payoneer alternatives

7 Payoneer Alternatives: Discover the Hidden Gems | 2024

Payoneer stands tall as a global titan in the online payment sphere, often hailed as the “International Open Bank” for its pivotal role in streamlining cross-border transactions for businesses. Its reach, spanning 190 countries, is commendable. However, the vast world of online payment platforms means there are other Payoneer alternatives potentially better suited to your business needs.

While Payoneer’s global prowess is undeniable, some of its competitors shine brighter in specific features and advantages. Dive into this article to uncover the crème de la crème of Payoneer alternatives. You might just find your next go-to payment platform among them.

What is Payoneer?

Various online payment service providers are used worldwide for international financial transactions. Payoneer is an online payment system that has gained popularity among many users. Even freelancers on platforms like Fiverr, and Upwork, Freelancer can quickly receive payments from any foreign country through Payoneer. 

One of the significant advantages of Payoneer is that it offers bank accounts to users in several countries’ currencies, which work just like your local bank account. One can use this Payoneer account from wherever one lives in the world.

Study shows, Payoneer is one of the leading digital payment platforms among cross-border e-commerce enterprises in Asia in 2021

payoneer alternatives
Leading digital payment platforms among cross-border e-commerce enterprises in Asia in 2021, by selected country

Payoneer pricing and fee:

Payoneer charges various fees on money sent, received, transferred, and activity for its users. These are shown below:

FreeFree invoicing or PDF attaching.
Sending or receiving payments1% for e-check payments and 3%  for credit card payments.
Transferring funds.$1.50 and 2% for domestic funds and non-local currency.
Transferring balances (between countries)0.5%/per transfer.
1 year of no activity$29.95.
Payoneer pricing comparison

Why You Need a Payoneer Alternative:

Although Payoneer is quite popular, it still needs alternatives in some regards. You may find some features of Payoneer inconvenient. Besides, the reasons mentioned below are also quite reasonable.

To get more payment features

Despite being quite convenient, Payoneer lacks features that would give you other options. This payment gateway is not compatible with virtual terminal systems. So there are limitations in the way you can accept money. You may only get some of the features you need in terms of payment. 

To avail of mass payouts

Payoneer offers a maximum of 200 payouts, while other top systems offer much higher payouts. Payoneer can be inconvenient for those who transact large sums of money. If you compare Payoneer with PayPal, then PayPal is more convenient than it because PayPal offers more options for payouts.

Related: Best Venmo Alternatives 2022

The 7 Best Payoneer Alternatives In 2023

Here is a short list of the best Payoneer alternatives available at the moment.

1. Wise

2. Skrill

3. Veem

4. Neteller

5. Square 

6. WebMoney

7. Paypal

1. Wise

Wise is an excellent alternative to Payoneer, which is fast and considerably cheaper. It has occupied the top position in serving a large number of customers for more than a decade. However, the key reason for its popularity in the industry is the cheapest cost. 

You might be surprised that it has more than 10 million happy users worldwide who make substantial transactions monthly. Also, Wise is simple to use and can transfer money abroad at a lower cost without any hidden charges. A perfect option for personal or business use.

Wise pricing and fee:

In addition to creating and maintaining accounts, one can enjoy low fees on various transactions. See the costs and pricing below.

  • Free: Creating and maintaining an account is totally free.
  • Debit card: It costs $9.
  • ATM fee: 2% for US customers but varies for UK and EU.
  • Transfer fee: $0.93 (according to your currencies).
  • Currency exchange: 0.35% to 0.42% (according to currencies).
wise debit card
Wise Debit Card

2. Skrill

A second alternative to Payoneer is Skrill, which many consider equivalent to PayPal. It has gained popularity since its introduction as a secure digital payment system. It is available in almost 200 countries, and payments can be made in 40 currencies. 

Its main advantage is that there is no fee for money transfers when users send directly to the bank. Skrill also allows its users to buy and sell crypto. However, it has high prices for currency exchange which many users find inconvenient. 

Skrill pricing and fee:

Skrill has different customer plans, so you need to pay the charges as per your requirements.

