If you are Blogger/Youtuber or if you are doing some activity to make money online, then you must be receiving online payments. But which service are you using? PayPal, Payoneer or direct bank transfer. But do you know you there are many different between all of these. Here in this article I’m going to describe all the difference and features of PayPal vs Payoneer.
PayPal vs Payoneer: – Which one is the best
PayPal started its business back in 1998, which is 8 years before Payoneer’s establishment.Currently PayPal has already established its worldwide business while Payoneer is quickly spreading worldwide. Currently it is running its service in 200 countries and provides transactions in more than 150 currencies.
Both services are reliable, excellent, and offer a great customer satisfaction. I’m personally using both of these company to receive oversees payments and I have great experience with both. But the main difference between PayPal and Payoneer are the transfer fees and Minimum Payout.
But it’s actually wrong to blame either of these company, because both of them have different working functionality.
Once you signed up for the PayPal account, your signed-in email id will be used as the form of account no to send and receive money. You can also link your bank account to PayPal, So that you can withdraw your received money directly to it.
(In some countries like India it’s mandatory to link your bank account with your PayPal, So that your money will be auto debited to your bank account and you can’t hold any amount in your PayPal account)
When you want to receive a payment from a person you only have to share your PayPal email id and that person will simply send money to your mail id.
PayPal works with multiple currencies like USD, EUR, JPY, SGD etc. However PayPal only supports 19 currency and for others it will go in a currency conversion.
For example- In every 2 weeks I used to receive 6.25 USD in my Indian PayPal account from a survey company. Every time it is auto debited to my Indian bank account with current PayPal conversion rates of USD-INR which is typically lower than global market conversion rate.
But still PayPal has some unique functionality like Online shopping, eBay marketing etc. Also most of the eCommerce prefer PayPal as their preferred mode of payment.
Once you signed up for the Payoneer’s account. Payoneer will be linked your local bank account. In case you need another overseas account, Payoneer will provide you a local USA/UK/Japan/Europe bank account. When you want to receive a payment, you have to provide the bank account details provided by Payoneer.
Once you received the money in your Payoneer account, your can withdraw it to your local bank account with current global market conversion rate. So that you won’t lose money in multiple currency conversion.
Recently Payoneer resumed it’s business in India after RBI’s revised guidelines.
Another benefit is it has it’s own optional master Card (Annual fee of $29.99), by which you can directly withdraw your money using a local bank ATM. This is a very cool feature by Payoneer. You can also refer someone to Payoneer for $25 bonus to both.
Some prefer PayPal because of it’s low minimum Payout feature while some prefer Payoneer due to it’s high conversion rate and low transfer fees.
For me Payoneer is the clear winner but still I will continue using PayPal and Payoneer because both of them have their own advantages.
If you have any suggestion for PayPal vs Payoneer or query please comment your valuable feedback below.