Top 5 Payoneer alternatives & competitors you should know

A payment platform founded in 2005, Payoneer is a well-established name in international money transfers. They allow businesses like Airbnb and Amazon to handle international payments, send and receive invoices from clients, collect money from well-known online marketplaces and pay freelancers around the world.

As of writing, you can send more than 150 currencies to over 200 countries using Payoneer. The platform also offers a suite of business tools to manage all your international and domestic payments in one place, with multi-currency virtual accounts for cross-border payments.

However, Payoneer has several disadvantages that may only be ideal for some. It has a long verification process, dormancy charges and limited availability for international payments, among other things.

The good news is that there are top 5 Payoneer alternatives you might consider. Some of these Payoneer competitors have better features, lower fees, speed and improved convenience. Read on to learn more!

Apps Like Payoneer: 5 Payoneer Alternatives Overview 

Whether you’re a freelancer or a small business owner, this overview dives into seven compelling alternatives to Payoneer, exploring their unique features and functionalities. This includes:

• Instarem
• Wise
• PayPal
• Skrill
• Neteller

Seamless and efficient international payments are crucial for businesses and freelancers alike. While Payoneer has established itself as a popular option, it’s not the only player in the game. Let’s take a closer look at its alternatives below:

Instarem

Focused on simplifying and making international money transfers more accessible, Instarem is a strong alternative to Payoneer. Their user-friendly platform and transparent costs with zero markups on exchange rates have secured their position as a trusted leader in the industry, attracting a loyal customer base in India, Singapore and more.

You get access to a built-in currency converter. This handy tool lets you easily estimate the final amount your recipient receives, including any fees before you initiate the transfer. No hidden charges or unexpected surprises, just clear and upfront costs.

Instarem allows its users to send money to more than 60 countries in the world in ten currencies including USD, SGD, JPY and AUD. What’s more, it has a dedicated app for your overseas transfers to help you keep track of all transactions in one place.

Moreover, Instarem caters to both individual and business needs by offering two distinct account types: Personal and Business. The Personal account is ideal for people sending and receiving money for personal reasons, while the Business account caters to businesses managing international payments and transactions.

This ensures that users have access to features and functionalities tailored to their specific requirements. For instance, the Business account offers functionalities like intra-company transfers and salary payments, which would only be relevant to some users.

But the most remarkable feature of Instarem is its reward system. You can earn InstaPoints when you transfer money abroad, refer a friend and spend using amaze card. You can then use these points as discounts on your next transfers to cut costs.

List of Countries Where You Can Set Up an Instarem Account

Currently, Instarem allows account creation for residents of the following countries:

• Australia
• Austria
• Belgium
• Bulgaria
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Germany
• Greece
• Hong Kong
• Hungary
• Iceland
• India
• Ireland
• Italy
• Latvia
• Lithuania
• Luxembourg
• Malaysia
• Malta
• Netherlands
• Norway
• Poland
• Portugal
• Romania
• Singapore
• Slovakia
• Slovenia
• Spain
• Sweden
• United Kingdom
• United States of America

How Does Instarem Differ From Payoneer?

While both Instarem and Payoneer facilitate international transfers, one of their key differences is their focus. Payoneer primarily provides solutions for businesses, freelancers and professionals to receive cross-border payments, manage finances and make payments. It doesn’t specifically target personal money transfers.

On the other hand, Instarem traditionally offers international money transfer services for both individuals and businesses. It positions itself as a platform that supports personal money transfers, providing competitive rates for individuals sending money abroad.

Instarem Pros and Cons

Pros:

• Earn InstaPoints and use them as discounts for future transactions
• Global money transfers to over 60 countries in 10 currencies
• Ability to schedule transfers (available in Singapore)
• Multi-currency wallet and debit card (available in Singapore)
• Easy funding through various options (bank transfers, debit/credit cards, and PayNow)
• Up to 12X faster 5X than banks, with most transactions completed within the same day

Cons

• Not available in all countries and currencies: Instarem currently offers transfers to a limited number of countries and currencies.
• Restricted signup: Users from certain countries may not be able to sign up for the service. Account registration is only available for users in Australia, Canada, Europe, Hong Kong, India, Malaysia, Singapore, the UK and the US.
• Limited cash pickup: The cash pickup option is only available in the Philippines.

