Personal Features

Payoneer

0

Payoneer does not provide services for personal customers.


PayPal

33

PayPal provides different services for personal customers from a number of countries. However, the services on offer vary from one region to another.

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.

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Business Benefits

Payoneer

89

Payoneer specializes in providing international money transfer services for businesses, online sellers and freelancers.

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

PayPal provides a range of specialized services for businesses from different countries.

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.

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Fees & Exchange Rates

Payoneer

42

Payoneer Fees

There are different fees for Payoneer services. Read the detailed review of Payoneer to see 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.

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

PayPal fees vary based on where you live and the services on offer.

Fees for sending money within the US

Payment methodFees
PayPal Cash, PayPal Cash Plus or a linked bank account $0
Credit card, debit card or PayPal Credit2.9% of the transfer amount, plus a fixed fee

Fees for sending money overseas

Payment methodTransaction feesFunding 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 sellingFees
Selling in the US2.9% plus $0.30 per transaction
Selling internationally4.4% plus a fixed fee based on the currency received
PayPal Here card reader2.7% 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.


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Ease of Use

Payoneer

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

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.


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Support & Countries

Payoneer

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

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.


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Trust & Transparency

Payoneer

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

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.

Exchange rate transparency - The non-transparent exchange rate margin leaves many customers wondering about the true cost of their transfers.


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The Result

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 Payoneer