PayPal vs Payoneer (2024 Comparison)

As technology develops daily, the business system is also changing. Now, people can work for an international company from home with the ‘Work From Home’ opportunity instead of moving to another country or city.

And with that, the payment method also became virtual. It’s all at your fingertips.

Several other mobile money transfer apps have emerged to ease the tension of employers in making payments to their employees, whether nationally or internationally.

PayPal and Payoneer are two top payment apps catering to individual money transfer needs.

PayPal is widely accepted globally and can be used to make online payments, receive payments, and transfer money to other PayPal accounts. On the other hand, Payoneer is used primarily to accept international payments.

Payoneer charges higher fees for international transactions and has a lower currency conversion fee.

Payoneer provides its users with a MasterCard debit card that can be used to withdraw money from ATMs, while PayPal does not offer this option.

Key Points

  1. PayPal VS Payoneer
  2. Comparison Table
  3. What is PayPal?
  4. What is Payoneer?
  5. The main differences between PayPal and Payoneer
  6. Related articles
  7. References

PayPal VS Payoneer

PayPal is one of the most popular online payment platforms, offering various services such as online payments, money transfers, and mobile payments. Payoneer is a financial services company that provides a global payment platform, international money transfer, and online payments. Payoneer is designed to help businesses and freelancers.

Comparison Table

PayPal VS Payoneer

What is PayPal?

PayPal is one of the most popular companies in financial technology.

It became the first to introduce online banking systems in the late 1990s.

Today, PayPal supports 200 countries with more than  25 currencies. People use this as an option to facilitate the old random money transfer technique.

With PayPal, anyone can send money globally to their family or friends and even to e-commerce sites with just their email address. Its PayPal Payouts feature allows users to simultaneously send money to up to 10,000 people.

You must attach your credit card or bank account details to the app to request or transfer money. It also does not charge any maintenance fees for using the application.

What is Payoneer?

Founded in 2005, American money transfer company Payoneer offers digital payment services to its working capital customers.

Here, customers or account holders can receive and send money through an e-wallet with a virtual bank account number that stores the money in the local currency.

Payoneer is popular and specializes in providing international transactions for 200 countries and territories with an option of over 150 local currencies.

The company is known in the market for making popular organizations its clients – Amazon, Google, Upwork, Walmart, etc. It is also

prevalent in content creation, working with organizations like Pond5, Getty Images, iStock, etc.

It is also widely popular for its security services. Payoneer does not allow login across all devices with one password and without any verification.

It first asks for verification, and after a successful process, one can proceed.

The main differences between PayPal and Payoneer

  1. Setting up a PayPal account is easy with just an email ID with the correct credentials.
  2. Opening an account with Payoneer is comparatively tricky as they are highly secure and only accept some as customers.
  3. PayPal can convert money into 26 local currencies.
  4. Whereas Payoneer can convert money into more than 150 local currencies.
  5. Meanwhile, money transfers via PayPal can take 1-2 business days to reach the recipient.
  6. On the other hand, when someone transfers money with Payoneer, it takes almost 0 to 3 business days to reach the recipient.
  7. The transaction cost on PayPal is comparatively higher than its rival. At the same time, the transaction costs or fees of Payoneer are much cheaper.
  8. PayPal is highly secure, but the only problem is that it does not have a two-factor authentication option, meaning anyone with an account password can use it on any device.
  9. On the other hand, Payoneer can be considered the safest. If someone wants to log in from a different device they have not used before, Payoneer will ask for verification, and only after a successful process can they proceed.
  10. Regarding taxes, PayPal has an agreement with the Internal Revenue Service (IRS).
  11. Whereas Payoneer does not have tax validation.

Related Articles

How to Create a Verified PayPal Account in 2024 

References


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