When starting a digital business with a wider target market, we need to use a money transfer service. There are currently two very popular services, PayPal and Payoneer. However, to be more efficient, we certainly have to choose one.
Besides the efficiency factor, we also have to look at the speed, registration process, and verification of the two services. Don't make transactions difficult because of complicated accounts or verification processes.
In this article we will review some PayPal vs Payoneer comparisons along with the advantages and disadvantages of both, so you can determine which one is better.
PayPal vs Payoneer Comparison
In all parts of the world, PayPal users are more than Payoneer. However, this cannot be a benchmark that PayPal excels in terms of service.
To determine which is better PayPal or Payoneer, know the comparison of these two electronic money transfer services ranging from transfer fees to the features offered.
PayPal was founded in 1998 as a money transfer service that is the mainstay of business people to make transactions between countries. Until now, PayPal already has more than 400 million users spread across 200 countries.
Not only sending money and receiving payments, PayPal is also used to buy goods on Alibaba and Amazon.
Payoneer was founded in 2005 with a service that is not much different from PayPal. Until now Payoneer supports more than 150 currencies from 200 countries in the world.
Based on experience when using Payoneer, one of the advantages is in the ease of registration. Different from PayPal, we don't need to have VCC or credit card to verify Payoneer account.
To conclude the winner between PayPal vs Payoneer, we explain some comparisons, ranging from costs, features, to the services offered by both.
The main difference between PayPal vs Payoneer is in the fees charged to users. Generally, if you want to withdraw from PayPal to your bank account, you will be charged $19 for each transaction.
While Payoneer, when you want to withdraw, your money is only cut by $3. Very much difference, right? Therefore, Payoneer is often the choice of freelancers who sell services on platforms such as Fiverr or Shutterstock.
2. Account Registration and Verification
When creating PayPal, we had to go through several stages before the account could be used. The most complicated is the requirements, which must include VCC.
Payoneer registration does not require VCC, you are only required to complete your personal information and account data.
3. Exchange Rate
Furthermore, in terms of exchange rates, PayPal and Payoneer apply similar policies. The value cannot be ascertained because it follows the dollar exchange rate that applies on the day when you make a withdrawal.
Which is faster to money withdrawal PayPal vs Payoneer. In our opinion, PayPal is a little more complicated. Because, you have to go through 2 steps, after the $ received goes into the balance, next you have to withdraw or sell the balance to someone else.
While Payoneer is very simple and efficient. After the balance is transferred to Payoneer, the balance will be directly forwarded to the registered account. From here of course you can conclude that PayPal or Payoneer is better.
5. Features and Services
Comparison of PayPal vs Payoneer in terms of features and services, there are quite a lot of differences. Maybe, here you can choose which one is better. Because, financial services with a variety of features must have very good quality.
Here are some of the features in PayPal:
1. Accept online payments
2. Transaction via barcode
3. Become a payment method in many e-commerce
4. PayPal Credit or shopping without a credit card
5. Data security is guaranteed
6. Shopping Cart feature for those who like shopping
And these are the features that Payoneer offers:
1. Once registered for a lifetime
2. Payments to multiple accounts in one transaction (Mass Payouts)
3. Withdraw balance
4. Integrated payments
5. Multiple currency support
6. Escrow Payments
6. For Freelancers
Finally, maybe you work as a freelancer and are confused about choosing PayPal or Payoneer. Based on personal experience and user reviews, we recommend that you choose Payoneer.
The reason is because on some freelancer sites, such as Shutterstock, Fiverr, People Per Hour, or Toptal, payday can be earlier, between the 3rd or 6th. While PayPal is on the 15th – 20th of each month.
Basically PayPal and Payoneer offer different features and advantages. However, we must carefully choose the best one. This is because transaction policies between countries are not the same as transfers between domestic banks.
Well, from the explanation above, which one do you think is better between PayPal vs Payoneer? Please share your thought in the comments! Thank you.