When Should You Opt For Instarem? 

If you’re an individual looking to send money overseas for personal reasons like supporting family, paying for travel or making online purchases, Instarem is specifically designed for these needs.

The platform is also a great choice if you prioritise simplicity and transparency. They offer a user-friendly platform and upfront cost estimates through their built-in currency converter. This approach can be especially beneficial if you’re new to international money transfers or prefer a straightforward process.

Wise 

Formerly known as Transferwise, Wise is an international money transfer service that provides swift, user-friendly and cost-effective payment services to over 70 countries, supporting more than 50 currencies. The platform offers multi-currency accounts for both individuals and businesses, which makes it a great alternative to Payoneer.

They also use the fair mid-market rate for currency exchange and have clear fees.

It lets you create accounts in various currencies like USD, EUR and AUD so you can receive and send money just like a local. This is especially ideal for people who travel frequently, work remotely, do freelance work or run global businesses, including online shops.

Additionally, Wise avoids middlemen by using a network of local bank accounts around the world. This keeps transfers fast, reliable and secure. Simply pay into a local account in one country and receive money from another local account, all within Wise’s system.

List of Countries Where You Can Set Up a Wise Account 

Wise is available in most countries around the world. However, there are currently some limitations. You cannot open or log in to a Wise account in the following locations:

• Afghanistan
• Belarus
• Burundi
• Central African Republic
• Chad
• Congo
• Democratic Republic of the Congo
• Cuba
• Crimea region
• Eritrea
• Iran
• Iraq
• North Korea
• Libya
• Myanmar
• Somalia
• South Sudan
• Russia
• Sudan
• Syria
• Yemen
• Donetsk, Luhansk, Kherson, and Zaporizhzhia regions of Ukraine

How Does Wise Differ From Payoneer?

Although Wise and Payoneer offer international money transfers, they cater to different needs. Freelancers and online businesses often prefer Payoneer due to its payment collection features, whereas Wise is recognised for providing transparent and cost-effective multicurrency transfer services.

Wise also provides business features like expense cards, but they fall short of Payoneer’s wider array of business tools. However, Payoneer’s fees are not entirely transparent, with some remaining unclear.

Wise Pros and Cons

Pros:

• Suitable for individual users and businesses
• Multi-currency account supporting over 50 currencies
• Integration with popular accounting software like Xero
• Several withdrawal options like bank transfer, Wise debit card and local bank withdrawal
• Wise transfer fees are generally cheaper than banks

Cons:

• No cash delivery options for receiving money at home or your business
• Personal accounts do not accrue interest
• Fees and limits can vary depending on the destination country

 When Should You Opt For Wise?

One of the situations where Wise might be a good choice for you is if you want a service for personal/business finance and cheap international transfers, especially if you work with global clients or travel often.

They offer a versatile multi-currency account, potentially better than Payoneer’s, because it allows receiving payments in various currencies and avoids hidden fees.

Unlike Payoneer, which charges a monthly fee, Wise has a free borderless account. This makes Wise a good option for frequent cross-border transactions, as you wouldn’t be hit with additional monthly charges.

PayPal

PayPal is a fintech company best known for its online payment system. Available in 200 countries, it goes beyond online transactions; it offers a debit card, credit card readers for businesses and even lines of credit.

Their wide range of services and global reach make them a popular choice for freelancers, e-commerce businesses and digital creators. They also provide instant money transfers from PayPal to PayPal across 27 currencies.

Other PayPal features include ACH Payments and eCheck Processing, split payments, e-commerce software integration and manual payment entry, to name a few.

