Payoneer, SWIFT and ACH Transfers: What’s the Difference?

International transfers are a crucial part of business for Ukrainian entrepreneurs, freelancers, and companies that receive payments from foreign clients or collaborate with partners abroad. But which transfer method should you choose — SWIFT, ACH, or Payoneer? Cost, speed, and convenience all matter when it comes to efficient financial operations. In this article, we’ll explore how SWIFT and ACH work, what sets them apart, and how Payoneer can offer a more beneficial alternative. 

What is Payoneer?

Payoneer is an international fintech platform that simplifies receiving and sending payments for businesses, freelancers, and online sellers.  It enables you to work with clients around the world without the need to open bank accounts in other countries.

With Payoneer, you can:

• Receive local receiving account details in over 10 currencies (such as USD, EUR, GBP, CAD),
• Make SWIFT and ACH transfers,
• Accept payments from over 2,000 platforms,
• Issue invoices, pay contractors, withdraw funds to your bank account, or make payments with a Payoneer card.

Unlike traditional banks, Payoneer combines the benefits of several payment channels (SWIFT, ACH, local transfers), offering convenience, transparency, and control over all your transactions.

The platform is especially advantageous for small and medium-sized businesses working with international clients, as it helps reduce fees, speed up payments, and minimize the complexities associated with traditional banking operations.

How Does SWIFT Work and Who Is It Best For?

What is a SWIFT Transfer?

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global financial messaging network that enables banks in different countries to send payment instructions. It is the widely accepted standard for international bank transfers.

How Does a SWIFT Transfer Work?

The process begins when the sender initiates a payment through their bank by providing all required recipient details — such as the SWIFT/BIC code, IBAN or account number, and the beneficiary’s name. The payment is then routed through the SWIFT network from one bank to another. In many cases, intermediary or correspondent banks are involved in processing the transaction and may charge additional fees. Overall, processing a SWIFT transfer typically takes between one and five business days.

What Are the Advantages of SWIFT Transfers?

SWIFT enables international payments from nearly any country worldwide. It is especially useful when the payer or payment platform does not support local transfers. Additionally, SWIFT supports a wide range of currencies, making it a versatile solution for global financial transactions.

What Are the Drawbacks?

The main drawback is the high fees, which can be charged by both the sender’s bank and intermediary banks. Processing time can also be slow — from one to five business days — compared to other methods like ACH. Another challenge is limited transparency: it’s often difficult to track the payment status and identify which banks are involved at each stage of the process.

Who Is SWIFT Best For?

SWIFT transfers are ideal for companies working with clients in countries where local transfers are not available. It’s also a suitable option for receiving large payments in currencies that are not supported by local receiving details — such as Japanese Yen (JPY) or Hong Kong Dollars (HKD).

SWIFT is also convenient when payments are coming from individuals rather than companies or platforms. Moreover, it’s a good choice for one-time or high-value transactions where reliability and timely delivery are crucial.

What Is ACH and How Is It Different from SWIFT and Payoneer?

What Is ACH?

ACH (Automated Clearing House) is an electronic payment system in the United States that enables direct bank-to-bank transfers between accounts. It is commonly used for payroll, recurring payments, B2B transactions, and tax payments. It’s important to note that ACH operates exclusively within the United States and only in U.S. dollars (USD).

How Does an ACH Transfer Work?

ACH transfers are processed through a centralized clearing system that facilitates the exchange of funds between U.S. banks. Unlike SWIFT, international intermediary banks are not involved, making transactions simpler and cheaper. The standard processing time ranges from one to three business days, although sometimes a transfer may be delayed up to five days.

What Are the Advantages of ACH?

Key advantages of ACH transfers include low or no fees for the recipient. Payments are processed faster than through SWIFT, helping to accelerate financial operations. ACH is also considered a reliable and secure system, as it is overseen by U.S. government agencies. It’s especially convenient for regular transfers, particularly for companies operating in the U.S. market.

What Are the Limitations of ACH?

