Top 5 Payoneer alternatives: compare fees, features & benefits

Key takeaways

• Alternatives to Payoneer in Australia include Airwallex, Wise, PayPal, Stripe, and Square.

• International transaction fees for Payoneer alternatives range from 0% (Airwallex) to 3.90% (PayPal), while currency conversion costs vary from 0.5% to 4% depending on the provider.

• Unlike single-purpose payment platforms, Airwallex combines multi-currency accounts (60+ currencies), expense management, corporate cards, and 0% international transaction fees in one platform.

Payoneer has long been a popular choice for freelancers and businesses receiving international payments, particularly from marketplaces like Amazon, Upwork, and Fiverr. However, it's not the only option available.

With currency conversion fees ranging from 0.5–3% and potential annual maintenance charges, many Australian businesses are exploring alternatives that might better suit their specific needs and potentially offer more competitive pricing.

While Payoneer may be one of your options, you may like to consider its alternatives to see which one suits your needs best.

What is Payoneer?

Payoneer is a financial services company that helps businesses, freelancers and marketplace users send and accept worldwide payments.

Its payment platform facilitates domestic and international money transfers, digital payments and also provides some customers with growth capital. Products include prepaid debit cards and a multi-currency business account.

The platform offers local receiving accounts in 9 currencies (USD, EUR, GBP, CAD, AUD, JPY, HKD, SGD, and AED), with payouts supported in approximately 70 currencies. Available held and managed currencies depend on the specific product

It’s free to sign up to Payoneer, although some accounts incur annual maintenance fees, and it charges conversion fees, withdrawal fees, and inactivity fees. These differ depending on the account type, transaction volume, and products used.

How does Payoneer work?

Payoneer works by providing businesses with virtual receiving accounts in multiple currencies, allowing you to get paid like a local in different countries. Once funds arrive in your Payoneer account, you can hold them in the received currency, convert them to another currency, or withdraw them to your local bank account. 

The platform integrates with major marketplaces like Amazon, Upwork, and Fiverr, making it particularly popular among freelancers and eCommerce sellers. However, Payoneer charges currency conversion fees ranging from 0.5–3% and may apply annual maintenance fee of US$29.95 if an account receives less than $2,000 within 12 months.¹¹

The 5 top alternatives to Payoneer

• Airwallex: Founded in 2015, Airwallex is a global financial platform to collect, hold, convert and send multi-currency payments. Designed for businesses only.

• PayPal: A well-established payment gateway that’s been operating globally for over 20 years. eCommerce brands use it to process payments from credit cards, debit cards, and bank transfers. 

• Square: A point-of-sale (POS) system designed to help retail stores sell in-store and online.

• Wise: Launched in 2011 as a consumer-focused international money transfer service which offers multi-currency accounts to hold, convert funds and make payments.

• Stripe: Offers a point-of-sale (POS) system for bricks-and-mortar retailers to accept in-person payments, and an online payment gateway for eCommerce businesses to accept credit and debit card payments.

Compare the top alternatives to Payoneer

Airwallex

Airwallex lets you accept payments in more than 160 payment methods across 180 countries. You can settle payments in the same currency your customers pay in – saving you on FX fees with like-for-like settlement. No forced conversions, no hidden charges.

Open accounts with local bank details in 21 countries in minutes. No bank visits, no lengthy paperwork. You'll get FX rates at 0.5–1% (compared to 3–4% with traditional banks), and access to local payment rails in 120+ countries means your transfers arrive faster and cost less.

With Airwallex Yield, you can earn returns on idle AUD and USD funds. Plus, you get virtual cards, bill pay, and expense management all in one platform – so you're not juggling multiple providers.

Airwallex fees

Subscription fees: Airwallex’s ‘Explore’ bundle starts from $29 per month, a fee which can be avided if you hold a minimum of $10,000 in your account or if you deposit $5,000 per month. 

Domestic transactions: Free

International transactions: Free to 120+ countries

Pros

• An all-in-one platform for business financial operations, combining accounts, payments, corporate cards, and more

• Low-cost international transfers 

• Extensive global reach to convert, send, and hold funds

Cons

• No physical branches – digital only platform and service

• New updates and optimisations being released regularly, which may not suit the user habits of all consumers

• Physical POS system coming soon

PayPal 

PayPal supports a variety of payment methods, including credit and debit cards, bank transfers, and PayPal balances. The platform also offers invoicing, subscription payments, and mobile payments. 