List of Countries Where You Can Set Up a PayPal Account 

PayPal is available in most countries around the world. However, there are currently some limitations. You cannot open or log in to a PayPal account in the following locations:

• Afghanistan
• Bangladesh
• Cameroon
• Central African Republic
• Côte D’Ivoire (Ivory Coast)
• Paraguay
• Saint Lucia
• South Sudan
• Sudan
• Syria
• Democratic People’s Republic of Korea (North Korea)
• Equatorial Guinea
• Gabon
• Ghana
• Haiti
• Iran
• Iraq
• Lebanon
• Liberia
• Libya
• Monaco
• Moldova
• Montenegro
• Myanmar (note: formerly Burma)
• Pakistan
• Timor-Leste (formerly East Timor)
• Uzbekistan
• Zimbabwe

How Does PayPal Differ From Payoneer?

Although Payoneer and PayPal almost sound the same, the key difference between the two lies in their currency conversion fees. PayPal charges a markup of 3.5 to 4% on most conversions, while Payoneer typically adds a 2% margin on top of the mid-market exchange rate, resulting in a smaller fee.

PayPal can also integrate with business account management software like Xero, Zoho, and SalesForce, streamlining financial management.

PayPal Pros and Cons

Pros:

• Secure payment methods
• Access to deals and cashback options
• Free for many domestic transactions
• User-friendly interface with a wide range of features
• Instant credit options are available

Cons:

• High international costs may apply
• Withdrawing funds from a bank account may take longer
• Confusing fees
• Lack of customisation

When Should You Opt For PayPal?

PayPal may be a better option than Payoneer if you want secure online transactions. They offer robust protections, including:

• Money-back guarantee: Get your money back if something goes wrong.
• Account security: Safeguard your financial information.
• Instant refunds: Receive immediate reimbursement in proven fraud cases.

The platform is also a great alternative if you make online purchases frequently. Since PayPal is widely accepted by many online merchants, it’s a convenient and familiar way to pay without entering your financial information each time.

Skrill 

A part of Paysafe Limited, Skrill is a global payment platform established in 2001. It allows online stores to accept payments and individuals to send money to each other online. Unlike traditional methods, you only need email addresses (both parties need Skrill accounts) to send and receive money. They also facilitate international payments.

It allows users to send, receive, and manage funds in over 40 currencies, with the option to get a prepaid debit card for worldwide access to their account balance.

Moreover, Skrill uses a ‘wallet’ system for transfers, where you move money between accounts. You can even send money directly to a recipient’s bank account if they don’t have a Skrill wallet.

List of Countries Where You Can Set Up a Skrill Account

Skrill is available in most countries around the world. However, there are currently some limitations. You cannot open or log in to a Skrill account in the following locations:

• Afghanistan
• Aland Islands
• American Samoa
• Angola
• Anguilla
• Antarctica
• Antigua and Barbuda
• Barbados
• Belize
• Benin
• Bhutan
• Bonaire (including Sint Eustatius and Saba)
• Bouvet Island
• British Indian Ocean Territory
• Burkina Faso
• Burundi
• Cape Verde
• Central African Republic
• Chad
• Cocos (Keeling) Islands
• Comoros
• Congo, Democratic Republic of
• Congo, Republic of
• Cook Islands
• Crimea
• Cuba
• Curacao
• Donbas
• Djibouti
• Equatorial Guinea
• Eritrea
• Faroe Islands
• Fiji
• French Guyana
• French Polynesia
• French Southern Territories
• Gabon
• Gambia
• Greenland
• Grenada
• Guadeloupe
• Guinea
• Guinea-Bissau
• Guyana
• Haiti
• Heard Island and McDonald Islands
• Holy See (Vatican City State)
• Iran
• Iraq
• Ivory Coast (Côte d’Ivoire)
• Japan
• Kherson
• Kiribati
• Kosovo
• Kyrgyzstan
• Lao People’s Democratic Republic
• Lebanon
• Liberia
• Libya
• Macao
• Mali
• Marshall Islands
• Martinique
• Mauritania
• Mayotte
• Micronesia, Federated States of
• Montserrat
• Myanmar
• Nauru
• New Caledonia
• Niger
• Niue
• Norfolk Island
• North Korea
• Northern Mariana Islands
• Palau
• Palestinian Territory
• Papua New Guinea
• Reunion
• Pitcairn
• Rwanda
• Saint Barthelemy
• Saint Helena
• Saint Kitts and Nevis
• Saint Lucia
• Saint Martin
• Saint Pierre and Miquelon
• Saint Vincent and the Grenadines
• Sao Tome e Principe
• Seychelles
• Sierra Leone
• Sint Maarten
• Solomon Islands
• Somalia
• South Georgia and the South Sandwich Islands
• Sudan (North and South)
• Suriname
• Svalbard and Jan Mayen
• Syria
• Tajikistan
• Timor-Leste
• Togo
• Tokelau
• Tonga
• Turkey
• Turkmenistan
• Turks and Caicos Islands
• Tuvalu
• Vanuatu
• Venezuela
• Wallis and Futuna
• Western Sahara
• Western Samoa
• Yemen
• Zaporizhzhia
• Zimbabwe

