International money transfer services have made the cross-border payment too easy. One can convey and receive money globally with these money transfer services and among all Payoneer and Paypal secured the renowned place. Both services are the true rivals of each other and if you are really confused between Payoneer vs Paypal then all your confusions end up here.
Being a blogger I know the worth of online transaction services and I have used several. After using them I found Payoneer and Paypal best but in many aspects, both compete with each other. Without further ado let’s start our comparison guide of renowned payment options and reveal which service is best for international transactions.
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Payoneer vs Paypal: Which one you should choose
Both services have their pros and cons and it is pretty tough to consider one of them better than another so you have to decide yourself as per the aspects we have listed below:
Payoneer vs Paypal: Fees
Transaction charges matter a lot when things come in terms of international payments. Both payment services offer you a different fee structure:
Payoneer: You can signup for Payoneer for free and if you receive payments from any other Payoneer user through “Make a Payment” option then it is totally free. Usually, transaction fees depend on your country and 0% to 1% transaction fees is charged for USD. In case you receive direct payment via Debit or Credit card then you have to pay 3% of your transactions. Also when users withdraw funds from Payoneer account to their bank account then they have to pay a fee.
Paypal: If you are residing in the US and you send funds from your bank or Paypal account then it is totally free. Whereas if you make payments via your debit or credit card then you have to pay 2.9% as transaction fees. In another case when you convey money in other countries then the fees depends on the country and it can be varied between $0.99 to $4.99. If you make payments through debit card/credit card/ Paypal credit then Paypal will charge 2.9% of your transactions with a currency conversion rate.
Payoneer vs Paypal: Safety and security
Security is the foremost factor to be considered when you are going to make global payments. And in terms of safety and security you can rely on both payment services. All two services use high encryption levels to give you secure transactions. Both payment giants are used globally because of their security measures so you can blindly trust on them if you are concerned about your security.
Payoneer vs Paypal: Ease of use
Another most considerable thing about an online payment service is the convenience and ease of use so let’s check out how these services serve you:
Payoneer: Payoneer is specially created for businesses and online traders and for individuals it is not advisable. Individuals can utilize their services only to receive payments. English, Spanish, Russian, Arabic, Japanese, and Vietnamese are the supported languages of Payoneer. If you are running your business in the US, UK and in Japan then you can make payments through bank transfers, e-checks, and credit cards. Dedicated Android and iOS apps are available to use on your smartphones.
Paypal: Paypal is suitable for businesses, online traders, and for an individual as well. English, Spanish, French, Portuguese, Chinese, Japanese, and Italian are the supported languages and the best thing is that users can convey money to any Paypal account. Moreover, you can withdraw your Paypal funds to your bank account without any hassle. Like Payoneer, Paypal also has it’s Android and iOS apps.
Payoneer vs Paypal: Debit and credit cards
To ingress your funds your account both Payoneer and Paypal allot you Debit and credit cards.
Payoneer: There are no annual charges for Payoneer master card but if you withdraw money from ATM then you have to pay fees for it. There is a limit for all your withdrawals, and expenditures via Payoneer Mastercard.
Paypal: It is pretty convenient to receive and transfer money via your Paypal Mastercard. Nevertheless, you get Cashbacks at a certain situation.
Payoneer vs Paypal: Which payment option is for you
I think now you have a fair idea about both online payment services and you can decide whether you switch to Payoneer or Paypal. But before going for any of them let’s check how they work:
The initial step to use Paypal is the creation of an account and at the time of creation you have to give your email address that is used to convey and receive money via Paypal. Your bank account is linked to your PayPal account to deposit and withdraw money. Whenever you want to receive payments via Paypal then you give your Paypal address and your amount comes in your Paypal account.
Via Payoneer, your account is linked to your bank account and if you want to acquire then Payoneer also facilitate you with a local bank account in the US, UK, Europe, and Japan. At the time of money received you just need to convey your bank account details that are provided by the Payoneer.
Payoneer and Paypal both have their own pros and cons and you can’t consider one of them greater than another. Paypal is hugely used by bloggers, freelancers, and online sellers but Payoneer is the great option where Paypal is not accessible.
Payoneer is relatively cheaper than Paypal and you can save a big amount if you use Payoneer for your foreign transactions. So you can opt for both services and if you are receiving payments in USD, EURO, and Japanese Yen then I suggest you to use Payoneer to save extra bucks on your transaction.
Now its time to know your views on Paypal vs Payoneer.
Which one is better as per your views?
Did you ever use one of them?
Let us know below in the comment section. Don’t forget to share the post.