PayPal’s widespread acceptance is available for personal and business use. However, PayPal is likely to incur higher fees for business transactions, which in the long-term may affect a business’ bottom line.

PayPal fees

Subscription Fees: Free account

Domestic transactions: 2.9% plus fixed fee 

International transactions: 3.9% plus fixed fee

Pros 

• Widespread acceptance and various payment methods

• Suitable for physical and digital stores

• Offers buyer and seller protection

Cons

• Higher fees for international transactions

• Whilst it may be easy to use, there are limited customisations available

Square 

Square is widely used by both physical and online businesses for its point-of-sale (POS) solutions and customisable payment links for online transactions. It's well-suited for physical businesses, offering a range of hardware tools, inventory management, and employee management features. However, the higher fees for online transactions and the inconsistency in customer support can make it a less favourable option for eCommerce and international businesses.

Square fees

Subscription fees: Free account

Domestic transactions: Physical card transactions incur a 1.6% surcharge whereas online or no-card transactions cost 2.2% 

International transactions: 2.2% per transaction 

Pros

• Services in-person and online businesses 

• Social media management tools available as it integrates with Facebook and Instagram

• Easy set up with POS

Cons

• Higher fees for international transactions

• Square does not offer multi-currency business accounts

• Limited customisation options in exchange for easy use

Wise 

Wise is a UK-based financial technology company focused on simplifying global money transfers. It offers businesses multi-currency accounts where customers can accept and hold payments in nine currencies and transfer funds to over 70 countries. They also offer virtual debit cards, batch international transfers, and accounting software integrations. Whilst Wise services individuals and micro businesses, it may not be most suitable for growing businesses that require a single unified platform for all financial operations.

Wise fees 

Subscription fees: Free account. But to receive funds from 23 currencies, it costs $65 AUD. 

Domestic transactions: From 0.63% when sending money. To withdraw over the $350 limit per month, it costs 1.75% per transaction. Receiving domestic payments is free.

International transactions: International transaction fees start from 0.63% with additional fixed fees transferring via SWIFT network. Currency conversion fees are applied on top of these fees.

Pros 

• Simple interface for individuals and businesses

• Offers virtual debit cards 

• Integrates with accounting software

Cons

• Relatively high fees per international transaction 

• Not cost-effective for larger number of transactions

• Does not offer advanced analytics or expense management tools

Stripe 

Stripe is a financial technology company that provides businesses with infrastructure for offline and online payments. It offers a suite of payment processing APIs, letting businesses accept, manage, and reconcile online transactions. For brick-and-mortar stores, it offers a POS system to accept in-person payments. Stripe's tools and services support various payment methods and currencies, providing global reach. However, Stripe does not offer a multi-currency account to hold international funds, or expense management tools to assist with a full suite of financial operations.

Stripe fees

Subscription fees: No account fees

Domestic transactions: 1.7% + $0.30 per transaction

International transactions: 3.5% + $0.30 per transaction. An additional 2% is charged if currency conversion is required.

Pros

• Extensive analytics and reporting tools

• POS system for physical stores

• Minimal subscription fees may make Stripe an accessible option

Cons

• Primarily a payments product, with no multi-currency accounts or corporate cards

• Users may need another platform to manage other financial operations

• Costly for international transactions, especially where currency conversion is involved

Why choose Airwallex over Payoneer?

What questions should I ask when choosing alternative providers to Payoneer?

Here are the top 10 most important questions for you to ask when considering an alternative to Payoneer. Use these as a handy guide when doing your research.

1. What payment methods do you support?

2. What are the transaction fees and do they vary?

3. What currencies do you support?

4. What are the currency conversion charges?

5. What are your security credentials?

6. Are there any setup or ongoing monthly fees?

7. Are there any early termination fees?

8. Are there minimum transactions or volume amounts? 

9. What kind of customer support do you offer?

10.  What integrations do you offer?

Why choose Airwallex as your Payoneer alternative?

Like Payoneer, Airwallex is known for supporting global business accounts.

Airwallex is an end-to-end financial solution that offers expense management and multi-currency employee and corporate cards. Our technology is used to manage customer payments and support treasury operations, as well as embedded finance solutions.