The ACH system operates only within the United States, making it impossible to conduct international transfers through it. It supports only one currency — the U.S. dollar — which limits its use for international transactions. Additionally, ACH is not suitable for receiving payments from individuals or companies that are not registered in the United States.

How Does ACH Differ from SWIFT?

Criteria	SWIFT	ACH (USA)
Geography	Global Network	U.S. Only
Currency	Multiple Currencies	USD only
Speed	1–5 business days	1–3 business days
Fees	High ($20–40)	Low or none
Best Use Case	International transfers	Regular domestic transfers

What About Payoneer?

• Payoneer combines the benefits of both systems: it allows you to receive payments from the U.S. via ACH, as well as from other countries through local receiving accounts or SWIFT.
  
• For clients outside the U.S., Payoneer provides account details for receiving payments, making it possible to accept ACH transfers even if the company or individual entrepreneur is registered in Ukraine.
  
• Additionally, Payoneer offers payment tracking, lower fees, convenient currency conversion, and local receiving accounts in over 10 countries.

Sign up for Payoneer to receive payments faster and with lower fees.

Payoneer, SWIFT, and ACH Comparison

For anyone working with international payments, it’s important to understand not just the names of payment systems or services, but also how they function, how they differ, and what kind of user experience they provide.  While SWIFT and ACH are global and national payment systems respectively, Payoneer is an international fintech platform that integrates both mechanisms. From a practical standpoint, they are often compared based on speed, cost, availability, and ease of use.

In the table below, you’ll find the key characteristics of each option:

System / Service / Platform	What it is	Scale
SWIFT	A global interbank network for transmitting payment messages	Global
ACH	A national electronic transfer system within the United States	USA
Payoneer	A fintech platform that uses various channels (including ACH, SWIFT, and local accounts) to process transactions	Global

Conclusion:
If you prefer to handle international transfers directly through a bank, you should consider SWIFT or ACH (for transfers within the US).  However, if you’re looking for a more flexible solution with automated processes, customer support, and additional business tools, Payoneer offers a comprehensive platform that combines the benefits of multiple systems into a single interface.

How to Start Using Payoneer for International Payments

To receive payments from international clients, work with global marketplaces, or pay contractors, you don’t need to open accounts in foreign banks.  All you need is to create an account with Payoneer — a platform that provides access to local receiving accounts in over 10 currencies.  Registration is simple and quick — just follow the steps below.

How to Start Using Payoneer: 7 Easy Steps

1. Register on the Platform
   Visit the Payoneer website and click the “Sign Up” button. Choose the account type that fits your business needs.
   
2. Complete the Application and Provide Contact Details
   Enter your email, phone number, address, type of activity, and tax information (if applicable).
   
3. Add a Bank Account for Withdrawals
   You can add a bank account in a Ukrainian bank registered under your name as an individual or a business entity.
   
4. Verify Your Account
   Payoneer may request documents for verification — such as a passport, taxpayer ID, business registration confirmation, and/or a bank statement.
   
5. Receive Your Payment Details
   Once your account is activated, you’ll receive local account details in major currencies (USD, EUR, GBP, etc.) to receive payments from clients, marketplaces, and platforms.
   
6. Start Managing Your Payments
   Send invoices or share your receiving details with clients. Funds will arrive in your Payoneer balance, from where you can easily withdraw, spend, or transfer them to partners.
   
7. Take Care of Reporting
   Payoneer does not automatically deduct taxes, so it’s important to manage your income reporting independently. We recommend consulting with an accountant.

Tips for Small Businesses Choosing Between Payoneer, SWIFT, and ACH

When working with international clients, it’s important not only to understand how each system works, but also to determine which option is the most convenient and cost-effective for your business. Below is a comparison table of key factors to help you make the right choice: speed, cost, ease of use, and purpose.

Criteria	SWIFT	ACH	Payoneer
Cost	High (often $20–50+ per transaction)	Low or free for domestic transfers in the US	Low (starting from $1.50 or a % of the amount; flexible by country/currency)
Speed	1–5 business days	1–3 business days	1–2 days, sometimes instant (depending on method)
Payment Purpose	International wire transfers	Only within the US	International payments, marketplaces, B2B, freelancing, marketing platforms, etc.
Ease of Use for SMBs	Complex process; manual form entry	Easier, but US-only	High ease of use: automated invoicing, API, local accounts, support

Quick Tip:
Working within the US? ACH might be your most cost-effective and convenient option.  Dealing with clients in multiple countries? You need a platform that offers flexibility, transparency, and simplicity — and that’s where Payoneer often comes out on top.

