Top 5 Payoneer alternatives: Find the best platform to operate globally

Key takeaways

• The top alternatives to Payoneer for eCommerce businesses include Airwallex, Wise, PayPal, Stripe, and Worldfirst.

• When considering Payoneer alternatives, look for platforms that allow you to accept customer payments from marketplaces, that offer a multi-currency account to help you keep currency conversion costs low, and which offer features to help you manage your business globally like cards and local payment methods.

• Unlike single-purpose payment platforms, Airwallex combines multi-currency accounts, expense management, corporate cards, and checkout solutions 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 0.5–3.5% and various fees eating into your revenue, many Australian businesses are exploring alternatives that might better suit their specific needs and potentially offer more competitive pricing.

In this guide we explore alternatives to Payoneer which may better suit your eCommerce business.

What is Payoneer?

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

Its platform lets you get paid by marketplaces and clients globally, offers a multi-currency account and cards, and pays out to 190+ countries.

The platform offers local receiving accounts in 10 currencies including USD, EUR, GBP, CAD, and AUD, with the Payoneer account able to receive 20 currencies. 

It’s free to sign up to Payoneer, although an annual fee applies if you do not meet minimum account conditions, 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 and may apply an annual maintenance fee of US$29.95 if an account receives less than USD$6,000 within any 12-month period.

The 5 top alternatives to Payoneer

• Airwallex: A global financial platform built for businesses of all sizes – from scaling startups to global enterprises – that let you collect, hold, convert and send payments. With Airwallex you can accept customer payments, manage a global workforce, grow funds with Yield, and more.

• 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. 

• Worldfirst: Worldfirst is a global payments platform that’s been operating since 2004. In Australia it offers accounts, transfers, cards, and FX for businesses.

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

• Stripe: 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

Australians have a number of Payoneer alternatives to consider, including Airwallex, PayPal, Wise Business, Stripe, and Worldfirst. The table below compares their main features and fees with Payoneer.

In depth: The best alternatives to Payoneer

Airwallex

Airwallex is an all-in-one financial platform designed for scaling businesses operating globally. The Airwallex Global Account lets you open local banking details in 20+ countries instantly as well as accept payments from 70+ countries into your account. You’ll get FX rates of 0.5–1% above interbank rates depending on the currency, and access to local payment rails for 120+ countries. 

Our checkout solutions let you accept 160+ local payment methods across 180+ countries. Meet your customers where they are with embeddable online checkouts, payment links, payment plugins, and physical Point-of-Sale launching soon. You can also avoid forced conversion by settling like-for-like in 20+ currencies.

With Airwallex Yield, you can earn returns on idle AUD and USD funds. Plus, you get physical and virtual cards, Bill Pay, and Expense Management all in one platform – so you're not juggling multiple providers.

Airwallex fees

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

Domestic card processing: 1.65% + A$0.30

International card processing: 3.40% + A$0.30 

Pros

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

• Low-cost international transfers with access to interbank rates

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

• Local payment methods to convert more customers in 130+ currencies

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 users

• Physical POS system coming soon

PayPal 

PayPal is a globally recognised and trusted payments brand with 400 million+ active accounts. You can accept debit cards, credit cards, and digital wallets via PayPal. 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

Monthly fees: A$0

Domestic card processing: 2.9% + A$0.30

International card processing: 3.9% + A$0.30

Currency conversion: Additional 3–4%

Pros 

• Widespread acceptance and consumer trust

• Suitable for physical and digital stores

• Offers buyer and seller protection

Cons

• Higher fees for international transactions

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

Worldfirst

Worldfirst is a widely used and recognised payment platform designed for businesses. It offers a range of products including its World account, physical and virtual cards, FX, importer and exporter payments, and a solution for 1688 suppliers. 

It lets you collect payments from 130+ marketplaces, making it a viable alternative to Payoneer. Its pricing structure is also more simple, charging no setup or ongoing fees for its account or cards. Its main costs come from currency conversions and cross-border payments.

