Wise vs Payoneer 2024
Wise and Payoneer are both very popular digital providers offering accounts and card services which can be used to hold, send, spend and receive foreign currencies in Canada. But what’s the difference between Wise vs Payoneer?
This guide walks through the services that Wise and Payoneer offer for individual and business customers, including a comparison of the features and fees you can get with each service. We’ll look at the way each works for international transfers, how to receive and hold foreign currency balances, and the linked payment cards on offer.
Summary: Wise offers multi-currency accounts and cards to both individual and personal customers, which can hold 40+ currencies and receive payments from dozens of countries. Payoneer offers services to business owners and freelancers, including easy ways to get paid by customers in a selection of currencies, loans and cross border transfer services.
In our comparison we found Wise has a broader scope including personal accounts and 40+ supported currencies, while Payoneer is a good pick for businesses looking to take credit card payments or access working capital.
Wise Vs Payoneer: Side by side
Wise and Payoneer are both available to customers based in Canada, but while they’re somewhat similar in their scope, there are some important differences.
Most notably, Payoneer is available for business owners and freelancers only, while Wise is available to both business and personal customers.
Because Payoneer has a focus on business use, some of the features available are a bit different compared to Wise. We’ll explore this in more depth throughout this guide - first, a features overview:
| Feature | Wise | Payoneer |
|---|---|---|
| Eligibility | Personal and business customers in Canada and many other countries | Business owners and freelancers in Canada and many other countries |
| Send payments to | 160+ countries, 40+ currencies | Broad range of supported countries and currencies |
| Multi-currency accounts | Available to hold 40+ currencies | Available to manage 7 currencies, with some additional currencies available for tax payments |
| Local bank account details | Available for 10 currencies | Available for 9 currencies |
| Take credit card payments for your business | N | Y |
| Debit and expense cards available | Y | Y |
| Batch payments | Y | Y |
| Fully licensed and regulated | Y | Y |
| Working capital available | N | Y |
So, to summarise:
Wise offers services to personal and business customers, Payoneer is for business customers only
Wise has a multi-currency account that support 40+ currencies with linked debit card
- Payoneer accounts support 7 currencies for general use and some other currencies for specific tax payment, and come with linked payment cards
Wise accounts come with bank details to get paid in 10 currencies, Payoneer offers 9 different currency receiving account details
Payoneer has specific ways to receive customer payments using a credit card, Wise does not
Payoneer offers working capital to customers, Wise does not
Both providers are fully regulated and safe to use
The important bits
Whether you’re looking for a digital account service for yourself or your business, the costs, features and reliability are key. Here’s a head to head comparison of Wise vs Payoneer on these important factors.
| Wise | Payoneer | |
|---|---|---|
| Rates | Wise exchange rate: Mid-market exchange rate with no markup | Wholesale rate + 0.5% currency conversion charge |
| Fees for international transfer | Low fees, varies by destination - from 0.43% | Up to 3% of the transaction amount when sending to a bank account |
| Speed for international transfer | More than 50% of payments are instant, 90% arrive in 24 hours | 1 - 2 business days when sending to a bank account |
| Service | Online, in app and by phone | Online, in app and by phone |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | Trustpilot score: 4.2/5,Great rating, from 212,000+ reviews | Trustpilot score: 3.9/5, Great rating, from 52,000+ reviews |
Rates: Wise uses the mid-market rate, Payoneer charges 0.5% for currency conversion
Fees: Both providers have variable fees for international transfer which are based on the destination country and payment type. Payoneer costs can also vary depending on how often you use your account
Speed: Wise payments can be instant, with 90% arriving in 24 hours. Payoneer transfers usually take 1 - 2 business days when sending to a bank account
Service: Both providers offer multilingual service in a range of languages, online, in-app and by phone
Safety: Both providers are fully licensed and regulated.
Reviews: Both Wise and Payoneer score a Great review rating on Trustpilot - Wise has far more ratings registered
Pros and cons
| Wise | Payoneer |
|---|---|
| ✅Hold and exchange 40+ currencies ✅ Accounts for personal and business use ✅ Get a linked card for spending in 150+ countries ✅ Mid-market exchange rates ✅ Receive payments in 10 currencies with local account details | ✅No fee to open an account ✅ Some transfers to other Payoneer customers are free ✅ Get paid by clients using their credit card ✅ Local receiving account details for 9 currencies ✅ Popular business provider, also offering working capital solutions |
| ❌ Transaction and currency conversion fees apply ❌ No cash or cheque payments supported | ❌ No personal account services ❌ Fees are complicated and can vary based on factors including the volume of transactions you process |
Wise Vs Payoneer: The verdict
Whether Wise or Payoneer is better for you will depend on how you want to use your account. Wise offers personal services - which Payoneer does not - making the choice pretty clear cut if you want an account for individual use.
If you’re looking for a business account both Wise and Payoneer are worth a look.
Wise has a greater span in terms of supported holding currencies, and the fees are low and transparent. You need to pay a one time fee to open a business account, but there’s then no ongoing cost - and lots of nice extras like batch payments and cloud accounting integrations.
