payoneer vs wise

Are you a freelancer, entrepreneur, or company owner? If that’s the case, then you could be seeking a smart online account that can be used to save, receive, transmit, and spend company money. This is where Wise and Payoneer can come in handy. Both provide business account services to consumers; but which is better? Let’s dig deeper and try to answer this question together further in this article.

Overview of Each Tool

When we do a Payoneer vs Wise comparison, let’s start with the basics. What is special about every payment solution and what can you expect from them?

  • Payoneer does not charge corporations for payroll transfers; however, it does charge receivers a $3 flat fee. To utilize Payoneer’s Mass Payout service, companies must transfer at least $30,000 each month.
  • Wise lets you make up to 1,000 payments at once and has cheap transaction costs (often less than 1%). The only thing to be aware of is that it’s only accessible in 70 countries. If you have workers in any of the unsupported nations, you’re out of luck.

If we go a bit deeper, you will get an idea of what makes each service different.


Payoneer is a cross-border payment platform that works with over 200 countries and 150 currencies. It allows businesses to pay their staff without incurring costs. Instead of charging firms for payments, Payoneer charges receivers an average $3 transfer fee. Payoneer accounts allow workers to withdraw funds to their local bank account. Alternatively, users may create a Payoneer account and apply for a debit card.

To pay money to your workers using Payoneer, you must first open a Payoneer Mass Payout account. The sole requirement is that you earn a minimum of $30,000 in monthly transactions. After creating an account, you may set up bulk payments via Payoneer’s bulk Payout API or by adding a spreadsheet with instructions.


  • Global reach β€” Payoneer has a genuinely worldwide reach since it operates in over 200 countries and supports over 150 currencies.
  • Multi-currency accounts β€” Users may maintain balances in several currencies on their Payoneer accounts. This improves currency conversions and lowers exchange rate expenses.
  • Low fees β€” Another significant benefit of Payoneer is the minimal costs. There is no fee to establish an account or be paid by another Payoneer client.
  • Various payment choices β€” Users may also make and receive payments in a variety of methods, including bank transfers, e-wallets, and prepaid Mastercard (with a daily maximum of $2,500 and a 1% charge to deposit or withdraw from an ATM).
  • Easy integration β€” Finally, Payoneer may be smoothly connected with a variety of online markets, such as Amazon, Fiverr, and Upwork.

Who is it for: Companies that spend at least $30,000 each month to pay workers, freelancers, or contractors


Wise (formerly known as TransferWise) has become a popular payment provider in recent years, thanks to its low transfer rates. It provides a batch payments facility, which allows firms to submit up to 1,000 payments at once. All you need to do is open a Wise account, add a spreadsheet with payment information, and make a single transfer to cover all payments. Wise takes care of the rest.

You may speed up the process by utilizing built-in or custom templates. You may also automate your payroll using Wise’s API. Transfer costs are determined by monthly volume and vary by currency but are often less than 1% of the total transfer amount. The platform works with accounting software like QuickBooks and Xero. This interface enables you to automatically upload your payroll information to your accounting software. Wise is presently accessible in 80 countries and accepts over 50 currencies.


  • Transparent pricing β€” Wise provides consumers with real-time currency rates and fees, ensuring that they always know exactly how much they will spend for each transaction.
  • Low-cost transfers β€” Wise’s costs are also much lower than those of other money transfer companies and conventional banks. This makes it an especially affordable option for organizations that make regular foreign payments.
  • Accounts without borders β€” Wise offers its users borderless accounts, allowing them to keep balances in many currencies and transfer between them without incurring additional costs.
  • Faster transfers β€” Wise strives to execute deals within 48 hours. However, depending on the destination and payment type, it may be finished in a matter of minutes.
  • Integration β€” Wise also offers seamless connectivity with banks and internet platforms, which helps to increase the efficiency of sending and receiving payments.

Who is it for: Businesses who have workers in Wise’s supported countries and want to pay them without having to spend hefty transfer fees.


Wise and Payoneer both provide useful tools for entrepreneurs, freelancers, and company owners. You’ll be able to make and receive payments in a variety of supported currencies, as well as spend using a connected card for added convenience. However, each account has its unique set of features and prices, so you should compare your alternatives carefully.

Wise accounts may handle a wider number of currencies for keeping and exchanging, making them a better option if you want to extend your company internationally. Payoneer provides a variety of benefits, including working capital and loans, that may be suitable for various customers’ requirements.