Overview of Payoneer and Wise
When it comes to sending and receiving money internationally, two of the most popular platforms are Payoneer and Wise (formerly TransferWise). Both offer reliable services for freelancers, businesses, and remote workers — but they serve slightly different needs.
Fees and Exchange Rates
Wise is known for offering the mid-market exchange rate with low transparent fees, making it ideal for transferring money between currencies. Payoneer, on the other hand, often uses a markup on the exchange rate and charges higher fees, especially for currency conversions.
Wise wins in this category for most personal and freelancer transfers.
Business and Freelance Use
If you’re a freelancer working with global clients or a business paying international contractors, Payoneer provides unique features like:
- Receiving accounts in multiple currencies (USD, EUR, GBP, etc.)
- Integration with platforms like Upwork, Fiverr, and Amazon
- Mass payouts for companies
Wise also supports business accounts and local receiving accounts, but is more focused on individual use cases and transparency.
Transfer Speed
Transfers through both platforms are relatively fast. Wise often settles within 1–2 business days. Payoneer may take a bit longer depending on currency and destination, but offers instant transfers to other Payoneer users.
Availability and Accessibility
Both services are available in over 150 countries. However, Wise has more flexibility for personal users, while Payoneer is often preferred in countries where direct banking access is limited.
Conclusion
Use Wise if you need transparent, low-cost currency transfers for personal or freelance purposes. Choose Payoneer if you work with international marketplaces or require a global receiving account for your business.