Alternative to WISE’s international multi-currency business accounts
Wise (formerly Transferwise) offers a multi-currency international account which is popular among travel-lovers, digital nomads, and people who want to regularly send money to family back home. Users appreciate Wise’s easy to use interface, low transfer fees, and integration with e-wallets and small business tools. But many businesses need more than that to make global…
Wise (formerly Transferwise) offers a multi-currency international account which is popular among travel-lovers, digital nomads, and people who want to regularly send money to family back home.
Users appreciate Wise’s easy to use interface, low transfer fees, and integration with e-wallets and small business tools. But many businesses need more than that to make global payments run smoothly.
For businesses that need to receive payments globally and send cross-border payments to remote service providers, employees or suppliers, Payoneer offers a business multi-currency local receiving accounts service.
| Features | Payoneer | Wise |
| Send international payments to | 190 countries[1] | 70 countries[2] |
| Free registration | Yes, completely free. | Not free worldwide. In some countries fees are required (e.g. in the UK, registration costs £45)[3] |
| Working capital program for eligible online sellers and other SMBs | Yes, in certain countries | No |
Payoneer is the digital international payment solution for cross-border businesses. It brings benefits such as:
- Free signup and registration
- Easy Payoneer Account to Payoneer Account payments
- Broad geographic coverage for 190+ countries
- Simple billing solution for international payment management
- Personal account management services for larger customers
- A large ecosystem of users, including freelancers and suppliers
So, if you’re trying to decide which platform to use for your global business payments, read our in-depth comparison between Wise and Payoneer as a multi-currency banking alternative.
An in-depth international multi-currency business account comparison: Wise vs. Payoneer
Countries and currencies supported
For global businesses, it’s important to choose a payment platform that supports transactions in as many countries as possible. Otherwise, you might not be able to easily expand your business to clients in a new geography.
| Payoneer | Wise | |
| Number of Countries to which you can send international payments | 190 | 70 |
| Number of supported currencies | 150 | 52 |
Disclaimer: the provision of Payoneer services is subject to the user’s eligibility and subject to Payoneer’s policies and procedures in place from time to time. Payoneer services may vary depending on territory.
Wise lets you send payments to recipients in 70 countries, and hold and convert money between 52 currencies2. With Payoneer, you can send money to people in 190 countries and 150 currencies.
Account opening fee
Wise signup Fees vs Payoneer registration fees
| Payoneer | Wise | |
| Account opening fees[4] | Yes, completely free | Not free worldwide. In some countries fees are required (e.g. in the UK, registration costs £45) |
The bottom line is always important when you’re running a business, so you don’t want to have to pay too much to set up your global payments solution. Payoneer won’t charge you anything to open an account, no matter where you are located or what size your balance is. With Wise, it’s free to open an account in some countries, but in other areas you’ll have to pay a sizable fee. For example, in the UK you’ll pay as much as £45 just to open your account.
Access to Working Capital
Payoneer is more than just an international payments platform. It also has competitive working capital offerings to help ecommerce business owners expand their business and increase their revenue. We have also started offering these working capital offerings to a broader range of SMBs. Wise doesn’t offer these extra services.
Advantages to a Payoneer business account
To summarize, the benefits to opening a Payoneer international multi-currency business account are:
- Zero cost to sign up and get started
- Broader global coverage across 190 countries and 150+ currencies
- Working capital offerings for eligible online sellers and other SMBs.
- Streamlined billing solution
- Multiple payment methods
- Instant free payments between Payoneer accounts for eligible customers
- Single dashboard to manage multiple online stores and payments
- Business account management for large customers
- Fee-free balance holding5 for eligible customers.
Advantages to a Wise business account
Holding a Wise business account also has its benefits. Here are some of the benefits of a Wise international account:
- Low transfer fees
- Personal and business accounts
- Option to hold and convert funds in 50+ currencies
Why use Payoneer for your international multi-currency business account?
Payoneer gives you more than just competitive international payments. With a Payoneer account, you can easily receive payments through multiple payment options, Receive payments in multiple currencies via local bank transfers and track transactions every step of the way.
Payoneer makes it easy for you to manage your funds by converting them to different currencies whenever you like, and to withdraw to your bank, through an ATM, or using it for online payments. You can set your own withdrawal schedule, and automate invoicing and billing.
Handling your own payments is easier with Payoneer, too. Payoneer helps you to send payment requests through a number of different payment methods, including the option to get paid by credit and debit card, and manage free payments to other Payoneer accounts.
Payoneer is your alternative to a Wise international business account
Wise’s multi-currency account is a great, low-fee way to send and receive payments around the world, and it integrates well with key accounting software. However, for businesses and individuals looking for more than simple international currency transfers, Payoneer stands out. Plus it’s free to sign up to Payoneer but with Wise it will cost you up to £45 depending on your location just to get started.
With Payoneer, business owners can access a larger geographic coverage for sending and receiving payments, attentive account management, automated billing, invoicing, and withdrawal solutions, and free payments between Payoneer accounts. Payoneer also presides over a wider network of suppliers and freelancers, making it a better international multi-currency business account alternative to Wise for people to do business online globally.
With Payoneer, business owners can access a larger geographic coverage for sending and receiving payments, attentive account management, automated billing, invoicing, and withdrawal solutions, and free payments between Payoneer accounts. Payoneer also presides over a wide network of suppliers and freelancers, making it a better international multi-currency business account alternative to Wise for people to do business online.
So, if you’re looking for an easy, low-cost and secure way to pay and get paid from international businesses, make sure to open a Payoneer account today.
Sources:
https://wise.com/us/pricing/business
[1]https://www.payoneer.com/solutions/pay_service_provider/
[2]https://wise.com/
[3]https://wise.com/gb/pricing/business
[4] If you don’t make a single transaction within 12 months, an inactivity fee of 29.95$ will be deducted from your account balance
Disclaimer: All content forming the basis of the comparisons made herein is content published by Wise on their website www.wise.com on 16.12.2022
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Disclaimer
Nothing herein should be construed as if Payoneer Inc. or its affiliates are soliciting or inviting any person outside the jurisdiction where it operates/is licensed to engage in payment services provided by Payoneer Inc. or its affiliates, unless permitted by applicable laws. Any products/services availability are subject to customer’s eligibility. Not all products/services are available in all jurisdictions in the same manner. Depending on your eligibility, you may be offered with the Corporate Purchasing Mastercard, issued by First Century Bank, N.A., under a license by Mastercard® and provided to you by Payoneer Inc., or the Payoneer Business Premium Debit Mastercard®, issued and provided from Ireland by Payoneer Europe Limited under a license by Mastercard. The Payoneer Business Premium Debit Mastercard® cannot be used at merchants or ATMs in Hong Kong or for HKD payments. If you are located in the EEA, all Payoneer Services will be provided to you by Payoneer Europe Limited, trading as Payoneer and regulated by the Central Bank of Ireland.
The information in this document is intended to be of a general nature and does not constitute legal advice. While we have endeavored to ensure that the information is up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability or suitability of the information. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever incurred in connection with the information provided.
