Regarding online money transfers, there are a lot of different options out there for you to consider. As with any service like this, there are bound to rise above others by comparison. In the public eye, the likes of Payoneer have risen to the greatest level of recognizability.
Given its overall usefulness, it’s easy to see why this has occurred, though it is certainly not alone in terms of functionality. Today, we’ll be outlining what Payoneer is itself and what services it offers, along with a list of 5 alternatives that can be just as useful. Before diving in, let’s examine what Payoneer offers that has made it stand out since it was first established.
What is Payoneer?
There’s a lot to love about Payoneer, even if it does have some drawbacks. At its core, Payoneer was developed to act as a financial service for online money transfers. This could be for personal or business reasons, though businesses frequently use it to transfer money from the site directly to clients and/or users.
Since its founding in 2005, it has become a staple in the financial world to the extent that Mastercard has made them a Member Service Provider worldwide. In addition, it is constantly used by larger companies like Fiverr, Google, and Wish. These companies use Payoneer as a transfer service for sellers that promotes brevity with security.
Key Services
As advertised, Payoneer’s primary services revolve around money transferring. It is supported in over 200 countries while supporting nearly as many currencies. Transfers are somewhat expensive, costing $3 per transfer, though it is free if you receive the money and is often quite quick (0-3 business days, where you will often find that the money has made its way into your account on the same day).
Since they are also a Mastercard Service Provider, users can also use a prepaid Mastercard as a debit card or for any other type of transaction with ease. The funds sent through the site can either be directly put on said card or transferred to Payoneer Mastercard and then sent to your personal account. Though simplistic, Payoneer’s goals/purposes are straightforward, useful, and effective when discussing online money transfer services.
Top 5 Alternatives to Payoneer
Given how easy it is to use Payoneer, it may seem unlikely that other services offer just as much simplicity with even greater functionality. Though it would be great to say that one of the following absolutely trumps Payoneer in all categories, each option should really be seen as different services that excel in different areas.
Some are even easier to use than Payoneer. Others provide a wider range or overall better features to their users. No matter what, it’s important to recognize what will work best for you comes down to your own wants and needs. That being said, here are some of the top competitors of Payoneer that are worth some of your consideration.
1) Veem
What is Veem?
Founded in 2014, Veem is a private payment services platform focused on global payments, formerly known as Align Commerce, for its first 3 years of operation. While many services like it have focused on the ease of making payments, Veem was a bit different in that it wanted to meet the difficulty of those made across borders.
This has turned out to be the centerpiece of its existence, as it has been lauded for its ability to take in revenue through cross-border foreign exchange transactions.
In addition to committing towards international monetary streamlines, they have been instrumental in supporting small and local businesses during the COVID-19 Pandemic by facilitating loans and customer support through the Small Business Administration Paycheck Protection Program.
Key Services
Veem centers on using a payment routing method they have outlined as ‘multi-rail technology,’ which essentially means that they rout payments across all sorts of e-commerce methods, including debit cards, ACH (US), blockchains, digital wallets, SWIFT, and treasury accounts.
Some of their other products, alongside offering international payments, include domestic payments, accounting integrations (using Quickbooks, Xero, and NetSuite for payments, along with Plaid, Zapier, and Magento for other purposes), and working capital.
2) PayPal
What is PayPal?
Easily the most well-known on this list, PayPal has been operating since 2001. Used frequently on sites like eBay, it has grown exponentially and officially became its own entity in 2015 after splitting from eBay. It has now grown so much that it can even be found on the New York Stock Exchange under the symbol PYPL.
In plain terms, PayPal is the easiest, most basic form of money transfer service that’s out there. Personal consumers and businesses can utilize the service and only need a valid debit/credit card, along with an email, to enroll.
PayPal’s greatest advantage is that it is secure – it does not require banking information to be shared between either party during a purchase. This fact has caused it to boom in the e-commerce sector, especially as concerns over viral attacks have increased.
Key Services
PayPal is primarily used by personal consumers in the retail sector of e-commerce, though it is also frequented by larger online sellers/buyers too. It is incredibly versatile, even offering discounts to users on select websites through partnership.
PayPal also offers a credit card, though MasterCard, which also enables them to finance larger purchases and extend lines of credit to users.
3) Neteller
What is Neteller?
Neteller is one of the oldest forms of online wallet and money service that can be found. Being founded in 1999, it serves numerous countries and has made a name for itself by processing payments for huge percentages of online gambling sites (from which it has also gained much of its revenue).
It has moved out of markets in the US as of 2019 due to its departure from the US around 2006-7. Outside of this, the company has done relatively well for itself by working with MasterCard by creating the Net+ Card, which is exclusively available to residents of the European Economic Area.
Key Services
Compared to others on this list, Neteller is perhaps the most basic. Although still held to the same stringent checks/oversight other larger companies listed here, it is a money transfer service that does not have many functions outside of this (aside from the Net+ Card, though that has limited usage).
A Neteller account can have money loaded onto it from 26 different currencies from a credit/debit/bank account (or other methods), and the money can be used without many hoops. VIP memberships can also be purchased from Silver, Gold, Platinum, and Diamond levels to those interested, a service that offers a variety of perks to members.
4) Fintiv
What is Fintiv?
Fintiv is a platform that’s all about versatility for businesses. Rather than being built for individuals with social media backing, Fintiv has sought to transfer funds between businesses easier while simultaneously lowering the cost of ownership, helping users get their services on the market quicker, and ultimately marketing those services in a streamlined manner.
Thus far, they have been operating in 60 countries with over 5 million customers and are consistently growing. Financial security/assurance has also been a key component of their business model.
Key Services
Though Fintiv is widely known for its payment transferring services for industries, they are also competent in customer management. Their capability to help users complete any transactions on their platform rather than relying on multiple vendors.
Fintiv’s mobile app features mainstays like a wallet and payment tracking and analyzes customer behavior through marketing, rewards, and loyalty programs.
5) Skrill
What is Skrill?
Skrill is an online wallet that has been around for nearly two decades, first established in 2001. They were originally known as Moneybookers and operated like Venmo, though with a few extra features. In the realm of online wallets, this business was one of the early pioneers that cemented the functionality and viability of online payments/transfers.
While their rebranding to Skrill was completed in 2013, this did not stop them from forming several partnerships once this occurred. Their most recent sponsorships came by partnering with AC Milan and the EPL football team Leeds United.
A few awards have also been received for Skrill’s design – it won Best Digital Wallet in 2019 from Juniper Research and won the Best Online Payments Solution from Paysafe in the same year.
Key Services
Skrill’s primary service is acting as a multicurrency digital wallet. It supports over 40 currencies, along with numerous cryptocurrencies to boot. It has been used extensively in e-gaming and e-commerce, especially since it was one of the few companies to lay the groundwork for online transactions through digital wallets. A Skrill Card was also introduced after 2013 that can be used at select locations and ATMs.
Finally, you can also become a VIP member once you have spent or transferred enough, which gives users access to lower processing fees, higher transaction allowances, and better support. This runs alongside their Skrill Loyalty Program, where users can gain loyalty points for various actions.
