Payoneer To Wise [Send Money From Payoneer To Wise In 2024]

Updated On: 07/27/2023
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In today's global economy, online transactions are becoming increasingly popular. With the rise of freelance work and e-commerce, people worldwide need a fast and secure way to send and receive payments.

Payoneer and Wise are two popular options for international money transfers. While both platforms offer similar services, users may want to link their Payoneer and Wise accounts to take advantage of each platform's unique features.

In this blog, we will discuss how to link Payoneer to Wise and the benefits of doing so.

What Is Payoneer?

What Is Payoneer?

Payoneer is a financial services company that provides online money transfer and digital payment solutions to individuals and businesses worldwide.

Founded in 2005, Payoneer has become a popular alternative to traditional bank transfers, especially for freelancers, online sellers, and other professionals who work remotely or internationally.

The company's services include cross-border payments, working capital financing, and currency conversion.

Payoneer offers services in over 200 countries and supports more than 150 currencies, making it a flexible and convenient option for individuals and businesses that need to send and receive money globally.

Payoneer is also known for its user-friendly interface, competitive exchange rates, and excellent customer support, which have helped it earn a reputation as a reliable and trustworthy payment solution.

What Is Wise?

Wise (formerly known as TransferWise) is a financial technology company specializing in international money transfers.

Founded in 2011, Wise has become a popular option for individuals and businesses that need to send and receive money across borders. The company's services include currency exchange, multi-currency accounts, and debit cards.

One of the unique features of Wise is its use of a peer-to-peer model to transfer funds, which helps to reduce costs and increase speed compared to traditional bank transfers.

Wise offers services in over 80 countries and supports more than 750 currency routes, making it a versatile and convenient option for individuals and businesses that need to send and receive money globally.

The company is also known for its transparent pricing, typically lower than traditional banks and other payment providers, and its commitment to customer security and privacy.

How To Link Payoneer And Wise?

How To Link Payoneer And Wise?

Linking your Payoneer and Wise accounts is a straightforward process that involves a few simple steps:

  • Log in to your Payoneer account and click the "Withdraw" tab.
  • Click the "To Bank Account" option and select "Add New.
  • Enter your Wise bank account details, including the holder's name, IBAN or account number, and SWIFT/BIC code.
  • Once you have entered your Wise bank account details, click the "Next" button to review and confirm the information.
  • Payoneer will send two small deposits to your Wise account within 1-2 business days.
  • After you have received the deposits, go to your Payoneer account and select the "Withdraw" tab.
  • Click the "To Bank Account" option, choose your Wise account, and enter the two deposit amounts.
  • To link your Wise account to your Payoneer account, please click the "Verify" button.

Benefits Of Connecting Payoneer To Wise

Connecting your Payoneer and Wise accounts offers several advantages, including:

  • Lower fees: Wise offers lower fees than traditional banks, making it an attractive option for international money transfers. By linking your Payoneer account to Wise, you can enjoy these lower fees when transferring funds between the two accounts.
  • Faster transfers: Wise uses local bank accounts to transfer money, meaning your funds can be transferred more quickly than if you were using traditional banks. This can be especially useful if you need to send or receive funds rapidly.
  • Multiple currencies: Both Payoneer and Wise support numerous currencies, which means you can transfer funds in the currency of your choice. This can be useful if you frequently transfer funds in different currencies.
  • Easy to use: Both Payoneer and Wise have user-friendly platforms that are easy to use, making it easy for you to manage your money and transfer funds between the two accounts.
  • Reliable: Payoneer and Wise have been reputable companies in the market for several years. By linking your accounts, you can be sure that your money is safe and that your transfers will be processed efficiently.

Comparing Fees: Payoneer Vs Wise

Comparing Fees: Payoneer Vs Wise

Understanding the fee structure is paramount when choosing a platform to process your international transactions.

Here, we've delved into comparing the differences in transaction fees, conversion rates and more between Payoneer and Wise so that you can make an informed decision.

Transaction Fees

Payoneer primarily charges its customers two types of fees: transaction fees for receiving payments and withdrawal fees while accessing funds.

Payoneer charges 3% of the total amount for accepting payments via credit card payments, whereas for receiving payments through an eCheck (USD), it levies 1% of the total sum.

On the other hand, Wise employs a slightly different approach by charging a percentage-based fee coupled with fixed charges on certain transactions.

These fixed charges vary significantly from one currency pair to another; what you pay would depend on where you're sending money and in what currency.

To illustrate:

  • Receiving $1000 via Credit Card:
  • Payoneer = $30
  • Wise = Varies
  • Receiving $1000 via eCheck (USD):
  • Payoneer = $10
  • Wise = Varies

Conversion Rates

One area where Wise stands out is its approach to exchange rates. Unlike most other platforms, Wise provides its customers with the mid-market rate, the real exchange rate you see on Google or XE, with no hidden markup.

This transparency simplifies cost calculation and offers substantial savings, especially if you're handling large amounts or frequent transactions.

While Payoneer also touts competitive rates, usually within 2% above the mid-market rate depending upon market conditions and payment methods, it lacks transparency compared to Wise.

Value for Money

Evaluating which platform offers better value for money primarily depends upon your specific needs as a customer, such as countries involved in your transfers, currencies handled, frequency of transactions etc.

Wise may be your best bet if transparency in costing and low conversion costs are primary for you.

If you predominantly deal with credit card payments or eChecks (USD), Payoneer’s lower percentage fee could result in significant savings despite its relative lack of transparency.

