX scores better in the Fees and Exchange Rates category.

OFX
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Winner

Ease of Use

Payoneer

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64

What Payoneer does well

Sign up process - Fairly straightforward although completing the US tax form can be time consuming.

Payment options -  Bank account transfers, debit card, credit cards and Payoneer balances.

Mobile app - Available for iOS and Android. 
 

Where Payoneer could improve

Transfer speed - Up to 3 business days upon payment.

Phone transfers - Transfers can not be completed over the phone.

USA tax compliance form assistance - Completing the form as a non-US resident can be confusing. It would be of great help to provide more assistance for non-nationals to complete these forms.


OFX

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71

What OFX does well

Sign up process - Fast and intuitive.

ID verification - If requested, ID verification is generally your drivers license ID number and a quick phone call to discuss your money transfer requirements.

Transfer speed - 1 - 2 business days upon payment.

Mobile App - To initiate money transfers. Current and historical exchange rates are also available.

Where OFX could improve

Payment options - There are limited payments available other than local bank transfers.

Minimum transfer amount -  The minimum transfer amount is US$1,000, AU$250, CA$250, £100, €250. 


OFX wins!

OFX scores better in the Ease of Use category.

OFX
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Winner

Support & Countries

Payoneer

88

88

What Payoneer does well

Supported destination countries and currencies - Payoneer supports transfers to more than 200 countries and territories, in over 150 currencies.

Customer support - Customer support is available via chat, email and over the phone.

Languages - Access to the Payoneer website comes in multiple languages.
 

Where Payoneer could improve

Send from countries - As of now, customers can use the Global Payment Service to send money from the United States, European Union, the United Kingdom, Japan, Australia, Canada and Mexico.

Customer Service - There is a growing number of negative customer reviews for Payoneer. These need to be addressed and communicated through review channels such as Trustpilot.


OFX

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81

What OFX does well

Supported destination countries - OFX supports over 55 currencies and many more exotic currencies. 

Global presence - OFX has seven global offices in Australia, New Zealand, Singapore, Hong Kong, United States, Canada and the UK.

Customer support - Customer support is available locally in the global offices, over the phone and via email.
 

Where OFX could improve

Languages - Customer service and their website is in English only.

Customer sign up countries - Currently OFX supports customer registration from USA, Canada, UK, Europe, Singapore, Hong Kong, Australia and New Zealand.


Payoneer wins!

Payoneer scores better in the Support and Countries category.

Payoneer
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Winner

Trust & Transparency

Payoneer

63

63

What Payoneer does well

  • Payoneer is fully regulated in different countries.
  • Two-factor authentication adds another layer of security to your Payoneer account.
  • High volume of repeat transfers implies high levels of trust.

Where Payoneer could improve

Exchange rate margin fee transparency - Payoneer’s exchange rates include margins of up to 3% in some cases.


OFX

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69

What OFX does well

  • OFX is fully regulated in multiple countries UK, Australia, USA and Canada.
  • OFX is listed on the Australian Stock Exchange and therefore is regularly audited for the compliance and safety of customer funds.
  • OFX has a Trust Pilot score of Excellent. Customer complaints are dealt with on TrustPilot quickly and directly by their customer service team.
  • iCompareFX customers make thousands of transfers through OFX yearly.

Where OFX could improve

Exchange rate margin fee transparency - OFX’s offered exchange rates include margin fees. While the exchange rate margin fee is low, it would be beneficial for current and future customers to clearly understand the fees. This would improve customer satisfaction of their money transfer service.


OFX wins!

OFX scores better in the Trust and Transparency category.

OFX
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Winner

The Result

Winner ribbon iconWinner

 OFX

As Payoneer only offer business services which resulted in a tie with OFX, the other categories determined the overall winner.  OFX made it across the line with its exceptional fees and exchange rates and ease of use for its services.