Conclusion

Choosing between SWIFT, ACH, and Payoneer depends on your business needs, geography, transaction volume, and your requirements for the speed and cost of transfers. SWIFT is the classic option for international bank transfers, although it can be costly.  ACH is a cost-effective solution for domestic transfers within the US.
Payoneer, however, combines flexibility, convenience, and favorable conditions, offering a modern alternative for those working with clients around the globe.

If you aim to scale your business, simplify international transactions, and reduce costs, Payoneer is a strong option to consider as your primary payment platform for global growth.

Ready to streamline your international payments? Open your Payoneer account today!

FAQ Block: Frequently Asked Questions (FAQ)

1. Does Payoneer support SWIFT and ACH, and how reliable is it?

Yes, Payoneer supports both SWIFT and ACH transfers. The company partners with leading global banks (including Citibank, Barclays, and Bank of America) to ensure the reliability and stability of transactions.  ACH is used for domestic transfers within the US, while SWIFT is used for international transactions across more than 190 countries.

Each transfer is reviewed for compliance with financial standards, and the platform operates under the regulations of the EU, the UK, the US, and other jurisdictions.

2. How long does a SWIFT transfer take?

A SWIFT transfer typically takes between 1 and 5 business days — depending on the country, currency, and the banks involved in the transaction.

Often, the transfer is completed within 1–2 days, but delays can occur due to public holidays, currency controls, bank verifications, or errors in the payment details.

Payoneer keeps clients informed at every stage of the payment process to ensure transparency and predictability.

3. What are the benefits of ACH for small businesses?

ACH transfers (Automated Clearing House) are a reliable and cost-effective way to receive payments from clients in the United States. The main benefits for small businesses include:

• Low or no fees (especially when using Payoneer)
• Fast processing — usually 1–3 business days
• Ideal for recurring payments (such as monthly invoices)
• Direct bank-to-bank transfers without intermediaries
• Easy integration with payment platforms

This is especially convenient for Ukrainian businesses working with US-based clients or freelancing platforms.

4. What are the fees for transfers via SWIFT, ACH, and Payoneer?

Fees depend on the chosen transfer method and the recipient’s country. Here are the general estimates:

• SWIFT — typically $15–$30, sometimes higher. Fees may be charged by both the sending bank and any intermediary banks. These fees are often non-transparent and more expensive.
• ACH — from $0 to $1.50, when used within the US or through platforms like Payoneer. It’s one of the cheapest ways to transfer funds domestically in the US.
• Payoneer Fees:
  •  Withdrawals in local currency — up to 2% of the amount (depending on currency and country)
  •  Withdrawals without currency conversion (e.g., USD → USD within the US) — a fixed fee of $1.50
  •  Transfers between Payoneer accounts — often free

Payoneer allows you to choose the most cost-effective option for your specific needs.

5. Can I receive payments from US clients via ACH through Payoneer?

Yes, you can. Payoneer provides ACH-compatible receiving details — specifically, a US Receiving Account (via Community Federal Savings Bank or First Century Bank) that includes standard US banking information like a routing number and account number.

Your US clients can use these details to send payments just like they would with any regular bank transfer in the US. It’s convenient, fast, and hassle-free.

6. What’s the best transfer method for receiving recurring payments?

For regular international payments, the most efficient methods are local receiving accounts provided by Payoneer or ACH transfers (for clients based in the US). These methods offer:

• Low or no fees
• Fast fund delivery (1–2 business days for ACH, sometimes same-day via local systems)
• Convenience and automation for the sender

By contrast, SWIFT is more suitable for one-time, high-value payments or when local alternatives are unavailable. However, due to its higher costs and slower processing, it’s less ideal for recurring payments.