Top 5 Payoneer alternatives: compare fees, features, and benefits

Key takeaways

• Businesses need to choose their global payment partner based on fees and multi-currency support. Growing businesses must look beyond basic payment platforms like Payoneer to find providers that offer transparent fee structures, low currency conversion rates, and the ability to hold balances in numerous currencies to simplify cross-border operations.

• A strong range of Payoneer alternatives exists, each with unique specialisations. Key competitors include PayPal, Square, Wise, and Stripe, which offer diverse services ranging from Point of Sale (POS) solutions to extensive developer APIs, ensuring businesses can select a platform tailored to their specific operational needs.

• Airwallex excels as a holistic financial solution, offering greater currency flexibility and lower costs for global businesses. Unlike Payoneer, Airwallex supports holding balances in 23+ currencies and features 0% domestic and international transaction fees, positioning it as an end-to-end partner for mid-market and enterprise-level companies managing money globally.

If you run a growing business, you’ll need a payment platform that will allow you to open local accounts in several currencies, seamlessly accept payments from international customers, and send money across borders without excessive fees.

Whilst 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 accepts payments in over 70 local currencies, but balances and direct transactions can only be held in USD, EUR, GBP, CAD, AUD, JPY, HKD, SGD and AED.

Payoneer alternatives include global payment platforms like Airwallex, PayPal, Square, Wise, and Stripe—each offering multi-currency capabilities, international payment acceptance, and cross-border transfer solutions for growing businesses. The right alternative depends on your specific needs around fees, currency support, and operational features like expense management and corporate cards.

Why businesses are looking for Payoneer alternatives

Growing businesses seek Payoneer alternatives primarily due to high withdrawal and conversion fees, limited currency holding options, and missing advanced features like integrated expense management and corporate cards. As operational complexity increases, companies need platforms that offer more comprehensive financial solutions beyond basic payment facilitation.

• Costly fees: Businesses often find that a combination of withdrawal fees, currency conversion markups, and annual account fees can impact their margins.

• Limited currency support: The ability to hold balances is restricted to a small number of currencies, which can lead to forced, and often expensive, currency conversions.

• Feature gaps for scaling: As businesses grow, they require more than just basic payments. Many look for integrated solutions that include corporate cards for team spending, automated expense management, and batch payment capabilities to pay multiple suppliers at once.

• Operational complexity: A lack of integration with accounting software and other business tools can create manual reconciliation work, slowing down financial operations.

How we evaluated these Payoneer alternatives

To provide a fair and useful comparison, we assessed each Payoneer alternative based on the criteria that matter most to businesses operating globally. Our evaluation focused on:

• Total cost: We looked beyond advertised rates to consider transaction fees, currency conversion markups, and any monthly or hidden charges.

• Global reach: We compared the number of currencies available for collecting, holding, and sending funds, as well as country coverage for payouts.

• Core features: We assessed the platform's capabilities, including multi-currency accounts, payment acceptance methods, and corporate cards.

• Operational efficiency: We considered factors like transfer speed, automation tools, and integrations with essential business software.

• Scalability: We evaluated whether the platform could support a business as it grows from a small operation to a mid-market enterprise.

Compare the top 5 alternatives to Payoneer

1. Airwallex: A global financial platform for end-to-end operations

Key features

Airwallex is a global financial platform built for modern businesses, offering:

• Global Accounts with local bank details in 20+ currencies

• Fast, low-cost international transfers using local payment rails

• Multi-currency corporate cards with 0% international transaction fees

• Unified payments, treasury, and spend management in one platform

• Infrastructure designed to scale globally without added complexity

Pricing and fees

Airwallex offers transparent, competitive pricing. You can save up to 80% on FX fees with access to interbank rates, plus a small margin. There are no setup fees or monthly account fees. Corporate cards come with 0% international transaction fees and 1.5% cashback on eligible spend.

2. PayPal: A widely recognised payment gateway

Key features

PayPal is one of the most well-known digital payment platforms globally, offering:

• Accept credit cards, debit cards, and PayPal balances

• Global brand recognition that builds customer trust

• Wide availability across 200+ countries

Pricing and fees

PayPal's fees can be complex. For receiving international commercial payments, fees vary by region but often include a percentage-based transaction fee plus a fixed fee. Currency conversion fees are typically charged as a percentage above the base exchange rate.

3. Square: An integrated solution for online and in-person sales

Key features

Square is known for its point-of-sale (POS) hardware and software, making it a strong choice for businesses with both a physical and online presence. It provides tools for payment processing, sales tracking, and inventory management in one integrated system.

Pricing and fees

Square charges a flat-rate percentage plus a fixed fee for online card transactions. International card payments incur a higher fee. There are no monthly fees for its standard plan, making it accessible for small businesses.

