PayPal vs Payoneer - Definition
PayPal is an American electronic financial company that operates an online payment system and serves as an electronic alternative to traditional paper (money) methods such as checks and money orders.
It was founded in 1998 by groups of entrepreneurs including Elon Musk. But, PayPal was sold to eBay in 2002.
Payoneer is an American financial services company that provides online money transfer, and digital payment services. It was founded by Yuval Tal in 2005. Payoneer serves over 4 million customers worldwide supporting transfers to over 200 countries.
PayPal vs Payoneer - Supported Countries
Although PayPal was launched more than 2 decades ago, and probably after it became more independent in 2015, it is not available in all countries. Currently, PayPal is serviced in more than 200 countries and supports transfers between 25 currencies. Click here to see if your country is not restricted by PayPal services!
Payoneer is also available in more than 200 countries and territories and may replace PayPal and be an alternative in some countries. But, recently, it only supports transfers between 7 currencies.
PayPal vs Payoneer - Fees & Rates
When it comes to know which brand has lower fees, they both have different policies. PayPal charges users in many different ways. For example, by transferring an amount under $50 to the USA, Canada, or Europe, PayPal will charge $1.35, and a $2.75 for the rest of the world will be recognized as a fee with an amount of over $50. In general. PayPal charges an exchange rate margin of around 4% because its policy fees are recognized as a cross-border transaction fees. And, when it comes to transfer money, PayPal works quicker sending and receiving many while withdrawing money to the bank account, transactions may be delayed to 5 business days.
On the other hand, using Payoneer due to receiving money from online marketplaces such as Upwork, Fiveer... will set fee-charging users depending on the marketplace policy, while using Payoneer for paying or requesting payments, the fee will be between 1% - 3%. Also, Payoneer charges users when they withdraw money by (1.5) depending on the currency. Meaning 1.5 could be in USD, EUR, GPD...
Payoneer works to make transferring funds to the bank account very fast taking from 2-3 business days. And for some reason, it takes less than 24 hours.
Apparently, both brands have over 13,000 reviews on the Trustpilot. But, when it comes to the advantage and benefits, Payoneer has over 300 customer services supported in over 70 languages to help clients around the world through live chats, emails...In addition, the company work to provide more convenient ways for business professionals to connect, grow up, and likely to earn a commission by referring (affiliate marketing).
PayPal is most widely used as a method for freelancers and merchants, companies to pay and purchase online.
Case Study
All in all, both of those American financial services are amazing and useful for working online, receiving, and paying online. In addition, they both work on making their services easier, secure, and more helpful for clients. As a result, it is hard to compare them and select the best one easier. But, when it comes to cross-border, they are available in all global countries, especially PayPal. Therefore, many people use Payoneer as PayPal's alternative.
Overall, when comparing PayPal vs Payoneer, these two companies are best suited to different kinds of transfers. PayPal may be more suitable than Payoneer for simple transfers to friends and families, while Payoneer provides extraordinary services for business transactions. Subsequently, I'm using both PayPal and Payoneer to send, receive, and pay for the goods.
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