PayPal VS Payoneer – Choose The Best
Undeniably, PayPal and Payoneer are the two most popular electronic payment facilities. Founded in the year 2005, these platforms have extensively grown providing services to more than 200 countries around the globe.
You might be thinking which system is better? Well, in this article we will conduct an in-depth analysis of PayPal VS Payoneer considering multiple parameters. With all the information available, you are sure to make an informed decision that works best for your needs.
PayPal vs Payoneer Fees
Neither PayPal nor Payoneer is free for money transferring. There is a small fee associated. By comparing an average fee for various transactions through PayPal and Payoneer, we found that PayPal charges relatively higher than those on Payoneer. You can save approximately 5 dollars for every 100 dollars you transfer through Payoneer. Apart from the flat fee, PayPal transfers come with some added charges that require you to invest a little more. Let’s go through the different foreign exchange rates and fees mainly depending on the type of transaction you make.
- PayPal has diverse foreign transaction rates primarily depending on the country from where you sign up.
- Being a customer of the United States, you will be charged a 4.4% transaction fee for international sales in addition to fee-based currency received.
- PayPal doesn’t list FIX rates for transferring funds. For instance, a $100 test from USD to AUD results in $133.96.
- Payoneer exchange charges depend on fundamental mid-market rates.
- You will be informed about the exchange rate before time.
- MasterCard exchange rates are only applicable when you are using prepaid Payoneer MasterCard.
Ease of Use
If you prefer a payment system to send and receive funds, you may want to opt for Payoneer. The system allows you to establish automatic pay-outs to your account. As soon as you receive funds to your Payoneer account, it will be converted automatically in the currency of your bank account. On the contrary, with PayPal, you need to request transactions manually every time which might be a concern for many people. Also, Payoneer has a high withdrawal limit in comparison to PayPal – approximately $9,500 per day.
If you want to transfer funds to people or businesses in different countries, security is the foremost concern for many people. You need to ensure that the money you transfer along with your personal information should be safe and secure. Both PayPal and Payoneer are safe to protect your information and finances in your account. In case you have to choose one, PayPal is perhaps safer because it’s a publicly-traded company.
One important concern for many people is how long it takes for funds to be transferred from your online wallet to your bank account. Everyone wants to receive their money as quick as possible without waiting for several days, isn’t it? Payoneer transferals your money to the bank account within 24 hours. On the other hand, PayPal takes 2-4 business days to transfer the funds. Though there are certain types of transactions that allow money to transfer instantly, the fee is comparatively higher.
Multi-Currency Bank Accounts
Although you may use PayPal or Payoneer to hold money and transact in various currencies, only the latter offers individual bank account details. If you sign up for a PayPal account, the company will allow you transact in AUD, CZK, CAD, DKK, GBP, EUR, MXN, HKD, USD, SGD, TWD, HUF, INR, ILS, RUB, PHP, PLN, JPY, NZD, and NOK.
The Payoneer Global Payment Service provides you access to funds receiving accounts in CNY, GBP, JPY, EUR, AUD, USF, MXN, and CAD. Also, you can receive money from mass payout associates such as Amazon and Upwork. Further, there aren’t any charges when you receive payment in JPY, GFP, and EUR. Payment in USD comes with a 1% fee. In addition, a monthly account keeping fee is also applicable.
Both PayPal and Payoneer have mobile applications for iOS and Android. They let account holders access their accounts anywhere and at any time securely.
PayPal Mobile App
- Allow you to see nearby wholesalers who accept PayPal
- Pay for goods purchased from affiliated stores by simply unlocking the wallet
- Activity hub allows for keeping track of the money you have sent and received
- Transfer money anywhere in the quickest way possible
- Fingerprint authentication for Android
- Access to credit
Payoneer Mobile App
- Available in more than 19 languages
- Participate in referral programs
- View the current balance in over 20 currencies
- View payment detail and transaction history
Both applications are simply great but PayPal is more comprehensively designed and rich in terms of features. Payoneer has relatively few features but all of them are intuitive and easy to use.
Both PayPal and Payoneer provide cards that customers can use to access money from their accounts. Though the availability of these cards primarily depends on where you live.
- Receive direct deposits with PayPal debit card
- Transfer money from your PayPal account to your PayPal card
- Cashback rewards apply to associated merchants
- Reload the card online
- Payoneer Master Card doesn’t charge any annual fees
- Cash withdrawals through ATM are subject to fees
- In some cases, you need to pay currency conversion fees with forex transactions
The Payoneer process is smoother and speedier compared to PayPal if you are looking forward to global mass payouts and withdrawals. With PayPal, you can manually initiate the withdrawal procedure every time you need money in your bank account.
Though the withdrawal process is somewhat extensive. As we have already mentioned, PayPal takes about 2-4 business days to transfer payments. You can always withdraw money at any MasterCard branded ATM. Also, you may use the card to pay for any goods and services both online and offline. What’s more? The withdrawal limit is $500 per day.
Payoneer’s Global Bank Transfer Service excludes any hassles by letting companies send you payments in local currency offering a quick solution when receiving funds from international businesses. The process is automated and you can receive the transferred money in your bank account within 24 hours while the transaction limit is $5000 per day.