Payoneer has no account opening fee and also allows customers to pay with a credit card, which is handy if you’re an online seller for example. However, the currencies supported for receiving and exchange are limited and the fees can be on the high side - with the added complexity that some costs vary based on how often you transact.
Compare both to see which works better for you - and read on for plenty more about Wise vs Payoneer features, fees and accessibility.
About Wise and Payoneer
Wise was founded as TransferWise in 2011, and offers personal and business accounts to hold and manage 40+ currencies, accept payments and spend using a linked Wise debit card. You can also send money to 160+ countries with the mid-market exchange rate and low, transparent fees.
Payoneer was founded in 2005, and offers business account services and solutions, including working capital, with a focus on digital businesses around the world. Account services are available in 190+ countries, although features do vary - and you can send money in 70+ currencies.
How do they work?
With Wise you can register an account online or in the Wise app, to hold, send or receive payments. You can also order a card for easy spending and withdrawals. When it comes to international transfers, Wise supports payments to bank accounts and Wise accounts in many countries, with currency conversion using the mid-market rate where needed.
Wise to Wise transfers are free, and for bank deposits, Wise doesn’t use the SWIFT network - which is usually relied on by banks. Instead, it has built its own network of bank accounts globally to make transfers cheaper and faster.
Payoneer also offers online and in-app onboarding and registration, and lets customers send payments to other Payoneer accounts or to banks. Transfers to Payoneer accounts can be free if there’s no currency conversion, but sending to a bank will involve a fee and take a day or two.
Wise Vs Payoneer fees
Wise fees may vary slightly depending on whether you’re a personal or business customer, but they’re usually pretty straightforward and set out in the app or online for transparency. Payoneer fees can vary a bit depending on how you use your account, and are usually expressed in USD.
Here’s a rundown of somme of the most important Wise vs Payoneer fees - there many be other costs involved with using your account so do check the terms and conditions carefully before you sign up:
| Service | Wise | Payoneer |
|---|---|---|
| Open an account | 42 CAD (business customers only) | No fee - a 29.95 USD account dormancy fee applies if you don’t use your account for 12 months |
| Order a card | No fee | 29.95 USD annual fee for the first card ordered |
| Spend with your card | No fee to spend currencies you hold Currency conversion from 0.43% when you don’t hold the right balance | No fee to spend currencies supported by your card Foreign transaction fee up to 3.5% when you don’t hold the right balance |
| ATM withdrawals | 2 withdrawals a month, to the value of 350 CAD free - 1.5 CAD + 1.75% after that | 3.15 USD |
| Receive a payment | Free to receive payments in 10 currencies using local bank details 10 CAD fee to receive payments via SWIFT in CAD 4.14 USD to receive a USD wire (ACH payments are free) | Free to receive payments in some major currencies using local bank details Up to 1% fee to receive USD |
| Send a payment | From 0.43% | Up to 3% |
| Currency conversion | Mid-market exchange rate | 0.5% |
Wise Vs Payoneer: Which is cheaper?
Sending an international payment to a supplier or contractor? Payoneer and Wise both offer local and international payments, but their fee structure is quite different.
If you’re sending from Wise to Wise, or from Payoneer to Payoneer, and no currency conversion is needed, there may be no fee to pay. However, costs apply if you’re sending to a bank account, including potential currency conversion fees and transfer charges.
Both providers show you the fee you’ll pay for your transfer before you confirm it in the app or online. Here’s a quick look at the headlines:
| Service | Wise | Payoneer |
|---|---|---|
| Currency exchange | Mid-market exchange rate | Wholesale rate + 0.5% conversion fee |
| Transfer fee | Low, transparent fees from 0.43% | Up to 3% fee based on destination |
Wise Vs Payoneer exchange rates
Wise uses the mid-market exchange rate for currency conversion, and splits out any costs which apply, which can vary depending on the transaction you’re making and the currencies involved. This is easy to read and understand, and lets you compare Wise to other providers so you can pick the right way to arrange your transfer.
You can check and compare from this page here: Wise exchange rate
Payoneer uses wholesale exchange rates to convert currencies in your account, and then adds a 0.5% fee. If you’re sending a transfer out of your account and need currency conversion, this fee still applies, but may be wrapped up into the transfer cost which you’re quoted, which can be up to 3%.
Wise Vs Payoneer: Which is faster for international payments?
Sending from Wise to Wise or from Payoneer to Payoneer is likely to be very fast or instant.
If you’re sending money to a bank account, Wise transfers can be instant in about 50% of cases, and over 90% arrive in 24 hours. Payoneer usually takes 1 - 2 business days to deposit money to a bank account.
Ultimately - for both Wise and Payoneer - the amount of time it takes to receive an international payment will vary based on the destination, currency and transfer value.
