This post will compare two foreign exchange companies, Wise vs Payoneer, to see how they fare against each other in terms of costs, exchange rates, conversion charges, safety, and speed.
Individual needs in terms of fees, speed, and transaction type will determine whether to choose Wise or Payoneer, which also both serve as money transfer service providers.
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Which is better TransferWise or Payoneer?
Wise vs Payoneer Rates and Costs
Wise exchange rate
The platform is known for not adding a markup and using the mid-market exchange rate. It’s quite favorable since users are guaranteed a fair rate that accurately represents the market value.
Payoneer exchange rate
While converting money within accounts or while making withdrawals, Payoneer charges a currency conversion margin that can go as high as 3%.
This indicates that customers frequently receive less advantageous prices vs the mid-market rate.
Wise conversion fee
Wise conversion fee starts from 0.33% of the transaction value, applied when users send money abroad or convert currencies within their accounts.
Payoneer conversion fee
Payoneer assesses a 0.5% currency conversion fee on top of the exchange rate.
Wise charges
Users of Wise enjoy clear fees that are stated up front; there are no hidden or subscription charges per month.
Although majority of ATM withdrawals are free, monthly withdrawals above 200 British pounds are subject to a cost of 0.50 pounds per transaction + 1.75%.
There is a 2% charge to top up e-wallets/other accounts. Getting money in majority of currencies using local account information usually carries no fees, albeit set costs for certain currencies.
It is free for users to keep more than 40 currencies in their Wise account. Payments using the Wise debit card are free as well, but there is a 7 pound one-time cost.
Payoneer charges
There may be a registration fee in some nations.
If the Payoneer balance is in the same currency as the withdrawal, there is usually a set fee of about $1.50 for each local currency withdrawal.
If there haven’t been at least $2,000 in payments made to the account in the previous 12 months, Payoneer imposes a yearly account cost of $29.95.
Users must carefully weigh these charges when selecting their payment platform since Payoneer’s fees can be greater than Wise’s, particularly for currency conversions and overseas payments.
Transferwise vs Payoneer Safety
Both platforms have strong security features and adherence to regulations.
Is Wise payment safe?
Wise is regulated by FinCEN in the US, the UK FCA, and others across Asia, Australia, and Europe.
Advanced security features used by the FX firm include SSL encryption, fraud monitoring, and two-factor authentication.
Although Wise has a responsive customer support team to help with such concerns, consumers have criticized the company for freezing accounts as a result of compliance inspections.
Is Payoneer safe?
Ireland’s Central Bank, FinCEN, and other regulatory authorities globally regulate the platform.
Payoneer also provides 2FA to improve account monitoring, fraud prevention, and security.
Despite some users’ annoyance with the drawn-out account verification process, the platform has received recognition for its comprehensive service for independent contractors and small enterprises.
Payoneer vs Wise Transfer Speed
Is Wise fast?
Over half of all payments made with Wise are instantaneous, meaning they can be finished in a matter of minutes.
Do note that transfer speeds may still differ depending on the currencies and payment methods utilized.
Bank transfers could take up to two business days, particularly for less widely used currencies.
Swift transfer could take 2–5 working days.
Is Payoneer real time?
It offers quick transactions between users of the platform.
Transfers from a Payoneer account to a bank account may take up to three working days. It may take up to four business days to process a SWIFT payment.
Payoneer’s bank transfer times are slower than Wise’s, especially for international transactions, even if it provides quick transfers within its own network.
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