How Does Skrill Differ From Payoneer?

What makes Skrill different from Payoneer and other platforms is it offers financial services to the gaming industry, which is uncommon for payment processors. You can also send and receive cryptocurrency, though this feature is currently limited to users in the United States.

Another key difference between the two is that Skrill doesn’t charge any foreign transaction fees, unlike Payoneer which charges up to 3.5% and an additional 1.8% cross-border fee.

Skrill Pros and Cons

Pros:

• Security features like two-factor authentication
• Comes with a prepaid card that connects to your Skrill account
• Offers Personal and Business accounts
• Best payment platform for trading and online gaming

Cons:

• Limited customer service
• The verification process takes time
• High exchange rate markups

When Should You Opt For Skrill? 

If you’re in the gaming or trading industry, Skrill is a good alternative to Payoneer. Unlike most payment processors who avoid these industries due to potential risks like fraud and money laundering, Skrill offers a regulated solution specifically tailored to their needs.

This market gap allowed Skrill to serve this market while adhering to legal requirements. This ensures safety and security for everyone involved.

Neteller

Neteller is a digital wallet and payment service used for online transactions, particularly in forex trading and certain e-commerce businesses. It operates internationally, offering support in over 105 countries and 15 languages. Additionally, it allows users to buy and sell cryptocurrencies directly through their platform.

EEA residents and businesses can also access a Net+ MasterCard debit card for online purchases (both physical and virtual options available).

With Neteller, you can send money easily. Use just an email address to transfer funds, even without the recipient needing a bank account. It also comes with a business integration, offering additional payment options for your customers.

But what makes Neteller stand out is its tiered membership. You can access different fee structures and benefits through their bronze to diamond VIP program, based on your annual transaction volume.

List of Countries Where You Can Set Up a Neteller Account

Currently, Neteller allows account creation for residents of the following countries:

• Albania
• Algeria
• Andorra
• Argentina
• Armenia
• Australia
• Austria
• Azerbaijan
• The Bahamas
• Bangladesh
• Belarus
• Belgium
• Belize
• Bosnia and Herzegovina
• Brazil
• British Virgin Islands
• Bulgaria
• Burkina Faso
• Canada
• China
• Colombia
• Costa Rica
• Croatia
• Curaçao
• Cyprus
• Czech Republic
• Denmark
• Dominican Republic
• Ecuador
• Egypt
• Estonia
• Finland
• France
• Georgia
• Germany
• Ghana
• Gibraltar
• Greece
• Greenland
• Guernsey
• Hong Kong
• Hungary
• Iceland
• India
• Indonesia
• Ireland (Rep. Of)
• Isle of Man
• Israel
• Italy
• Jersey
• Kazakhstan
• Kenya
• Korea, South
• Kuwait
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Malaysia
• Malta
• Mauritius
• Mexico
• Moldova
• Monaco
• Montenegro
• Morocco
• Netherlands
• New Zealand
• Nigeria
• Republic of North Macedonia
• Norway
• Pakistan
• Panama
• Paraguay
• Peru
• Philippines
• Poland
• Portugal
• Qatar
• Romania
• Russian Federation
• San Marino
• Saudi Arabia
• Serbia
• Singapore
• Slovakia
• Slovenia
• South Africa
• Spain
• Sri Lanka
• Sweden
• Switzerland
• Taiwan
• Tanzania
• Thailand
• Tunisia
• Turkey
• Ukraine
• United Arab Emirates
• United Kingdom
• Uruguay
• Venezuela
• Vietnam

 How Does Neteller Differ From Payoneer?