How to send money from payoneer to wise

You can follow these steps to transfer funds from Payoneer to Wise:

  • Log in to your Payoneer account and select "Withdraw" from the main menu.
  • Choose "To Bank Account" from the dropdown menu.
  • Select your Wise bank account from the list of saved bank accounts, or click "Add New" to add a new one.
  • Enter the transfer details, including the amount you want to transfer and the currency you want to transfer in.
  • Review the transaction details, including the transfer fee and the exchange rate, and click "Submit" to initiate the transfer.
  • Wait for the transfer to be processed. Depending on the amount and currency, the transfer may take a few hours or up to two business days to reach your Wise account.

Is It Safe To Link Payoneer To Wise?

Is It Safe To Link Payoneer To Wise?

Linking your Payoneer to Wise is generally safe and secure. Both Payoneer and Wise are reputable payment providers regulated by financial authorities in their respective countries.

They use advanced security measures to protect user data and transactions. When you link your Payoneer account to Wise, your personal and financial information is encrypted and stored securely.

Both Payoneer and Wise comply with industry standards for data protection, such as the Payment Card Industry Data Security Standard (PCI DSS).

When you initiate a transfer from Payoneer to Wise, the transaction is authenticated using multi-factor authentication protocols to prevent unauthorized access. This means that your funds and personal information are protected at all times.

How to Avoid Common Pitfalls When Linking Payoneer to Wise?

When linking your Payoneer account to Wise, there are a few common pitfalls that you should be aware of to avoid potential issues. Here are some tips to help you avoid these pitfalls:

  • Check compatibility: Before linking your Payoneer account to Wise, make sure that your Payoneer account is compatible with Wise. Check to see if both Payoneer and Wise support your country and currency.
  • Verify your account information: When linking your Payoneer account to Wise, it's essential to ensure that your account information is accurate and up-to-date. Double-check your bank account details and personal data to avoid errors or delays in transaction processing.
  • Review fees and exchange rates: Wise offers competitive exchange rates and lower fees than traditional banks, but fees may still be associated with the transfer. Review the fees and exchange rates carefully to understand the total cost of the transfer before initiating it.
  • Allow for processing time: Wise transfers are generally faster than traditional bank transfers but still require some processing time. Make sure to allow this processing time when planning your transfer, especially if the funds are available by a specific date.
  • Watch for scams: As with any financial transaction, there is always a risk of fraud. Be cautious of unsolicited emails or personal information requests, and only initiate transfers through official channels.

How To Maximise Your Earnings With Payoneer And Wise

How To Maximise Your Earnings With Payoneer And Wise

Maximizing your earnings with Payoneer and Wise can be a great way to save money on international transfers and get the most out of your earnings. Here is a comprehensive guide on how to maximize your earnings with Payoneer and Wise:

Link Your Payoneer And Wise Account

The first step to maximizing your earnings with Payoneer and Wise is to link your accounts. This will allow you to quickly transfer funds between the two accounts and take advantage of lower fees and competitive exchange rates.

Use The Right Currency

Use the correct currency when transferring funds between your Payoneer and Wise accounts. Using the local currency can avoid conversion fees and get the best exchange rate.

Choose The Right Transfer Method

Several transfer methods are available when transferring funds between Payoneer and Wise, including bank transfer, card transfer, and local bank transfer. Choose the method that is most cost-effective and convenient for you.

Optimize Your Payment Schedule

If you receive regular payments through Payoneer, consider optimizing your payment schedule to minimize transfer fees. For example, you could set up a monthly transfer instead of a weekly transfer to reduce fees.

Take Advantage Of Rewards Programs

Both Payoneer and Wise offer rewards programs that allow you to earn points or cashback on your transactions. Enroll in these programs and take advantage of the rewards to maximize your earnings.

Monitor Exchange Rates

Watch for exchange rates and transfer fees to get the best deal. You can use online tools to track exchange rates and compare fees to find the most cost-effective transfer method.

FAQs Regarding Payoneer And Wise

Can You Transfer From Payoneer To Wise?

Yes, you can transfer funds from Payoneer to Wise. The process involves linking your Payoneer and Wise accounts and then initiating a transfer from your Payoneer account to your Wise account.

How Long Does It Take To Send Money From Payoneer To Wise?

While the estimated time for transferring funds from Payoneer to Wise is typically 1-2 business days, the actual time may vary depending on the currency route and payment method you select.

How Much Does It Cost To Transfer From Payoneer To Wise?

The transfer fee is up to 2% of the transfer amount, plus a fixed fee of $3-$5, depending on the currency and country. Wise also charges a 0.35% conversion fee for international transfers and a flat rate of $3 for domestic transfers.

How To Send Money From Bank To Payoneer?

To send money from your bank account to Payoneer, log in to your Payoneer account, navigate to the "Receive" tab, select "Global Payment Service," note down the bank details provided, log in to your bank account, add Payoneer as a recipient, enter the amount, and confirm the transfer.

Conclusion

In conclusion, linking your Payoneer and Wise accounts can be a great way to manage your finances efficiently and cost-effectively.

With the ability to transfer funds quickly and easily between the two platforms, you can take advantage of low fees and favorable exchange rates, helping you maximize your earnings and save money.

While there are some potential pitfalls to be aware of when linking your accounts, following the tips and best practices outlined in this guide can ensure a smooth and successful transfer process.

Whether you are a freelancer, online seller, or simply looking for a better way to manage your money across borders, linking your Payoneer to Wise is a smart and valuable move.

Michael Restiano

I support product content strategy for Salt Money. Additionally, I’m helping develop content strategy and processes to deliver quality work for our readers.

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