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Accounting & Finance · head to head

Payoneer vs Wave

Payoneer logo

Payoneer

Accounting & Finance

One account. Infinite opportunities.

From
$29/month
Rated
-
Full reviewWebsite
Wave logo

Wave

Freelancers

Financial software for small businesses

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only Wave has a free tier, so it costs nothing to try first.
  • Each has a real cost: Payoneer an annual account fee of $29.95 USD applies if the account receives less than $6,000 USD in any 12 consecutive months; Wave automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • They diverge on capability: Payoneer covers Receive payments, Wave covers Double-entry accounting.

Where they differ

Only the attributes on which Payoneer and Wave actually diverge.

Attributes where Payoneer and Wave differ
AttributePayoneerWave
Starting price$29/monthFree
Pricing modelusage-basedfreemium
Free tierNoYes
CategoryAccounting & FinanceFreelancers
Founded20052010

Identical on both: platforms (Web, Ios, Android), user rating (Not yet rated).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Payoneer

  • Receive payments
  • Multi-currency accounts
  • Working capital
  • Mass payouts
  • Marketplace integrations
  • Amazon
  • Fiverr
  • Upwork

Only in Wave

  • Double-entry accounting
  • Invoicing
  • Expense tracking
  • Financial reporting
  • Bank reconciliation
  • Receipt scanning
  • Multi-currency
  • Sales tax tracking

Both cover

  • Web support
  • Ios support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Payoneer

  • Receiving marketplace and platform payouts as a freelancer or sellernot Wave
  • Holding receiving accounts in several currenciesnot Wave
  • Paying suppliers and withdrawing to a local bank accountnot Wave

Wave

  • Invoicing and bookkeeping for very small businesses and freelancersnot Payoneer
  • Accepting card payments against issued invoicesnot Payoneer

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Payoneer

  • An annual account fee of $29.95 USD applies if the account receives less than $6,000 USD in any 12 consecutive months
  • The Payoneer card carries a $29.95 USD annual fee and $12.95 USD for a replacement
  • Converting between Payoneer balances in different currencies costs 0.50%
  • Receiving into a non local currency receiving account costs 1%, minimum $1.00 USD
  • Receiving by credit card costs up to 3.99% plus $0.49 USD
  • Withdrawing to a bank in the recipient's local currency costs 1.2% to 4%
  • ATM withdrawals cost $3.15 USD plus up to 1.8%, rising to 3.5% when currency is converted
  • Card purchases requiring conversion cost up to 3.5%

Wave

  • Automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • The free plan pays a $0.60 per transaction fee on card payments on top of 2.9%, which Pro waives only for the first 10 transactions a month
  • Beyond 10 transactions a month the Pro plan pays the same per transaction fee as the free one
  • Amex is charged at 3.4% rather than 2.9% on both plans

Pricing, plan by plan

Payoneer

$29/month
  • StandardFree
    • Receive payments
    • Multi-currency
    • Marketplace connections

Wave

Free
  • AccountingFree
    • Unlimited invoicing
    • Expense tracking
    • Financial reports
  • Payments$undefined/transaction
    • 2.9% + $0.60 per transaction
    • Credit card processing
    • Bank payments (1%)
  • Payroll$35/month
    • $35/month base + $6/employee
    • Tax calculations
    • Direct deposit

Which should you pick?

Choose Payoneer if

  • You need receive payments.
  • You work on Web, Ios, Android.
  • You also want multi-currency accounts.
Payoneer review

Choose Wave if

  • You need double-entry accounting.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want invoicing.
Wave review

Questions people ask

Is Payoneer or Wave better?
Neither clearly leads. Payoneer starts at $29/month and Wave at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Payoneer or Wave?
Wave has a free tier; the other does not. Paid plans start at $29/month for Payoneer and Free for Wave.
Does Payoneer or Wave run on more platforms?
Both run on Web, Ios, Android, so platform support will not decide this one for you.
Can I use Wave for free?
Yes. Wave has a free tier, so you can try it without paying. Payoneer starts at $29/month.
What is Payoneer best used for?
Payoneer is most often used for receiving marketplace and platform payouts as a freelancer or seller, holding receiving accounts in several currencies, paying suppliers and withdrawing to a local bank account. Of those, receiving marketplace and platform payouts as a freelancer or seller and holding receiving accounts in several currencies are not what Wave is typically brought in for.
What can Payoneer do that Wave cannot?
Payoneer covers Receive payments, Multi-currency accounts, Working capital, Mass payouts. Wave covers Double-entry accounting, Invoicing, Expense tracking, Financial reporting. Both handle Web support, Ios support, Android support.
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