Payoneer has long been a go-to platform for many, empowering users to send and receive money globally, while enabling seamless withdrawals to local bank accounts in various currencies.
However, Payoneer might not be the perfect fit for everyone (if you consider the fees, for one). Fortunately, there are several Payoneer alternatives that offer different – and often better – features to cater to your specific requirements.
Whether you seek enhanced functionality, lower fees, or unique advantages, we’ve got you covered.
What is Payoneer and why people might want to look for Payoneer alternatives
Payoneer is a financial services company that provides online money transfer and digital payment services. It is popular among businesses, freelancers, and individuals for its ability to receive payments from clients and marketplaces around the world in 150 countries.
Despite its popularity, there are a few reasons why people might want to look for alternatives to Payoneer.
One of the most significant reasons is the high fees. Payoneer charges various fees for its services, including fees for receiving and withdrawing funds, foreign exchange fees, and account maintenance fees.
These fees can add up, making Payoneer an expensive option for some users. Moreover, Payoneer has limited currency support, which may not be suitable for users who work with clients in countries with less widely available currencies.
Another reason why people might want to look for alternatives to Payoneer is customer support issues. Some users have reported difficulty in reaching a representative and slow response times to inquiries.
Top Alternatives
📝 summary
- Instarem – best for new-user discounts and payment options and reward points
- CurrencyFair – best for currency exchange marketplace
- WorldRemit – best for availability and instant payments
- Wise – best all-rounder, and best for low-cost international transfers
- Revolut – best for availability and multi-currency travel card
- OFX – best exchange rates for large transfers and no fees over $5,000
- Xoom – best for availability and PayPal’s stamp of approval (for those who trust PayPal)
Instarem
Established in 2014, Instarem is a Singapore-based money transfer service that enables individuals and businesses to make international fund transfers. The service is currently available in over 55 countries across the globe.
One of the most distinguishing features of Instarem is that U.S. customers who carry out transactions in U.S. dollars are not charged any fees. However, if the funds are transferred from a bank account, a fee of 1% of the total transfer amount may be applicable.
Pros:
- Competitive rates with no hidden fees.
- All users and transactions are verified for security.
- Provides fast transfer services.
- Users can earn reward points for sending money.
Cons:
- Instarem charges a markup on exchange rates.
- The Instarem card is only available to customers in Singapore.
See our review of Instarem.
CurrencyFair
CurrencyFair is a prominent international money transfer service based in Dublin, Ireland. It offers a cost-effective solution that is eight times cheaper than traditional banks and can transfer money within 1-2 business days.
CurrencyFair’s services are beneficial for businesses of all sizes, as their system enables companies to manage international transfers from a single dashboard. This makes it easier to manage fees and exchange rates.
Pros:
- Easy-to-use app.
- Allows users to wait for the best exchange rate before transferring money.
- Available in over 150 countries.
Cons:
- No in-person service is available.
- CurrencyFair accounts cannot be opened in several regions, including the Middle East and Africa.
See our review of CurrencyFair.
WorldRemit
WorldRemit, founded in 2010 and headquartered in London, United Kingdom, is an international money transfer service. The company offers a variety of options, including bank transfers, cash pickup, mobile money, and airtime top-ups.
Users can access the service via the WorldRemit website or mobile app, which is available on both iOS and Android platforms. The service is available in over 150 countries across the globe.
Pros:
- Accessible worldwide in 150 countries.
- Various payment options are available.
- Competitive exchange rates.
- Multilingual support is available.
Cons:
- Low daily and monthly transfer limits.
- The verification process can be tedious.
See our review of WorldRemit.
Wise
Wise, a fintech company based in London, was established in 2011 under the name TransferWise. The company has numerous locations worldwide, including the U.S., UAE, India, Australia, and the U.K.
Wise is available in over 80 countries and provides a multi-currency account. This enables users to manage over 50 currencies from their mobile app.
Users are also impressed with the transfer speeds. Many transfers are completed within minutes, others take 1-2 days depending on the destination country.
Pros:
- Low and transparent fees.
- Fast transfers.
- Provides multilingual customer support.
Cons:
- Does not support cryptocurrency, FX, and CFDs.
See our review of Wise.
Revolut
Revolut is a well-known fintech company that has been in operation since 2015. It offers various financial services online, including multi-currency accounts, money transfers, cryptocurrency, and currency exchange.
These services are available in over 200 countries and support 29 different currencies. This makes Revolut a highly convenient and accessible platform for anyone looking to make international money transfers.
Pros:
- Worldwide availability.
- Revolut’s Vault account helps you earn interest and save money.
- The Revolut debit card is accepted worldwide.
Cons:
- A 1% markup is added to the mid-market exchange rate on weekends.
- Low transfer limit of $1,000 per month for Standard plan users.
See our review of Revolut.
OFX
OFX, previously known as OzForex, is a leading global foreign exchange company that specializes in facilitating international money transfers for both individuals and businesses.
The company provides a comprehensive range of services that include spot contracts, forward contracts, limit orders, and more.
OFX provides users with a reliable and efficient international money transfer system that is available in over 170 countries worldwide. This makes it a highly convenient option for anyone looking to transfer money across borders.
You can also benefit from free transfers with amounts of $5000 or more, making it ideal for those looking to transfer large sums of money with low costs.
Pros:
- Excellent global accessibility.
- Offers recurring and one-time transfers.
- Free transfers for large sums of money.
Cons:
- Only allows transfers between bank accounts, with no cash or credit card options.
- $1,000 minimum transfer requirement.
See our review of OFX.
Xoom
Xoom, a PayPal subsidiary based in San Francisco, is a digital money transfer company founded in 2001. With its services available in more than 160 countries and supporting over 98 currencies, Xoom provides a reliable option for users looking to transfer money across borders.
In addition to standard money transfer services, Xoom also offers bill payment and mobile phone reloading services, making it a convenient platform for managing various financial transactions.
Pros:
- Secure platform.
- Multiple transfer and delivery options.
- Cash pickup and delivery options.
Cons:
- Transfer limits may be too low for some.
See our review of Xoom.
Things to keep in mind when choosing an alternative
- Availability: Verify if the alternative is accessible in your country and supports your local currency.
- Fees: Review the fees charged for transactions, which may differ based on the country and currency involved. Also, check if there are any account maintenance fees.
- Security: Ensure that the alternative has robust security measures in place to safeguard your personal and financial information.
- User experience: Opt for an alternative that offers an easy-to-use interface and seamless navigation.
- Integrations: If you use other financial apps, look for an alternative that integrates with them for a more seamless experience.
- Customer support: Choose an alternative with a highly responsive and supportive customer service team that can help you with any technical issues.
- Features: Evaluate key features such as peer-to-peer payments, cash collections, budgeting tools, and buying and selling cryptocurrency to determine which alternative best fits your needs.
Sources
- https://www.forbes.com/advisor/money-transfer/xoom-review/
- https://www.payoneer.com/about/customer-reviews/
- https://www.trustradius.com/products/payoneer/reviews#:~:text=Payoneer%20is%20well%20suited%20for,as%20sending%20cross%20border%20payments.
- https://www.worldremit.com/en/reviews#:~:text=Good%2Ceasy%20and%20cheap%20way,fast%20and%20easy%20to%20contact.&text=Details%20are%20correctly%20required%20so,they%20got%20it%20in%20minutes.&text=The%20transfert%20went%20as%20planned%20without%20any%20problem!
