Personal Features

Payoneer

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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.


Revolut

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50

Revolut provides digital banking and international money transfer services for personal customers from different countries.

What Revolut does

  • International money transfers.
  • Debit cards.
  • Unique multi-currency accounts.
  • Direct debits.
  • Receive money.
  • Budgeting tools.
  • Create Vaults to save money faster.
  • Access to cryptocurrencies.
  • Bill splitting.
  • Revolut Junior Account for children aged 12 to 17.

What Revolut doesn’t do

  • Personal account managers.
  • Hedging tools.
  • Cash pickup.

Revolut wins!

Well. This is an easy comparison. Payoneer only provides currency solutions to businesses and entrepreneurs. Revolut, as a digital bank, provides individuals digital banking services, money transfers and foreign currency optimized travel debit cards. (Just make sure you stay under their fee free threshold.. More in the Fees and Exchange rates comparison).

Revolut
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Business Benefits

Payoneer

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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

Revolut

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Businesses signing up with Revolut can receive multiple benefits.

What Revolut for business offers

  • International money transfers.
  • Unique multi-currency accounts.
  • Business debit cards.
  • Automated accounting with Xero, Freeagent and QuickBooks.
  • Integration with Zapier and Slack.

What Revolut for business doesn’t do

  • Account managers.
  • Solutions for online sellers.
  • Hedging tools.
  • Mass payments.

Payoneer wins!

While comparing Revolut and Payoneer for business services. Payoneer is the obvious choice for foreign currency payment solutions. Payoneer has been built to solve international payments and receiving money business challenges.

Revolut has its place. Both Payoneer and Revolut could be used together to solve many more business problems combined.

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Fees & Exchange Rates

Payoneer

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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. 


Revolut

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When you use your Revolut card to make international transactions, you benefit by getting existing interbank rates. Revolut fees depend on the type of account you open and where you live.

Subscription fees

RegionAccount typeMonthly subscription fee
The USStandard$0
Premium$9.99
Metal$16.99
The UKStandard£0
Premium£6.99 
Metal£12.99

Other fees for US customers

Fees for ATM withdrawals

Account typeFees
StandardNo fee up to $300 per month, then a 2% fee applies.
PremiumNo fee up to $600 per month, then a 2% fee applies.
MetalNo fee up to $1,200 per month, then a 2% fee applies.

Fees for international money transfers

Account typeFees
StandardNo fee up to $6,500 per month, then an exchange rate margin applies.
PremiumUnlimited free transfers.
MetalUnlimited free transfers.

Revolut exchange rates

Revolut provides interbank exchange rates when processing international money transfers involving major currencies, provided they fall within a customer's monthly allowance limit. Transfers that involve THB (Thailand) and UAH Ukraine) come with markups, as do cryptocurrency exchanges. The markup depends on the type of account you hold.

Fees for foreign exchange outside market hours

 High-frequency Standard customersPremium customersMetal customers
Major currencies0.5%0.5%0.5%
THB and UAH1.5%2%2%
Cryptocurrencies3%1.5%1.5%

Fees for receiving money

You don't have to pay any fees to receive money into your Revolut multi-currency accounts. However, the sender might need to pay intermediary bank fees. For example, a sender transferring EUR from Ireland into your EUR-denominated account in the UK might still need to pay intermediary bank fees. This is because the multi-currency accounts offered by Revolut are physically located in the UK.


Payoneer wins!

Payoneer seems to have higher fees than Revolut for international currency. But Revolut has monthly account fees. If you have larger international currency requirements, the larger your monthly fees become. And with Revolut, transferring on the weekend will cost more automatically. With Payoneer, as your business grows, you are in a position to begin exchange rate margin negotiations. This will bring down your exchange rate margin costs.

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Ease of Use

Payoneer

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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.


Revolut

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What Revolut does well

Sign up process - Create a new account with ease by using the Revolut app.

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

Apple Pay and Google Pay - Link your Revolut account to Apple Pay or Google Pay to make fast and easy payments.

Mobile app - Available for iOS and Android.
 

Where Revolut could improve

Website access - Customers can not use the Revolut website to access their accounts or send money. They need to use the Revolut app.


Revolut wins!

Revolut definitely has a more user friendly interface and experience. As a recently created digital bank, they have focussed on simplifying user processes and providing a smooth and intuitive user experience.

Payoneer, on the other hand, has not invested in improving it’s website and mobile app user experience. Although functional, it can be a bit clunky to use. Especially compared to Revolut. Payoneer’s user onboarding, compliance documentation and new bank account addition process is poor. There is a lot of room for improvement. With Payoneer being such a large player in the international money transfer market. Payoneer should be in a position to fix their frequently used user processes and app experience.

Revolut
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Support & Countries

Payoneer

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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.


Revolut

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What Revolut does well

Supported currencies for transfers - Use Revolut to send money in 28 currencies.

Customer support - Local phone support in different countries and 24/7 chat support.
 

Where Revolut could improve

Supported registration countries - Revolut can improve by increasing the number of registration countries outside of Europe.


Payoneer wins!

There is no competition here between Payoneer and Revolut. Payoneer can support registrations from more countries and send money to more countries worldwide. Revolut is relatively young and is expanding their global reach. Revolut has recently set up shop in Australia. (However, they only offer a debit card for now. No local Australian banking details). iCompareFX will monitor Revolut’s progress and update their rating as they evolve.

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Trust & Transparency

Payoneer

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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.


Revolut

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What Revolut does well

  • Revolut is licensed to provide services in the US, the UK, the European Union, Australia and Singapore.
  • Fingerprint identification.
  • Rating of Excellent on Trustpilot.

Where Revolut could improve

Addressing customer complaints - Some Revolut reviews on Trustpilot mention customers' accounts being locked and their money going missing. Quick resolution of such complaints would work well in increasing trust levels.


Payoneer wins!

Payoneer wins when compared to Revolut. However, not by much. Both companies need to be more transparent on their pricing and hidden exchange rates fees. Revolut is attracting a growing number of poor reviews which is a concern. Lastly, while both companies take part in equity funding, Revolut would be a slightly higher risk. As a new growing company, there is a risk that their private equity owners will demand a faster return on their investment. While Payoneer has a more established longer term growth plan into new markets, and the business model and networks to support this growth.

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The Result

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 Payoneer

Payoneer has won the Payoneer vs Revolut comparison. Payoneer is a business focussed solution with a large international network and presence. Although a little on the pricey side, there may be situations where Payoneer is the only choice for international entrepreneurs. For example, Amazon affiliates can withdraw their commissions directly from Amazon Affiliates USA into the Payoneer accounts. 

Revolut is an option for business banking needs. However, their multi-currency accounts are located in the UK. They are not locally located as with the Payoneer Local Currency Accounts. This will save your payees money transferring money internationally to pay you.

Choose Payoneer for global payment solutions and receiving global payments. Choose a bank for your business banking needs.

FAQs

Can I transfer money from Payoneer to Revolut?

Yes! Revolut is a digital bank. You can attach Revolut bank account details within your Bank Account settings. You may need to verify your Revolut account ownership. Once attached, you can withdraw your Payoneer global account funds to your Revolut bank account details. Tips: Make sure you use the Revolut currency account details that is the same as your home country. You may need to transfer between your Payoneer global currency accounts to match your Revolut bank account currency before you withdraw from Payoneer to Revolut.