PayPal, the widely used service, known for its flexibility for everyone and their fees on every transaction whereas Payoneer, rapidly growing service, allows anyone to receive funds overseas, mostly in USD & EURO and with extremely low fees to NO FEES at all.
The internet has converted the world into a global marketplace and now this big world is no longer big when it comes connecting to each other using the internet where people from one part of the globe can indulge themselves and others in the products and services of another part of the world. This has spawned the era of working digitaly from your comfort and make secure online transactions which are not limited by national boundaries, in most cases.
When it comes to online payments, the first name that it strikes in your brain without any doubt is PayPal, which i can guarantee and indeed its the most used services are those of global payment processors. These firms take responsibility of allowing you to give and receive payments from abroad charging 2.4 to 4.8 % + extra fees . They provide a secure framework for the same and also charge a certain fee based on the transaction sizes and volumes.
Being a creative Web Designer & Developer, I do a ton of works in many freelancing websites and for companies. Like all i was using the paypal to withdraw my earning and paid great fees to paypal with very low conversion rate from USD -> INR.
What is Payoneer?
Here is what you need to know about payoneer.
The change in my life came when i came across the term – “payoneer”, created my account and got $25 as a signup bonus [Create your Account- >]
And started using it, by making my first withdrawal for just $100 from my envato account to check how the service was.
Surprisingly I paid a fee of $0 [Yes, 0 fees] and the amount was transferred to my bank account within 24 hours.
The difference – PayPal vs Payoneer
Now let’s look into the details: paypal vs payoneer
- Payoneer is definitely more profitable than PayPal
The costliest charges per transaction are $14.88 while the cheapest are $1.55. This shows that the variance is inclined to the costlier side i.e. loss of valuable money is almost inevitable.
With Payoneer you save an average of $5 per transaction of $100 that is INR300. With PayPal this is Mission Impossible, as you need to pay on every transaction:
- Higher Conversion Rates by payoneer
- Payoneer Processing is smoother than PayPal when it comes to global payouts and withdrawals
With a PayPal account you have to manually initiate a withdrawal process every time you need cash in your bank account. The entire process is lengthy too!
Payoneer eliminates such hassles by automatically converting funds into your country’s currency and then transferring them to your bank account.
The daily withdrawal limit is also higher with Payoneer at INR 500,000 which is approximately $9500.
Every time an automated withdrawal happens you will receive an email alert of the transaction done.
It does not end here. The turnaround time with Payoneer is better than that for PayPal! Where PayPal takes about 3 to 7 business days for transferring funds to your bank account while Payoneer guarantees bank account transfers within 24 hours. So why shouldn’t you love it!
- Added “Indian” Benefits: paypal vs payoneer
Payoneer has a very unique service for Indian customers. After the sign-up, you receive a separate Euro and US collections account.
Providing you a virtual bank account in that region with complete details like account number, router number.
So just providing that virtual acount details to your payer, the transfer is easily done to you as those details acts as fine like a personal bank account!
Thus, Payoneer can help you amplify your reach and use your market potential to the maximum.
Once the fund collection has been deposited the rest of the process is the same. You will receive the money in your account within the next 24 hours.
There are certain added benefits with Payoneer which make it a compelling choice for Indian freelancer.
Conclusion of paypal vs payoneer
I will say that I’m in Love with Payoneer, Its fast easy and money saving way Global Transfer system, and the great thing is the $25 signup bonus that you get.
This system is the best option not alternative for global transfer.. I bet you try Payoneer and you will turn into loveneer