Wise vs. Payoneer – choosing the best platform for your international payments


5 June 2024
Receiving money across borders? Going global with your freelance business? We compare Wise and Payoneer, two popular international payment solutions, to make it easier!

Payoneer account or Wise account? Discover which one offers the best exchange rates, transaction fees, and security measures for freelancers. Learn how to save money and navigate the world of international transactions with confidence. Wise vs. Payoneer compared.

How does it work? What are Wise and Payoneer?

Payoneer and Wise are online services that allow their users to send and receive money internationally. They work similarly to some online payment services but focus on international transactions.

You can set up a Payoneer or Wise account to receive funds from people or businesses in other countries. To do that, you don’t need to have a registered company. The service handles the currency exchange and transfer process, often making it easier and cheaper than traditional bank transfers.

Both Wise and Payoneer are seamless systems where location doesn’t restrict your talent or income. These platforms are your gateway to a truly borderless freelance experience. Now, let’s see how they differ.

Payoneer vs. Wise – global coverage and multi-currency accounts

If you plan to work for clients from abroad without unnecessary limitations, opt for a global payment service that supports many countries and currencies. Both Wise and Payoneer let you get local account details in several currencies (including EUR, USD, and GBP). Then, you can convert them to your preferred currency and withdraw payments to your local bank account if you want to.

Wise supports over 160 countries and enables multi-currency management in 40 currencies. Payoneer, on the other hand, covers over 190 countries and supports withdrawals in over 70 currencies.

Wise vs. Payoneer for receiving money – transfer fees and exchange rates

Both platforms offer multi-currency accounts for free. However, to receive international payments through a Wise or Payoneer account, you or your client may be charged with some transfer fees.

Sending money between Wise or Payoneer accounts is free if both you and the recipient use the same platform, making it easy to receive payments from clients. This can be a convenient option for freelancers or businesses who frequently transfer funds amongst themselves.

Let’s check other costs associated with your borderless account.


With a Payoneer account, receiving payments in some major currencies using local bank details is free. If your client wants to pay you via credit card, a fee of up to 3.99% will apply. In certain countries, an additional fixed fee of $0.49 will be added to the above rate. ACH bank debits available in the US only include a 1% fee, and PayPal transfers, also in the US – 3.99% + $0.49.

When converting currencies, Payoneer uses wholesale currency market rates obtained from various financial institutions at the time of transaction and adds a currency conversion fee of 0.5%.

Check Payoneer’s pricing page, where you’ll find fees for getting paid and paying others, using a Payoneer Mastercard, withdrawing money on ATMs, etc.


Receiving local payments (non-Swift) in AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and USD (non-wire) is free. Extra fees apply to USD wire payments and CAD Swift payments.

The overall price of the transaction depends on the chosen payment method and transfer time (faster payments are available). Use their calculator to get a clear picture (set your location in the top-right corner).

When it comes to currency conversion, Wise uses the mid-market rate. This rate is considered the fairest and most transparent, reflecting the average price at which banks trade currencies.

Fees also apply to ordering and using your Wise debit card and withdrawing money from ATMs. Check the cost and benefits of having an international Visa from Wise.

Compare Wise and Payoneer – payment methods

When comparing Wise and Payoneer as platforms for cross-border payments, it’s important to consider how you can get paid


To receive money to your Wise account, you can share your bank account details, request payments, or use your Wise card or email address. There are fixed fees for receiving certain types of payments. You can receive money in various currencies and view the account details in your Wise account.

If you have a personal account, you can receive money by requesting a payment from clients or using a payment link. Learn more about receiving money through Wise.


Payoneer’s fees depend on several factors, including the type of transaction (sending or receiving), the currencies involved, and the chosen transfer method.

Like Wise, Payoneer offers payment requests that can be sent directly to your client worldwide. To send money, your client has several options – credit or debit card, ACH bank debit, direct bank payment, local bank transfer, or Payoneer Balance – depending on the currency, payout amount, country, and payment method.

Your client can select who pays the applicable fee. To avoid any misunderstanding, Payoneer suggests discussing this point with your client in advance.

Payoneer vs. Wise – transfer time

Both domestic and international payments should be fast to keep your cash flow balanced. Whether you’re a freelancer waiting for your earnings or a business owner receiving funds from abroad, waiting days for transfers can disrupt your workflow.


Once you enter the necessary transaction details in this calculator, you’ll see when the money should arrive. However, it’s an estimate – it will change once you set up an actual transfer.

In general, transfer time in Wise depends on several factors:

  • sending and receiving countries – transfers between certain countries may be processed faster;
  • transfer method – bank transfers typically take longer than debit/credit card transfers;
  • transfer amount – larger transfers may take slightly longer for additional security checks.

Senders can pay extra for fast transfers.


Payoneer offers fast transfers on some routes. However, they estimate that bank transfers take 2-5 business days, with some destinations seeing funds arrive in 2-3 days. 

Security of international money transfers in Wise and Payoneer

Whether you choose Wise or Payoneer for your financial transactions, you can be sure your money and data are protected.


The service claims that, as a regulated entity, it adheres to the strictest security protocols. It ensures the safety of your funds and data by investing in robust controls and partnerships with financial leaders. Payoneer is licensed and regulated by multiple government regulators. Read more about their security measures.


Wise prioritizes security. A dedicated fraud team tackles threats, while real-time spending alerts and two-factor authentication keep your account in check. Constant monitoring, vulnerability scans, and independent audits further protect your money. Wise is transparent with data and encourages vulnerability reports.

Users’ choice – which platform has better reviews

With more than 53k reviews on Trustpilot, Payoneer scored 3.9 stars. Wise boasts more than 220k reviews, which add up to 4.3 stars. Freelancers appreciate Wise’s transparent fee structure and mid-market exchange rate. Payoneer’s users find the platform to be user-friendly and straightforward to navigate.

If you’re also considering PayPal for international payments, read our comparison: Wise vs. PayPal.

Wrap-up: Wise vs. Payoneer for freelancers

Both Payoneer and Wise make your international money transfers smooth and hassle-free. You can get paid in multiple currencies and work for international clients from multiple countries. These easy and fast international transfers make your work borderless and your wallet – thicker! All you have to do now is choose your preferred global payment solution.

Payoneer vs. Wise – global payment solutions compared


Feature Wise Payoneer
Convenient international money transfers to your multi-currency account Yes Yes
Available as a payment method on Useme Yes Yes
Withdrawing money to local bank accounts Yes Yes
Debit card Yes Yes
Business accounts Yes (Wise Business Account) Yes (Payoneer account)
Exchange rates + conversion fee Mid-market rate + 0.35% or more Mid-market rate + 0.5%
Local account details available in GBP, EUR, USD, AUD, CAD, NZD, SGD, RON, HUF, TRY available in GBP, EUR, USD, AUD, CAD, JPY, HKD, SGD, AED
Trustpilot score 4.3 stars 3.9 stars


Both Payoneer and Wise facilitate international transfers, so we recommend them for global payments. To manage your work holistically, open a Useme account and set up Wise or Payoneer as your payment method.

Useme lets you work with global clients without knowing their local regulations. You agree on the job with your client, invoice them via Useme, and get paid even withing 24 hours after client acceptance. All of that without formalities. Sign up for free!

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