Neteller generally offers lower fees compared to Payoneer, especially for local transfers which are free through Skrill integration. However, fees for uploading funds and VIP membership tiers can add complexity to Neteller’s pricing structure.

Both platforms also offer similar speeds for international bank transfers (around three to five business days), with Payoneer having a slight edge. However, Neteller excels in local transfers, offering instant and free options through Skrill.

Neteller Pros and Cons

Pros:

• Available in over 100 countries and 15 languages
• Integrates seamlessly with leading forex trading platforms
• Offers both virtual and physical prepaid debit cards for convenient spending
• Flexible payment methods

Cons:

• International transfers can be expensive due to high fees
• Not all currencies are supported
• Restricted multi-currency features

When Should You Opt For Neteller?

While both Payoneer and Neteller offer widespread services, Neteller caters more towards specific needs:

• Forex traders: Neteller integrates directly with leading forex platforms, making it a convenient choice for managing trading finances.
• Multilingual users: Neteller supports a wider range of languages compared to Payoneer, providing a more user-friendly experience for non-English speakers.
• Cryptocurrency enthusiasts: Neteller allows buying and selling cryptocurrencies directly within their platform, while Payoneer currently doesn’t offer this feature.

Fees, Transfer Time, Card Availability, and Payout Methods: How Does Each Payoneer Alternative Differ? 

If you’re still struggling to find the perfect alternative to Payoneer, this comparison dives into key features like fees, transfer times, card availability and payout methods of various Payoneer alternatives.

Discover the platform that best fits your needs, be it speed, cost-effectiveness or diverse withdrawal options.

Best Alternatives To Payoneer Based On The Destination Region You’re Sending Money To

Choosing the ideal Payoneer alternative goes beyond a one-size-fits-all approach. The destination region you’re sending or receiving money from plays a crucial role in determining the best platform for your needs.

Here’s a quick breakdown to keep you guided:

• Europe: Europe has a large number of payment service providers, catering to its thriving e-commerce market, with the UK being one of the continent’s biggest players. PayPal, Skriller and Neteller are the best alternatives to Payoneer in the region. The latter two also offer prepaid cards only to people in the European Economic Area (EEA). So, if you’re in one of those countries, you’re in luck—you can enjoy the convenience of a Skrill and Neteller card.
• Asia: Money transfer services and digital payments are gaining more traction in Asia. That’s why in the Philippines and India, Instarem is one of the most sought-after providers, offering competitive FX rates, low fees and cash pickup options.
• North America: International wire transfers to North America, specifically in the United States, can be surprisingly expensive. In this case, Wise can help you save money and get better exchange rates on your transfers.

Instarem: The Ultimate Payoneer Alternative For Personal Money Transfers and International Payments

There’s no denying that Payoneer is an amazing choice for businesses, freelancers and digital marketers across the globe. It’s integrated with more than 2,000 marketplaces and popular companies like Upwork, Fiverr, Airbnb and Wish, allowing for seamless and efficient payment processing.

However, since Payoneer does not support personal money transfers, it might not be the best provider for everyone.

Fortunately, Instarem is a well-regarded Payoneer alternative for personal money transfers and sending money abroad. Offering competitive exchange rates, low fees and a user-friendly platform, it boasts secure transactions, same-day transfers and full transparency.

Just always keep in mind that the best Payoneer alternative will depend on your needs. But if you ever decide to choose Instarem, we’re here to help you get started. Download the app or sign up on the web and see how easy it is to send money with Instarem.

FAQs 

What are some alternatives to Payoneer?

There are several alternatives to Payoneer, each with its own strengths and weaknesses. Some popular options include Instarem, Wise, PayPal, Skrill and Neteller.

What factors should I consider when choosing a Payoneer alternative?

When choosing an alternative to Payoneer, consider your needs, supported currencies & countries, ease of use and fees.

Which app is similar to Payoneer? 

An app similar to Payoneer is Instarem. It is one of the best choices if you prioritise competitive exchange rates and a simpler platform for personal money transfers.

Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with the products or vendors mentioned.