Wise Vs Payoneer: International transfer limits
Both providers have limits to the amount you can transfer, which are used to protect customers and comply with the law. Here’s a summary:
| Wise limits | Payoneer limits |
|---|---|
Limits can depend on whether you have a personal or business account, and the currencies involved. Limits are usually around 1 million GBP or the currency equivalent - some payment methods have lower limits, which you’ll see in the app or online when you set up a transfer | Periodic limits apply which you’ll be notified of in the app when you set up a transfer |
Wise Vs Payoneer: Payment methods
If you want to use Wise to send an international transfer, or if you’re topping up your account yourself, you can choose from:
direct debit (EFT)
online bill payment
debit/credit card
wire transfer
Interac e-Transfer
Wise account balance
In Canada, Payoneer customers can send transfers using a card or their Payoneer account balance online.
Wise Vs Payoneer cards
Wise has international debit cards for personal and business customers, with no order fee in Canada, and no ongoing charges. Payoneer offers cards for account holders, which have some costs associated - here’s a summary of some of the key features of both option:
| Provider card | Card features |
|---|---|
| Wise card |
|
| Payoneer card |
|
Wise Vs Payoneer cards: Where can you use them?
Both the Wise card and the Payoneer card can be used wherever the issuing network is supported. Keep an eye out for the card network logo wherever you are - usually Visa or Mastercard, which are both very broadly supported internationally.
Learn more: How to use Wise card abroad
Supported currencies
Wise accounts can hold 40+ currencies and come with local account details for 10 currencies. Payoneer has local account details for 9 currencies, and accounts can support 7 currencies for general use, and several more for specific purposes like paying your taxes.
Ease of use: Payoneer vs Wise
Creating an account:
Wise accounts are opened and operated online or using the Wise app.
Payoneer accounts can also be opened online or in app
Making a transfer: Wise and Payoneer international payments can be made online or in-app
Ways to send money:
Wise transfers can be funded by direct debit (EFT), online bill payment, debit/credit card, wire transfer, Interac e-Transfer and Wise account balance.
Payoneer supports payments from Payoneer account balance and cards
Languages: Wise and Payoneer both offer global support in a range of languages, online, using the app, and by phone.
Minimum & maximum amounts:
Wise limits depend on which currencies you send to and from, and how you pay - typically where limits apply they’re set at around the equivalent of 1 million GBP per transfer.
Payoneer limits will be shown in the Payoneer app when you log into your account
Safety
Wise and Payoneer are both safe and fully regulated providers.
In Canada, Wise is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and uses strong digital security measures on all accounts and transfers. As a global company Wise is also overseen by a selection of bodies all around the world. Learn more: Is Wise safe to use?
Payoneer holds multi-jurisdictional licences issued in a selection of countries and regions including the US, EU, UK and Australia. Payoneer also has robust security and anti-fraud measures in place.
Wise Vs Payoneer: customer service
The easiest way to get support for both Wise and Payoneer is to log into your account online or in the provider app and start a chat. Both providers have multi-lingual support options, and by logging in through your account you can get a personal service as the support team can see your account or transaction information if required.
Conclusion: Comparing Wise and Payoneer
Wise and Payoneer have some similar features - but not all their services overlap, so it’s worth comparing them based on your specific needs.
Both serve entrepreneurs, freelancers and business owners with multi-currency accounts and cards. However, the accounts do have their own features and fees so comparing your options is essential.
Wise accounts support more currencies for holding and exchange, and have low and transparent fees which make it easy to see what your transactions are costing you every time. Wise also offers personal customer accounts.
On the other hand Payoneer doesn’t have personal accounts - but offers different perks like ways to take credit card payments from customers, and working capital solutions - which may suit different customer needs.
Payoneer vs Wise in Canada FAQs
What is the difference between Wise and Payoneer?
Wise and Payoneer are different providers with their own features and customer niches. Wise has account and card services for individual and business customers, while Payoneer focuses on business and freelance accounts and cards. Which is best for you depends on the type of account you need and how you’ll transact.
If you can’t decide between a Wise personal and Wise business account, this guide can help: Wise personal vs Wise business
Which is better: Wise or Payoneer?
Neither Wise or Payoneer is better - they’re both different and will suit different customer needs. If you’re a personal customer you’ll need to pick Wise as Payoneer only serves businesses and freelancers. If you’re looking for a business account, compare both - Wise has more supported currencies and low, transparent fees - while Payoneer offers extras like working capital and ways to receive credit card payments. The right one for you depends on your priorities.
Is Wise or Payoneer cheaper?
Both Wise and Payoneer have their own fees which vary based on the services you need. For international transfers to bank accounts, Wise fees start from 0.43%, with no exchange rate markups. Payoneer has a 0.5% currency conversion charge, and up to 3% in transfer fees.
Is Wise or Payoneer faster?
More than 50% of Wise payments to bank accounts are instant and 90% arrive in 24 hours. Payoneer transfers to other Payoneer accounts can be fast, but sending to a bank account can take up to 2 days.
How many currencies do Wise and Payoneer support?
Wise accounts can hold 40+ currencies and offer local bank details for 10 currencies. Payoneer accounts can hold up to 7 currencies for general use and receive local payments in 9 currencies.