With its focus on business transactions, Payoneer is a distinctive company when it comes to international money transfers, offering not only overseas payments, but also providing various business services, such as multi-currency virtual accounts.
What happened to Payoneer?
Everything we have discussed about the platform sounds good, but current users, and especially those who have large sums of money stored in Payoneer are living a nightmare in recent days, as the company is having problems and has frozen all accounts.
Actually the problem is not with Payoneer but with Wirecard, their debit card provider who apparently declared financial insolvency. It is not known until the moment of publishing this article what will happen with the money of the users, including me, who have been using their cards for years and have never had any problem and until hours ago I have been super satisfied with their service.
Payonner for its part issued a statement, indicating the following to its users who have prepaid cards:
“As you may have seen in the news, Wirecard AG filed for insolvency on Thursday. Its Payoneer Prepaid Mastercard® is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL) in the United Kingdom. Today, the Financial Conduct Authority (FCA), which regulates WCSL, issued injunctions on WCSL, freezing all prepaid card activity for the time being. We believe that cardholder funds are adequately protected and that the freeze will be temporary.”
You can read more about this topic on websites specializing in news of this type. In this article I bring some alternatives to Payoneer for those who want to move to another platform.
What alternatives to Payoneer can I use?
It’s not all bad news; the market is becoming increasingly competitive and. Payoneer is not the only option. In fact there are several, some better than others and some are quite famous. In this post I am going to introduce you to the top 5 of the best alternatives to Payoneer you may be interested in.
Each of these companies works in a different way, which means that each one has its own rates and costs. But when it comes to international transfers, the exchange rate is a number that really needs to be taken into account. When banks trade with each other, they may use the average market exchange rate, but when they charge their customers, they often set the less favorable exchange rate and keep the difference. Alternative transfer providers may do the same, so it is always wise to be wary of services that claim ‘no fees’: unless you are being charged the mid-market rate, it is not actually free. No service is!
Top 5 best alternatives to Payoneer
Anyway, here are some of the best alternatives to Payoneer. main alternatives to Payoneer. You are sure to find one that is right for you and your online business.
Founded in 2011, TransferWise is not just for businesses, but also for anyone who wants to make international transfers. The concept behind TransferWise is simple: by using a system of local bank accounts in countries around the world, you don’t have to rely on expensive and time-consuming international bank transfers to make payments in different countries. You can pay into a local bank account in one country and receive the money from a local account in another country, with no intermediary banks involved.
This means that TransferWise uses the mid-market rate on all its transfers and does not generate money with the exchange rate. The only cost when transferring money is a simple upfront fee based on the amount you are sending.
All of that is available to both businesses and individuals, which means paying unnecessary fees for each international payment can be a thing of the past. And with a multicurrency account unlimited, you can store your money in dozens of different currencies and transfer it to currencies around the world whenever you want.
Like Payoneer, the unlimited account offers virtual details in several different currencies (US and Australian dollars, euros and British pounds) so that when you have money in the account, you can easily send and receive payments in any of those currencies. So it’s quick and cheap to withdraw money into a bank account. And there is no monthly fee for the unlimited account.
Revolut is a prepaid card and smartphone banking application.
Revolut is based in the United Kingdom, but is available in Ireland and the rest of the European Economic Area, as well as Australia, Canada, Singapore, Switzerland and the United States.
From the outset, Revolut’s goal was to “build a fair and frictionless platform for using and managing money around the world.” Essentially, to act as a banking alternative for individuals and businesses.
From this, Revolut set out to do exactly that. It now offers free international money transfers and global charges with no fees at the interbank exchange rate.
Revolut now works as a multi-currency card with an app attached. The company claims you can open an account with them in just 60 seconds.
With a Revolut account, you can:
- Save and transfer 25 coins in the application.
- Make free domestic and international money transfers.
- Make commission-free foreign payments in over 130 currencies with a MasterCard or Visa.
- Make international withdrawals of $200 per month free at ATMs with a 2% fee above that amount.
- Instant spending notifications, spending categorization and budget controls.
- Instant credit to your account in 2 minutes worldwide.
‘Premium’ accounts can also offer: exclusive card designs, overseas medical insurance, 24/7 support.
Revolut also allows customers to buy, store, exchange and transfer (internally) bitcoin, litecoin and ethereum.
It’s easy to open an account with Revolut. Simply enter your phone number and they will send you a registration link to download the app to your phone. You will then need to verify your identity by providing a picture of a valid ID and taking a selfie.
After registering, you can apply for your contactless Revolut card and start using your account.
A bit like PayPal, Skrill (formerly known as Moneybookers) offers a way for online retailers to process online payments, as well as allowing people to make online payments without the need for bank details – just an email address is enough if both are registered. And yes, they also offer international payments.
Skrill has a ‘wallet’ system for transfers: send money from one wallet to another. If your recipient doesn’t have a wallet, you can also send money directly to their bank account. What about fees? Here things vary a bit: you are charged for loading money into your account, sending it and converting it to the new currency. The recipient might also have to pay a fee to get the money out of their ‘wallet’ . And, of course, you also have to take into account the exchange rate.
Neteller offers a similar set of services, processing online payments and handling international transfers. With a virtual Neteller account, you can send money or make payments with an email address, even without bank details. As a business, Neteller might interest you as another online payment system.
Neteller has a complex ‘VIP’ membership system, from ‘bronze’ to ‘diamond’, and the fee they charge varies according to the level you have. Various other fees also vary according to your level. The level itself depends on how much money your company handles per year: the higher the number, the lower the fees.
Fees with Neteller also vary considerably depending on how you load money into your account: for example, it costs one amount to deposit money through Visa, and another amount through a Santander bank account. Finally, the costs also vary depending on how you withdraw money from your Neteller account. In all these cases, the charge is generally a percentage reduction of the amount you are depositing or withdrawing.
While the fee structure is somewhat complex and it can be difficult to predict whether you are likely to need to use a combination of different payment and withdrawal methods, the benefits to Neteller include its ‘prepaid virtual MasterCard’ as well as its online payment facility.
Update: It seems that Neteller also has problems with cards, or rather they are changing their strategy. When trying to apply for a card this message pops up:
PayOp is a payment platform that provides businesses with payment solutions, regardless of their size. It is available in over a hundred countries, with hundreds of payment methods available, as well as the ability to process hundreds of currencies. It allows you to process payments from anywhere in the world.
The multiple currencies that PayOp can process allow you to optimize payment rates, reduce processing costs and get rid of fees related to exchange rates. PayOp can also take card data and store, process and encrypt it. The solution’s API also makes it easy to connect different types of payment solutions, making it possible to verify the project within a day. Reporting and analysis are also available.
With PayOp, you can easily and quickly enter new markets, increase sales and get valuable information and an overview of the transactions you have been involved in.
Thanks to the 170 countries where PayOp is available and the 200 currencies it can process, your business can go international without having to worry about whether you can handle payments from customers in different countries. PayOp allows you to expand your operations with confidence.
PayOp can handle multiple payment methods, whether they are international or local cards, internet banking, prepaid, e-wallets, mobile operators or even cash. All of this makes it easy for customers to make payments. This helps your bottom line and improves your relationship with customers.