  • Free: Money transfer and receive.
  • Send money: Up to 1%
  • Send money credit card: Up to 2.99%
  • Fee per transaction: Up to 4.99%

3. Veem

You probably have not heard of Veem as a digital payment processor. But it is pretty popular among users for domestic and international payment processing. It also makes the financial activities of your business easier. No matter what your business shape is, Veem will work just fine. 

As well as being the safest and fastest means of money transactions, it has quickly won users’ appreciation. You would never think Veem would charge more because it offers many benefits. It is always within reach of users, so you don’t have to worry about overspending.

Veem pricing and fee:

Veem’s fees and pricing vary for different payments. Get a clear idea about them below.

  • Free: Bank transfer and receive. Also, for the international payment.
  • Fast transfer: 0.5% for the same transfer.
  • Check: $1.99 sent.
  • Credit card: 2.9% for global.
  • Debit card: 1% for global.
  • Instant deposit: 1% – min. $1.50.
Veem pricing and fee
Veem pricing and fee

4. Neteller

Neteller occupies an essential place among popular digital wallets. It was launched in 1999 and has been at the peak of popularity ever since. Neteller has completed millions of online payments and continues improving its features. This payment system caters to the high transaction needs of people. 

People from more than 200 countries are using Neteller and are satisfied with using it for personal and business purposes. Another attractive feature for users is that it allows them to earn passive income through affiliate programs.

Neteller pricing and fee:

Neteller charges various fees on fund transfers mentioned below:

  • Free: Receive money.
  • Money transfer: It costs up to 4.99%.
  • Neteller to Neteller: 2.99% fee.
  • Account levels fees: up to 2.99%.
  • Buy and sell cryptocurrency: up to 1.50%.

5. Square 

If you want an ideal and secure money transaction solution for your small, large, or medium business, Square might be the best for you. Square is considered by many to be a trusted medium for startup businesses. Those who start a new business and don’t want any initial costs can start with Square, as it is one of the best alternatives to Payoneer

In its basic plan, you get almost all the needed features at no cost. Also, you can save time on getting started. Although I recommend you use Square as opposed to Payoneer, it still has the potential to freeze accounts like Payoneer.

Square pricing and fee:

Square offers three packages to its users, so it’s worth learning about each before switching to one.

  • Free: No setup or monthly fee is required.
  • Plus: $29+/mo with some advanced features.
  • Premium: Custom fees. 

6. WebMoney

WebMoney has been a popular digital wallet for online merchants since 1998 and is currently used by over 40 million people worldwide. You can complete business transactions through WebMoney from anywhere in the world. 

Users shall be responsible for all transactions relating to their accounts. Also, WebMoney will not compensate if there is any loss in the transaction. When you transact money with the payee without verifying his identity, and if he is a fraud, then only you are liable.

WebMoney pricing and fee:

Know the costs and prices of WebMoney below: 

  • Free: No charge for receiving WM units.
  • Merchant service: 1.5 to 2.5%.
  • Transact tool charge: up to 0.8%.
  • Settlements: 1% commission.
  • Transferring funds: 6% fee.
  • Minimum fee: 0.01 WM/transaction.

7. Paypal

The latest alternative to Payoneer is PayPal which is known worldwide. It has always been an essential means of transferring money between different countries. It is trendy but only available in some countries, especially with freelancers. 

This is an ideal option for small or medium-sized businesses, but you may need to look elsewhere for high-risk companies. In particular, it has approved more than 200 countries for international money transfers.

PayPal pricing and fee:

PayPal has introduced different charges and fees for users’ convenience.

  • Free: No fee for unlisted fundraisers.
  • Donate button: 2.89% + fixed fee.
  • PayPal fundraisers: 2.99%.
  • PayPal checkout: 2.89%. 

In Summary

Payoneer, while revered as a dominant player in the international payment landscape, might not always be the optimal choice for every scenario. It’s essential to familiarize yourself with viable Payoneer alternatives. Some might surprise you with their feature-rich offerings, while others could be more wallet-friendly.

I’ve rigorously vetted and outlined the cream of the crop above. Take a moment to weigh their merits and select the one that aligns best with your needs.

While Payoneer remains a formidable choice, occasionally venturing beyond the familiar can unveil unparalleled experiences. Rest assured, whichever platform you gravitate towards, excellence in service awaits.

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