Software · head to head
Payoneer vs Wise Business
Wise Business
Software
The smart way to send and receive business payments
- From
- $29/month
- Rated
- -
The short version
- 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; Wise Business opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
- They diverge on capability: Payoneer covers Receive payments, Wise Business covers International transfers.
Where they differ
Only the attributes on which Payoneer and Wise Business actually diverge.
| Attribute | Payoneer | Wise Business |
|---|---|---|
| Platforms | Web, Ios, Android | Web, Ios, Android, Api |
| Founded | 2005 | 2011 |
Identical on both: starting price ($29/month), pricing model (usage-based), free tier (No), user rating (Not yet rated), category (Unknown).
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
- Working capital
- Mass payouts
- Marketplace integrations
- Amazon
- Fiverr
- Upwork
- PCI DSS
Only in Wise Business
- International transfers
- Batch payments
- API access
- Team management
- Xero
- QuickBooks
- Various
- FCA regulated
Both cover
- Multi-currency accounts
- 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 Wise Business
- Holding receiving accounts in several currenciesnot Wise Business
- Paying suppliers and withdrawing to a local bank accountnot Wise Business
Wise Business
- Holding and converting multiple currencies as a businessnot Payoneer
- Paying international suppliers and contractors at the mid market ratenot Payoneer
- Receiving payments into local currency account details in several countriesnot 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%
Wise Business
- Opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
- Volume discounts on transfers start only above 20,000 GBP equivalent sent per month
Pricing, plan by plan
Payoneer
$29/month- StandardFree
- Receive payments
- Multi-currency
- Marketplace connections
Wise Business
$29/month- StandardFree
- Multi-currency account
- Real exchange rate
- Batch payments
Which should you pick?
Choose Payoneer if
- You need receive payments.
- You work on Web, Ios, Android.
- You also want working capital.
Choose Wise Business if
- You need international transfers.
- You work on Web, Ios, Android, Api.
- You also want batch payments.
Questions people ask
- Is Payoneer or Wise Business better?
- Neither clearly leads. Payoneer starts at $29/month and Wise Business at $29/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Payoneer or Wise Business?
- Payoneer starts at $29/month and Wise Business at $29/month.
- Does Payoneer or Wise Business run on more platforms?
- Payoneer runs on Web, Ios, Android. Wise Business runs on Web, Ios, Android, Api.
- 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 Wise Business is typically brought in for.
- What can Payoneer do that Wise Business cannot?
- Payoneer covers Receive payments, Working capital, Mass payouts, Marketplace integrations. Wise Business covers International transfers, Batch payments, API access, Team management. Both handle Multi-currency accounts, Web support, Ios support, Android support.