4. Wise: A low-cost solution for international money transfers

Key features

Wise (formerly TransferWise) specializes in low-cost international money transfers with transparent pricing. Its multi-currency account lets users hold and convert dozens of currencies and receive payments with local account details in several key markets. It is popular for both personal and business use.

Pricing and fees

Wise is known for its transparency. It charges a small, variable fee for sending and converting money, often close to the mid-market exchange rate. Receiving money into local currency account details is typically free.

5. Stripe: A developer-focused platform for online payments

Key features

Stripe provides a powerful and flexible payment processing platform with a strong focus on developer tools and APIs. It allows businesses to build custom checkout experiences and supports a wide range of payment methods, including cards, digital wallets, and buy now, pay later services.

Pricing and fees

Stripe uses a pay-as-you-go pricing model with a flat-rate percentage plus a fixed fee for online card transactions. International cards and currency conversions incur additional fees. Its extensive features often justify the cost for tech-savvy businesses.

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 consider when choosing an alternative to Payoneer. Use these as a handy guide when doing your research.

• Payment method support: Confirm the platform accepts cards, bank transfers, and regional payment methods relevant to your customers.

• Transaction fee structure: Understand how fees vary by payment method, transaction size, and destination country.

• Currency capabilities: Verify which currencies you can hold, collect, and send without forced conversions.

• FX conversion rates: Compare the markup above interbank rates to understand true currency conversion costs.

• Security credentials: Look for PCI DSS Level 1 certification, SOC compliance, and regulatory licenses.

• Account fees: Check for monthly charges, minimum balance requirements, and setup costs.

• Contract terms: Understand any early termination fees or long-term commitments.

• Customer support: Evaluate availability, response times, and whether you’ll have a dedicated account manager.

Final thoughts on alternatives to Payoneer

Airwallex stands out among Payoneer alternatives by offering a comprehensive global financial platform designed for growing businesses. Unlike basic payment facilitators, Airwallex provides:

• End-to-end financial operations: Manage payments, treasury, and embedded finance solutions in one platform

• Advanced spend management: Issue multi-currency corporate and employee cards with automated expense tracking

• Superior cost efficiency: 0% domestic and international transaction fees with FX conversions at interbank rates + 0.5-1%

• Greater currency flexibility: Hold balances in 23+ currencies compared to Payoneer’s 9

Over 100,000 businesses use Airwallex to simplify their global financial operations and reduce costs.

Key differences between Airwallex and Payoneer include:

• Transaction fees: Airwallex offers 0% domestic and international transaction fees, while Payoneer charges 3% for credit cards and 1% for ACH payments (unless transferring between Payoneer accounts)

• Currency holding: Airwallex supports 23 currencies versus Payoneer’s 9, giving you more flexibility and fewer forced conversions

• FX rates: Airwallex provides interbank rates + 0.5-1%, consistently more competitive than traditional providers

For businesses managing complex, high-volume international operations, Payoneer’s fee structure quickly becomes costly and complicated. Airwallex serves as a comprehensive financial partner for over 100,000 growing and enterprise-level businesses, offering transparent pricing, extensive currency support, and unified global financial operations through our platform and APIs.

Frequently asked questions about Payoneer alternatives

What are the main disadvantages of using Payoneer?

The primary disadvantages include high withdrawal and conversion fees, limited currency holding options (only 9 currencies), and missing advanced features like integrated expense management and corporate cards that scaling businesses require.

Is Wise or Payoneer better for international transfers?

Wise offers lower, more transparent fees for individual transfers, while Payoneer works well for marketplace sellers receiving payments from integrated platforms. For businesses needing comprehensive financial operations beyond transfers, platforms like Airwallex provide more complete solutions.

Which Payoneer alternative has the lowest fees for businesses?

Wise offers competitive fees for simple transfers, but platforms like Airwallex often provide lower total costs for businesses managing high transaction volumes, supplier payments, and team spend. Airwallex’s interbank FX rates, zero fees on local transfers, and 0% international transaction fees on corporate cards reduce overall expenses.

Sources and references

• https://www.paypal.com/uk/enterprise/payment-methods

• https://www.paypal.com/uk/webapps/mpp/merchant-fees

• https://www.skrill.com/en/business/

• https://wise.com/gb/blog/skrill-money-transfer

• https://squareup.com/au/en/payments

• https://squareup.com/gb/en/pricing

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

• https://wise.com/gb/pricing/business

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

• https://wise.com/us/blog/stripe-international

• https://stripe.com/gb/pricing

• https://www.payoneer.com/get-paid-by-clients/#:~:text=Payment%20request%20%E2%80%93%20sent%20payment%20requests,bank%20debit%2C%20direct%20bank%20payment

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

Disclaimer: We updated this article in Q3 2025. The information was based on our own online research and we were 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 every six months. If you would like to request an update, feel free to contact us at [email protected].