While Payoneer is free if you’re moving money to and from another Payoneer account, the 3% fee if you’re not, may be complicated and costly for business Airwallex customers, from established SaaS enterprises to growing eCommerce retailers, benefit from 0% international and domestic transaction fees, market-leading FX rates and currency conversions at interbank rates + 0.5-1%.

Both Payoneer and Airwallex offer multi-currency business accounts, but there is one major difference. While a Payoneer customer can only hold their balance in nine currencies, Airwallex supports 23.

Choose Airwallex as a holistic financial partner for growing, mid-market and enterprise-level companies managing money across borders. 

Payoneer alternatives: Frequently asked questions

Is Payoneer available in Australia?

Yes, Payoneer is available for Australian businesses and individuals. Australian users can open a Payoneer account, receive payments in multiple currencies including AUD, and withdraw funds to Australian bank accounts. The platform supports Australian businesses trading internationally, though fees apply for currency conversion and certain withdrawal methods.

Is Payoneer good for Australian businesses?

Payoneer works for Australian businesses that receive payments from international marketplaces and clients. However, Australian businesses should consider that Payoneer charges 0.5–3% for currency conversion and may apply a $29.95 annual fee if you receive less than $2,000 in 12 months. Alternatives like Airwallex offer more comprehensive features specifically designed for Australian businesses trading internationally, including multi-currency accounts with no maintenance fees and better FX rates.

What's cheaper than Payoneer?

For most Australian businesses, Airwallex offers more competitive pricing than Payoneer with 0% international transaction fees and FX conversion at 0.5–1%. Wise also provides transparent pricing starting from 0.63% for transfers. The cheapest option depends on your specific use case – businesses making frequent international transfers typically save more with Airwallex, while those making occasional transfers might find Wise more cost-effective.

What is the best Payoneer alternative for eCommerce businesses?

Airwallex and Stripe are both strong Payoneer alternatives for eCommerce. Airwallex offers like-for-like settlement in 20+ currencies, which means you can receive EUR payments and hold them in EUR without conversion fees. Stripe provides advanced payment gateway features and extensive API customisation, though it charges 2% for currency conversion compared to Airwallex's 0.5–1%.

Does Payoneer work with Australian bank accounts?

Yes, Payoneer allows you to withdraw funds to Australian bank accounts. However, when withdrawing funds in AUD, currency conversion fees may apply if your Payoneer balance is in a different currency. The withdrawal typically takes 2–3 business days to reach your Australian bank account.

What is better, Wise or Payoneer?

For straightforward international transfers, Wise typically offers better value with transparent pricing from 0.63% and no annual fees. However, Payoneer may be more convenient if you regularly receive payments from marketplaces like Amazon or Upwork, as it integrates directly with these platforms. For growing businesses needing comprehensive financial tools, Airwallex surpasses both, offering multi-currency accounts, corporate cards, and expense management in addition to competitive transfer rates.

Can I use Payoneer for international payments from Australia?

Yes, Australian businesses can use Payoneer to send and receive international payments. You can receive payments in over 70 currencies and withdraw to your Australian bank account. However, fees apply – currency conversion costs 0.5–3%, and there may be withdrawal fees depending on the transaction type. Consider alternatives like Airwallex for potentially lower fees on international transactions.

Is Payoneer safe and legitimate?

Yes, Payoneer is a legitimate and regulated financial services company founded in 2005. It's publicly traded on NASDAQ and serves millions of users worldwide. Payoneer maintains regulatory compliance in multiple jurisdictions and uses industry-standard security measures to protect customer funds and data. However, like any financial service, it's important to understand the fee structure and ensure it meets your business needs.

Sources & references

1. https://www.paypal.com/au/enterprise/payment-methods

2. https://www.paypal.com/au/webapps/mpp/merchant-fees

3. https://squareup.com/au/en/payments

4. https://squareup.com/au/en/pricing

5. https://wise.com/au/business/receive-money

6. https://wise.com/au/pricing/business

7. ttps://stripe.com/au/pricing

8. https://www.payoneer.com/about/pricing/#pay-your-supplier

9. https://www.payoneer.com/get-paid-by-clients

10. https://www.payoneer.com/manage-currencies

The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.