Payoneer vs Airwallex: compare on fees, features and benefits

Shermaine Tan3 minutes
FinanceBusiness tips
Payoneer vs Airwallex: compare on fees, features and benefits
In this article

If you run an online business that sells to international customers or works with overseas suppliers, you'll most likely need an efficient way to manage multi-currency accounts, receive global payments, and make international transfers. Airwallex and Payoneer both offer cross-border payments services, but how do they compare to each other in terms of pricing, features, and key benefits? Keep reading to find out which provider is the right fit for your business.  

Payoneer vs Airwallex: compare on fees, features and benefits

Use our table to compare Airwallex and Payoneer on price, fees, FX rates and benefits.

What is Payoneer?

Payoneer is a payment platform that enables businesses to collect, hold, and disburse funds in various currencies. It facilitates global transactions through FX services, prepaid debit cards, and payment acceptance integrations with eCommerce marketplaces, such as Airbnb, Amazon and eBay. However, it's important to be aware of the significant transaction and foreign exchange fees incurred when transferring money to accounts not held with Payoneer.

What is Airwallex?

Airwallex is a global payments platform that enables businesses to operate seamlessly across borders. Businesses can manage 23+ different currencies within a single Global Account and benefit from near-interbank conversion rates whenever they exchange funds. They can easily send payments to 150+ countries, with 70% of transfers completing within the same day thanks to Airwallex’s partnerships with local payment rails in 110+ countries. Unlike Payoneer, Airwallex doesn't charge transaction or withdrawal fees, offering a more cost-effective solution for businesses.

Additionally, Airwallex serves as a versatile payment gateway, enabling businesses to accept card transactions and 160+ local payment methods across 180+ countries. It integrates smoothly with leading eCommerce platforms, such as Shopify, WooCommerce, and Magento, enabling online businesses to automate and process international customer payments with efficiency and at reduced costs.

Payoneer alternative

Looking for an alternative to Payoneer? Consider Airwallex, which provides comparable services including multi-currency accounts, foreign exchange conversions, and virtual company cards. To help you make an informed decision, we've compiled a detailed comparison of the fees and account features offered by both providers.

Payoneer’s fees explained

The source of the following information can be found here.  

Transfer fees

Payoneer offers free transactions to and from other Payoneer accounts. For all other transactions, they charge a fee. In the case of bank transfers, Payoneer charges up to 3% of your transaction amount. So, unless your clients and suppliers also use Payoneer, you will be charged whenever you collect or send money from your account. Additional currency conversion fees will be applied for transactions involving currency exchange.

Moreover, Payoneer will charge you to withdraw funds from your account into an external account like your business bank account.  

If you’re withdrawing funds into a bank account of the same currency, i.e SGD into a Singapore account, Payoneer charges a fixed fee on the transaction. If you’re withdrawing funds into a non-local currency account, i.e. USD into a SGD account, Payoneer charges up to 3% of the transaction value. You will have to pay this fee in addition to the FX rate. 

FX fees

For each FX transaction, Payoneer charges a currency exchange fee of 0.5% on top of the mid-market exchange rate. 

Card fees

Payoneer charges an annual fee of $29.95 USD for your first MasterCard debit card. Businesses can enjoy conversion fee-free purchases in USD, EUR, GBP, or CAD. For transactions involving currency conversions, Payoneer charges up to 3.5% in currency exchange fees. They also charge ATM withdrawal fees (3.15 USD / 2.50 EUR / 1.95 GBP), balance enquiries will be an additional 1 USD / 0.87 EUR / 0.65 GBP per enquiry, and card replacements cost 12.95 USD / 9.95 EUR / 9.95 GBP.

Payment acceptance fees

When you accept customer payments through Payoneer Checkout, the platform's online payment gateway, Payoneer charges a per-transaction fee. 

Furthermore, when clients make payments via credit card, Payoneer charges a fee of up to 3.99% of the transaction amount. However, payments received through local bank transfers are free for select currencies like EUR and GBP, with a charge of up to 1% applied to USD transactions. For payments made through SWIFT, a SWIFT fee will be incurred.

Payoneer has a relationship with 2,000+ marketplaces and networks including Fiverr, Upwork and Airbnb. The cost of accepting payments from these companies varies depending on each marketplace. You can check their websites for more details.

Additional fees

  • When opening a Payoneer account in certain countries, they charge a registration fee.  

  • If your account is inactive for 12 months, you will be charged a $29.95 USD fee.

For more information on Payoneer’s transaction fees, see the fees page of their website.

FX & Transfer fees

Payoneer charges a currency exchange fee of 0.5 - 3% above the mid-market rate. The 0.5% rate applies only if you’re converting funds from one Payoneer account to another. For all other transfers, the higher rate of up to 3% applies. 

Card fees

Payoneer charges an annual fee of $29.95 for their prepaid MasterCard debit cards. They also charge ATM withdrawal fees (3.15 USD / 2,50 EUR / 1.95 GBP), and balance enquiries will be an additional 1 USD / 0.87 EUR / 0.65 GBP per enquiry.

Additional fees

  • Payoneer charges a 0.5% fee to move funds between your currency balances. That’s on top of the FX fee.  

  • If your account is inactive for 12 months, you will be charged a $29.95 fee.