Worldfirst fees

Monthly fee: A$0

Marketplace fees: A$0 to receive payments from marketplaces

Payments to 1688: Up to 0.8%

Currency conversion: Up to 0.6% for major currencies, from 0.67% for other currencies

Pros

• No upfront or ongoing fees for the account or card

• Connect to 130+ marketplaces

• Local banking details in 20+ currencies

• Various payments are free, including local payments in AUD and NZD

Cons

• No checkout solutions 

• Limited expense management tools

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 30+ currencies and open local banking details in 22 currencies. It also offers debit cards, batch international transfers, and accounting software integrations. 

Wise fees 

Monthly fees: A$0 (one-off A$65 fee to receive local banking details)

Currency conversion fees: From 0.63% depending on currency

Wise Interest annual fee: 0.72%

ATM fees over A$400: 2.69% (no fee under A$400)

Pros 

• Simple interface for individuals and businesses

• Offers physical and virtual debit cards 

• Integrates with accounting software

• Payment links and QR codes to receive customer payments

Cons

• Fees apply for some card transactions and to unlock features such as local banking details and Wise Interest

• Not cost-effective for larger number of transactions

• Does not offer advanced analytics or expense management tools

Stripe 

Stripe is a payments platform that provides businesses with infrastructure to accept customer payments through a variety of checkout solutions. 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

Monthly fee: A$0

Domestic transactions: 1.7% + A$0.30 per transaction

International transactions: 3.5% + A$0.30 per transaction.

Currency conversion: Additional 2% is charged on international transactions when currency conversion is required

Pros

• Extensive analytics and reporting tools

• POS system for physical stores

• Minimal subscription fees may make Stripe an accessible option

• Range of online and physical checkout solutions

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?

The core difference comes down to what each platform is built for. Payoneer was designed with freelancers and marketplace sellers in mind – it works well within its own network, but costs rise quickly once you're transacting outside it. Airwallex is built exclusively for businesses, giving you a full suite of financial tools to collect, hold, convert, and send money globally, without the fee surprises.

On FX, the gap is significant. Airwallex charges 0.5–1% above interbank rates for currency conversion, while Payoneer can charge up to 3.5% for card transactions and 1–3.5% for bank withdrawals in a non-local currency. For businesses making regular international payments, those fees add up. Airwallex also charges no withdrawal fees when moving money to your bank, while Payoneer charges a flat fee plus conversion costs depending on the currency corridor.

Where Payoneer offers local receiving accounts in 10 countries, Airwallex gives you local banking details in 20+ countries and the ability to accept funds from 70+ countries into your multi-currency account. You can also settle like-for-like in 20+ currencies, which means you're not forced to convert at the point of receipt. Add to that payouts to 200+ countries (versus Payoneer's 190+), and Airwallex simply covers more of the world with fewer fees.

Beyond the payments infrastructure, Airwallex includes tools that Payoneer doesn't offer: expense management, multi-currency corporate cards with zero international fees, Airwallex Yield to earn returns on idle AUD and USD funds, and a full suite of checkout solutions including embeddable checkouts, payment links, and eCommerce plugins. If you're looking for a platform that handles your international payments and your broader financial operations, Airwallex is the more complete solution.

Snapshot: Airwallex vs Payoneer fee comparison

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 0.5–3.5% for currency conversion and may apply a $29.95 annual fee if you receive less than USD$6,000 in a 12-month period. Platforms 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 on card transactions and FX conversion at 0.5–1% above interbank. Wise also provides transparent pricing starting from 0.63% above mid-market for transfers. The cheapest option depends on your specific use case – businesses looking to operate globally 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% above interbank.

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% above the mid-market rate. 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 0.5–2.5%, 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

1. https://www.paypal.com/au/business/paypal-business-fees

2. https://www.worldfirst.com/au/product/collect/

3. https://www.worldfirst.com/au/pricing/

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

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

6. https://stripe.com/au/pricing 

7. https://www.payoneer.com/about/pricing/

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

9. 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.