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.
Personal Features
Payoneer
0
0
PayPal
33
33
PayPal provides different services for personal customers from a number of countries. However, the services on offer vary from one region to another. PayPal's consumer product is a digital wallet where the customer's ID can be their email address and phone number. PayPal customers can send money to each other's digital wallets quickly and easily. The PayPal digital wallet can be connected to a bank account and debit or credit cards. This allows customers to withdraw available funds to their bank accounts. Connecting their bank cards allows customers to buy goods and services on e-commerce stores where PayPal is accepted as a payment method.
What PayPal does
- International money transfers.
- Debit and prepaid cards.
- PayPal Credit.
- Links multiple payment methods to your account to shop online.
- Digital wallet to hold funds in multiple currencies.
What PayPal doesn’t do
- Dedicated account managers.
- Risk management tools.
- Cash pickup.
PayPal wins!
PayPal wins by default in the individual category as Payoneer does not offer services to individuals.
PayPal offers a great solution for online shopping by paying for goods and services with your PayPal account. Most online sellers support PayPal as a payment option. PayPal keeps all your payment details private. And, for example, you only need to update credit card information in one spot. Very handy.
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
PayPal
56
56
PayPal for business provides a range of specialized services for businesses from different countries. Businesses can use PayPal to create and send invoices and receive payments. PayPal's merchant solution allows online sellers to accept PayPal as a payment method. Customers can use the PayPal payment gateway to buy goods or services using their PayPal account or directly with credit or debit cards. PayPal has more solutions for business accepting micro payments which may be quite useful when selling low cost products.
What PayPal for business offers
- Make and accept international payments.
- Solutions for online sellers.
- Digital wallet to hold funds and transact in multiple currencies.
- Payment gateway to accept card payments.
- Accepts in-store payments with a card reader and a smartphone or tablet.
- Easy accounting integration through APIs, SDKs, code samples and pre-integrated solutions.
- Risk management through fraud and seller protection.
- Mass payments.
What PayPal for business doesn’t do
- Account managers.
- Currency hedging tools.
Payoneer wins!
PayPal and Payoneer offer international money transfer for business. However, PayPal acts as a payment gateway for online sellers. PayPal can process customer credit card payments. PayPal personal account users can also use direct debit to pay for goods and services.
Payoneer does have a payment gateway solution. So online sellers should choose PayPal vs Payoneer for online merchant solutions.
Payoneer offers many more solutions for non-merchant businesses. When choosing between Payoneer and PayPal, Payoneer is the clear choice.
Winner
Fees & Exchange Rates
Payoneer
42
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.
PayPal
0
0
PayPal fees vary based on where you live and the services on offer. Below we show sample fees for the USA. For more detailed information on fees for PayPal merchant solution, iCompareFX has created an interactive payment gateway fees comparison tool and more detailed breakdown of merchant variable and fixed fees by region.
Fees for sending money within the US
| Payment method | Fees |
| PayPal Cash, PayPal Cash Plus or a linked bank account | $0 |
| Credit card, debit card or PayPal Credit | 2.9% of the transfer amount, plus a fixed fee |
Fees for sending money overseas
| Payment method | Transaction fees | Funding fees |
| PayPal Cash, PayPal Cash Plus or a linked bank account | 5% of the transfer amount (minimum of $0.99 and maximum of $4.99) | $0 |
| Credit card, debit card or PayPal Credit. | 5% of the transfer amount (minimum of $0.99 and maximum of $4.99) | 2.9% of the transfer amount plus a fixed fee |
Fees for selling
| Mode of selling | Fees |
| Selling in the US | 2.9% plus $0.30 per transaction |
| Selling internationally | 4.4% plus a fixed fee based on the currency received |
| PayPal Here card reader | 2.7% for card swipes, or 3.5% plus $0.15 for manually entered transactions |
PayPal exchange rates
PayPal adds a margin of up to 3% on existing mid-market rates when carrying out currency conversion. Combined with the fees you need to pay, the cost of sending money overseas through PayPal becomes rather prohibitive.
Payoneer wins!
PayPal’s fees and exchange rate margins are high. Sending money internationally through PayPal can cost far more than Payoneer.
Payoneer’s fees are also on the higher side, but are lower compared to PayPal. Also receiving money through Payoneer's receiving accounts solution has no cost. While with PayPal, it’s merchant payment gateway solutions are very high to the business owner.
Winner
Ease of Use
Payoneer
64
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.
PayPal
68
68
What PayPal does well
Sign up - Signing up takes little time, and you may do so by using the PayPal website or app.
Payment options - You can fund your account and transfers in different ways such as bank transfers, debit cards and credit cards.
PayPal app - The PayPal app is available for iOS and Android.
Where PayPal could improve
Phone transfers - PayPal customers can not send money over the phone.
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.
PayPal
88
88
What PayPal does well
Supported countries - PayPal provides its services in more than 200 countries and territories.
Multilingual website - You can use the PayPal website in different languages.
Where PayPal could improve
Local phone support - PayPal could do better by providing local phone support in countries with large customer bases.
It's a draw!
Payoneer and PayPal have a large global footprint of supported countries. Both score equally with customer support, acknowledging that customer service on both sides needs some work.
Draw
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.
PayPal
32
32
What PayPal does well
- PayPal is licensed to provide its services in all the regions in which it operates.
- Dispute resolution and purchase protection for buyers.
Where PayPal could improve
Customer rating - PayPal gets a rating of Bad on Trustpilot. Several PayPal reviews written by customers highlight the company's poor customer service. None of the recent reviews have been answered by PayPal. Regular PayPal complaints are related to business accounts being suspended during disputes with no notice or follow up by PayPal. This has lead to a large number of unanswered complaints on Twitter, TrustPilot and Google reviews.
Exchange rate transparency - The non-transparent exchange rate margin leaves many customers wondering about the true cost of their transfers.
The Result
Winner
Payoneer
Payonner wins overall when comparing Payoneer and PayPal. Payoneer’s range of business solutions and lower fees means that Payoneer is a better choice. Saying that, Payoneer does not offer online merchant payment gateway solutions. Therefore if this is the service you need, PayPal is the appropriate choice compared to Payoneer. But before choosing PayPal, compare payment gateways for domestic and international online sellers.
Overall, if you are a freelancer or business owner Payoneer is a good choice as your business partner for international money transfers.
FAQs
Which is better: PayPal or Payoneer?
Payoneer is better than PayPal as a partner for business international money transfer solutions. Unless of course you need a payment gateway as a small online seller. In that case, PayPal is the natural choice vs Payoneer.
What is the difference between PayPal and Payoneer?
Payoneer focuses on creating integration solutions for individual foreign online seller platforms. This allows international entrepreneurs repatriate their revenue cheaper than using the online seller foreign money transfer system. PayPal's merchant accounts provide a payment gateway that a business can add their self hosted e-commerce platform. For example, a PayPal WordPress plugin or Woocommerce. PayPal is more expensive to exchange your currency revenue to your home currency than Payoneer.