Airwallex fees explained

Transfer fees 

Airwallex has built its global infrastructure on local payment networks. That means we don't charge transfer fees to the 110+ countries where we have access to local payment networks; over 90% of all payouts on the Airwallex platform are routed through local payment networks. This means you can use your Airwallex account to collect, hold and send multiple currencies at no or low cost. 

We also don’t charge withdrawal fees, meaning you can move funds from your Airwallex account to another bank account for free. 

FX rate

Airwallex charges 0.4 - 0.6% above the interbank rate for currency exchange.

The 0.4% rate applies to 11 currencies including SGD, HKD, CNY, JPY, USD, Euro, CAD, CHF, AUD and NZD. The 0.6% rate applies to other currencies. 

Card fees

Airwallex Borderless Cards are free to create. You can set up the multi-currency Visa cards online in minutes and start using them right away. Airwallex charges no international transaction fees for the cards and gives you unlimited 1% cashback on your spending. You can also make payments in 11+ currencies using funds directly from your Global Account to save on currency conversion fees.

Payment acceptance

If you have an eCommerce store, you can integrate Airwallex’s payment gateway with your checkout for cheaper Online Payments. For businesses without a website, you can also create multi-currency Payment Links that allow your customers to pay you securely in a click via email, messaging apps, or social media. 

For each payment, Airwallex charges a per-transaction fee of 3.3%-3.6% + 0.5 SGD  depending on which payment method is used. This transparent pay-as-you-go fee structure ensures you can easily track and manage your expenses without worrying about any hidden costs.

Payoneer vs Airwallex account features compared

When choosing a payment platform for your business, we know that price is top of mind, which is why Airwallex is committed to providing businesses with the best rates on the market. 

But price is not the only consideration. You also need to ensure that your chosen payment solution suits your business’ needs. With that in mind, let’s take a look at how the Airwallex and Payoneer platforms compare on features and benefits.

Currency accounts


Open local accounts in 23+ currencies.

Image of Airwallex's available foreign currency accounts

We're constantly adding new currencies. Check out here for the latest information.


Open local accounts in 9 currencies. Check it out here.

Image of Payoneer's available foreign currency accounts.

Transfers & FX


  • Transfer funds to 150+ countries

  • No transaction fees when sending money to 110+ countries by local rails

  • 0.4 - 0.6% FX rate

  • Batch payments up to 1000 (free)

  • Flexible transaction limits


  • Transfer funds to 195 countries

  • Up to 3% transaction fee unless sending to another Payoneer account

  • 0.5% currency exchange fee on top of FX rate

  • Batch payments up to 200 (same fees as one-off payments)

Payment acceptance


  • Streamline order and sales data from Amazon, eBay, Lazada, Shopify, WooCommerce, Shopee and more.

  • Free payment collection via bank transfer in 11+ currencies.

  • Send multi-currency Payment Links to customers for faster payment at competitive rates.

  • Integrate Airwallex with your eCommerce store for cost-effective global payment collection.


  • Collect funds directly from eBay, Amazon, Klarna, Wish, Airbnb, Lazada, Fiverr and 20 other marketplaces (rates vary by market). 

  • Send multi-currency payment requests to customers (up to 3.99% fee for cards unless your customer has a Payoneer account, in which case collection via bank transfer is free).



  • Borderless Visa debit cards

  • No transaction fees

  • Pay directly from your multi-currency balance for 11+ currencies at no cost

  • 0.4 - 0.6% FX fee applies when converting currencies 

  • Issue free virtual Employee Cards to your team, upload and approve receipts in a tap and automatically sync your expense data with Xero and NetSuite for an easier way to manage team expenses

  • Track spending on a card level in the app

  • Use anywhere Visa is accepted


  • Pre-paid MasterCard debit card

  • Annual fee of 29.95 USD

  • Pay directly from your multi-currency balance for 3 currencies at no cost

  • Up to 3.5% fee for transactions involving currency conversion

  • Up to 1.8% for cross-border fee (where merchant country is different from card-issuing country)

  • 3.15 USD / 2.50 EUR / 1.95 GBP ATM withdrawal fee

  • 1 USD / 0.87 EUR / 0.65 GBP for balance enquiry

  • 12.95 USD / 9.95 EUR / 9.95 GBP for card replacement

  • Use anywhere MasterCard is accepted

Accounting software integration


Integrates with Xero, NetSuite and Quickbooks.


Integrates with Quickbooks. 


Payoneer provides a cost-effective option for multi-currency transfers and payment requests when dealing with another Payoneer account. Nevertheless, it falls short when transferring to non-Payoneer accounts due to the higher transaction fees incurred.

Airwallex, in contrast, offers global money transfer to 110+ countries with no transaction fees and minimal FX fees, alongside free corporate cards for teams to make business purchases. This, coupled with Airwallex’s global network and full suite of financial tools, including payment gateway solutions and seamless accounting software integrations, makes Airwallex suitable for businesses of all sizes with varied needs. See why Little Blossom moved from 3 separate providers to Airwallex’s all-in-one platform for their growing eCommerce business.

If you’d like to learn more about Airwallex, sign up for a free account today.


***Note: This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency.

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Shermaine Tan
Manager, Growth Marketing

Shermaine leads the development and execution of content for businesses in Singapore and the SEA region.

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