As businesses and individuals navigate the complexities of international payments, many find themselves weighing the options between Payoneer and Remitly. This article aims to provide a comprehensive overview of both platforms, comparing their prices and features to help you determine which service best meets your needs.
A quick overview on Payoneer and Remitly
What is Payoneer?
Payoneer is a financial services company that facilitates online money transfers and digital payment solutions. It supports transactions in over 200 countries and more than 150 currencies, offering multi-currency accounts and a prepaid Mastercard for global transactions.
Payoneer is particularly useful for freelancers, e-commerce sellers, and businesses needing efficient international payment solutions. Key features include integration with major marketplaces like Amazon and Upwork, and the ability to manage multiple currency balances. However, users should be aware of potential fees and occasional delays in payment processing.
What is Remitly?
Remitly is a digital remittance service that enables individuals to send money internationally. It supports various payment methods for senders, such as bank accounts, debit cards, and credit cards. Recipients can receive funds through bank deposits, cash pickups, mobile wallets, or home delivery, depending on their location.
Remitly is particularly beneficial for individuals who need to send money to family or friends abroad. Its key strengths include a straightforward platform, competitive exchange rates, multiple delivery options, and the ability to choose transfer speeds, including an express option for near-instant transfers.
Pricing of Payoneer and Remitly
Payoneer has a structured fee system, including an annual account fee of $29.95 if the account receives less than $2,000 over a 12-month period. Receiving payments from another Payoneer customer is free, but getting paid by clients via credit card can cost up to 3.99%. Withdrawals to a local bank account in the same currency incur a fixed fee, and currency conversion fees can be up to 3.5%.
Remitly's fees vary based on the destination country, transfer amount, payment method, and chosen transfer speed. For instance, sending money to India may incur a fee of $3.99 for amounts less than $1,000, with no fee for amounts over $1,000. A 3% fee applies for some transfers sent by credit card from the U.S., and exchange rate margins typically range between 1% and 3.7% above mid-market rates.
Overall, Remitly generally offers more competitive pricing for smaller transfers, while Payoneer's fees can add up, especially for lower-volume users.
Features of Payoneer and Remitly
Payoneer features
Payoneer offers several unique features that cater to the needs of freelancers, businesses, and marketplaces:
- Multi-currency accounts: Users can hold and manage funds in different currencies, simplifying international transactions.
- Prepaid Mastercard: This card allows for global transactions and easy access to funds.
- Marketplace integration: Seamlessly connects with major platforms like Amazon, Upwork, and Airbnb.
- Direct bank withdrawals: Enables users to withdraw funds to local bank accounts in the same currency.
- Global reach: Operates in over 200 countries and supports transactions in more than 150 currencies.
Remitly features
Remitly offers several unique features that cater to the needs of individuals sending money internationally:
- On-time delivery guarantee: If the transfer is not delivered on time, Remitly refunds the fees.
- Multiple delivery options: Users can choose from bank deposits, cash pickups, mobile wallets, and home delivery.
- High security: Advanced encryption and security protocols ensure the safety of financial information.
- Competitive exchange rates: Transparent fee structure allows users to understand costs upfront.
- Real-time tracking: Users can monitor their transfers in real-time, providing peace of mind.
Comparing Payoneer, Remitly and OneSafe
Why choose one over the other?
- Why Use Payoneer Over Remitly: If you are a freelancer, e-commerce seller, or business needing to manage multiple currency accounts and integrate with major marketplaces like Amazon and Upwork, Payoneer is the better choice. Its multi-currency accounts and prepaid Mastercard offer flexibility and ease for global transactions, which Remitly does not provide.
- Why Use Remitly Over Payoneer: For individuals looking to send money to family or friends abroad, Remitly's user-friendly platform and multiple delivery options make it more suitable. Remitly offers competitive exchange rates and the ability to choose transfer speeds, including an express option for near-instant transfers, which are not available with Payoneer.
Considering OneSafe vs Payoneer and Remitly
- Why Use OneSafe Over Payoneer and Remitly: If your business operates in the Web3 or crypto sectors, OneSafe offers unparalleled advantages. Its seamless USD to USDC conversion on Polygon enables instant, borderless transactions, making payroll and expense management effortless for global teams. Additionally, OneSafe's comprehensive tools and exceptional customer support are tailored specifically for businesses handling digital assets, providing a level of reliability and adaptability that Payoneer and Remitly cannot match.
What are the customers saying?
Payoneer reviews
Users have expressed concerns about Payoneer's customer support, citing slow response times and difficulties with account verification. Additionally, there are reports of occasional delays in payment processing and issues with transparency regarding fees. Check out more Payoneer reviews here.
Remitly reviews
Users have expressed concerns about Remitly's service, particularly regarding delays in transfers and difficulties with customer support. Some have also reported challenges in resolving issues and account suspensions without clear reasons. Check out more Remitly reviews here.
OneSafe reviews
Users have consistently praised OneSafe for its exceptional customer support, ease of payroll processing, and the platform’s ability to simplify complex banking tasks for Web3 companies. The seamless USD to USDC conversion on Polygon and the end-to-end expense and payroll management are standout features that have garnered positive feedback.
Notable reviews include:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Payoneer, Remitly, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Payoneer, Remitly, or OneSafe, each platform offers unique benefits tailored to different needs. However, for businesses operating in the Web3 or crypto sectors, OneSafe stands out with its seamless USD to USDC conversion and comprehensive tools for global transactions. We recommend giving OneSafe a try for a more streamlined and efficient financial experience.
