Transfer Money from Payoneer to Wise: A Professional Guide

Why you can trust us: Our recommendations are unbiased, based on personal experience, and regularly updated to ensure accuracy. We personally test every provider we review. We may earn a commission if you sign up for a platform using one of our links. Learn more.

Understanding Payoneer and Wise

Payoneer and Wise (formerly known as TransferWise) are two popular online payment platforms that allow users to send and receive money across borders. Both platforms offer competitive exchange rates and low fees, making them an attractive option for freelancers, businesses, and individuals who need to transfer money internationally.

Payoneer provides a variety of services, including global payment processing, cross-border payments, and working capital solutions. It allows users to receive payments from clients and marketplaces worldwide, withdraw funds to their bank account, and make payments to suppliers and vendors.

Wise, on the other hand, specializes in international money transfers, offering a fast and secure way to send money abroad. It allows users to send money to over 80 countries, with transparent fees and real-time exchange rates.

Both Payoneer and Wise offer multi-currency accounts, enabling users to hold and manage funds in different currencies. They also provide mobile apps that allow users to manage their accounts on-the-go.

Overall, Payoneer and Wise are reliable and efficient platforms that simplify international payments for businesses and individuals.

Setting Up Your Payoneer Account

Before you can transfer money from Payoneer to Wise, you need to set up your Payoneer account. Here’s how:

  1. Go to the Payoneer website and click on “Sign Up” to create your account.
  2. Fill in your personal details, including your name, address, and date of birth.
  3. Provide your contact details, including your email address and phone number.
  4. Choose a password and security question to protect your account.
  5. Submit your application and wait for approval.

Once your account is approved, you can start using Payoneer to transfer money to other accounts, including Wise. You will need to link your bank account or debit card to your Payoneer account to make transfers.

Payoneer charges a fee for each transfer, so be sure to check the current rates before making any transactions. Additionally, be aware of any currency conversion fees that may apply if you are transferring money between different currencies.

By following these simple steps, you can set up your Payoneer account and start transferring money to your Wise account in no time.

Setting Up Your Wise Account

To transfer money from Payoneer to Wise, you first need to set up a Wise account. Here are the steps to get started:

  1. Visit the Wise website and click on “Sign up” to create a new account.
  2. Provide your personal details, such as your name, email address, and phone number.
  3. Verify your identity by uploading a photo ID and proof of address. This step usually takes about 2 working days.
  4. Once your identity is verified, you can log in to your account and set up your Wise profile.
  5. To receive money, you’ll need to add your bank account details. You can also set up Wise Jars to save money in different currencies and use the Wise debit card to spend money in any currency with low fees.
  6. To transfer money from Payoneer to Wise, you’ll need to add your Wise bank account to your Payoneer list of bank accounts.

By following these steps, you can set up your Wise account and start transferring money from Payoneer to Wise. Keep in mind that Wise offers competitive exchange rates and low fees for international transfers, making it a great option for freelancers and businesses who need to send money abroad.

Linking Payoneer and Wise Accounts

To transfer money from Payoneer to Wise, you need to link your Payoneer and Wise accounts. Here are the steps to follow:

  1. Log in to your Payoneer account and click on the “Settings” tab.
  2. Click on “API” and find the “Master API key” at the bottom of the page. Copy the entire string value.
  3. Log in to your Wise account and click on “Add Money” on the dashboard.
  4. Select “Bank Transfer” and choose the currency you want to transfer.
  5. Click on “Add account” and select “Payoneer” from the list of banks.
  6. Paste the “Master API key” you copied earlier into the space provided.
  7. Enter your Payoneer account details and click on “Add account.”

Once you’ve linked your Payoneer and Wise accounts, you can easily transfer money from Payoneer to Wise. It’s important to note that you can only transfer money from your Payoneer account to your own Wise account and not to someone else’s Wise account. Also, ensure that the name on both accounts matches to avoid any issues with the transfer.

By following these simple steps, you can easily link your Payoneer and Wise accounts and enjoy seamless money transfers between the two platforms.

Initiating the Transfer from Payoneer to Wise

To transfer money from Payoneer to Wise, you need to initiate the transfer from your Payoneer account. Here’s how you can do it.

Choosing the Amount to Transfer

First, log in to your Payoneer account and go to the “Withdraw” section. Then, select the currency you want to withdraw and choose “Transfer to Bank Account.”

Next, select “Wise” as the bank account and enter the amount you want to transfer. Keep in mind that there may be fees associated with the transfer, so make sure to check the fees before initiating the transfer.

Confirming Transfer Details

Once you have entered the amount you want to transfer, review the transfer details to ensure that everything is correct. Check the exchange rate, fees, and the recipient’s bank details.

If everything looks good, click on “Review” to confirm the transfer details. You will be asked to enter your Payoneer password to confirm the transfer.

After confirming the transfer, the money will be transferred to your Wise account within a few business days.

Overall, transferring money from Payoneer to Wise is a straightforward process. Just make sure to review the transfer details carefully before confirming the transfer to avoid any errors.

Monitoring the Transfer

Once you initiate a transfer from Payoneer to Wise, you can monitor its progress through your Payoneer account. Payoneer provides real-time updates on the transfer status, including when the transfer is initiated, when it is completed, and when the funds are available in your Wise account.

Additionally, you will receive email notifications from Payoneer at each stage of the transfer process. These notifications will provide you with important information such as the transfer amount, the transfer fee, and the expected transfer completion date.

It’s important to note that the transfer time may vary depending on a variety of factors, including the amount of the transfer, the currencies involved, and the processing times of the banks involved. However, Payoneer provides estimated transfer times for each transfer, so you can have a general idea of when the funds will be available in your Wise account.

If you experience any issues or delays with your transfer, you can contact Payoneer’s customer support team for assistance. They are available 24/7 to help you with any questions or concerns you may have about your transfer.

In summary, monitoring your transfer from Payoneer to Wise is a straightforward process that can be done through your Payoneer account. By keeping an eye on the transfer status and estimated completion time, you can ensure that your funds are transferred smoothly and efficiently.

Resolving Potential Issues

Transfer Delays

If you experience a delay in the transfer of funds from Payoneer to Wise, there are a few potential reasons why this may be happening. Firstly, it is important to check that you have entered the correct transfer details, including the recipient’s account number and SWIFT/BIC code. Additionally, there may be a delay if there is a public holiday or weekend in either the sending or receiving country. If you have checked these factors and the transfer is still delayed, it is recommended that you contact Payoneer customer support for assistance.

Incorrect Transfer Details

If you have entered incorrect transfer details, such as an incorrect account number or SWIFT/BIC code, the transfer may fail or be delayed. To avoid this issue, ensure that you have double-checked all transfer details before submitting the transfer request. If you have already submitted the transfer request with incorrect details, you should contact Payoneer customer support as soon as possible to resolve the issue. It is important to note that incorrect transfer details may result in additional fees or charges, so it is always best to ensure that all details are correct before initiating the transfer.

Notify of
Inline Feedbacks
View all comments