Payoneer is one of the popular services for international payments, and many people successfully use it for business or personal needs. However, there are worthy alternatives to this service if for some reason you cannot use Payoneer. In this article, you will learn about them. If your activity requires regular monitoring of the exchange rate of currencies in Ukraine, we recommend using the service https://rates.fm/.
Payoneer – What Is This Service?
The Payoneer service supports over 150 currencies. Accordingly, it allows you to accept payments from citizens of almost any country, including payments for sales or provision of services. Payoneer fully complies with tax and legal regulations in the countries where it officially operates. This means that you can legally receive payments into your account, and then withdraw them directly to your current account. After this, taxes and mandatory social payments are generated automatically. Payoneer offers easy registration and service. Payoneer operates entirely as a neobank, that is, only with remote service, without the need to personally contact a bank representative: they simply do not exist. Registration, verification, and sending of documents are carried out through the application or on the official Payoneer website.
The payment system also has disadvantages:
- High commissions for withdrawal of funds.
- Neither the virtual nor physical Payoneer card supports Apple Pay or Google Pay.
- Delivery of a Payoneer card takes a significant period of time – approximately 1.5 months. Card service is paid.
What To Look For When Choosing a Neobank
When choosing an online bank, it is recommended to study the following criteria:
- Rules for registering and creating new accounts.
- Commissions for servicing, withdrawal, and conversion of funds. You should pay attention to the presence of a mandatory subscription fee for account maintenance.
- In which countries you can use the service, to which countries you can send payments, and with which platforms do you need a bank?
As an alternative to Payoneer, you can consider the following online banks with completely remote account openings:
- Wise;
- Revolut;
- Chime;
- Capitalist;
- N26;
- Skrill;
- Monzo;
- Monese
All of these neobanks allow you to register an account remotely, without visiting a company representative office. And most importantly: obtain bank details that can be used to accept payments to both individuals and entrepreneurs. We will consider the work of the five above-mentioned neobanks in more detail below.
Wise
Previously, the service was known as TransferWise. The service specializes in international payment transfers. Users can also make various types of purchases, including paying for an Aetna insurance policy. Now the system makes it possible to register a multi-currency account that supports over 30 currencies. You can convert funds between accounts at the exchange rate.
Additional service features:
- receiving bank details in the currency required by the user;
- quick currency conversion directly from the application;
- work with business clients: you can create an account for an entrepreneur, and accept payments for the provision of services or online sales.
Wise has many advantages:
- some of the lowest fees for international transfers;
- you can issue a virtual card, as well as order the issuance of a physical card;
- one of the largest number of supported international banks where you can send payments from your Wise balance;
- creating an account is free.
Revolut
This is one of the most popular European online banks. Simple registration, opening a multi-currency account, and the ability to be serviced absolutely free – are just the basic advantages of this service. It also allows you to withdraw about 100 euros per month from any ATM, without any commissions.
An additional advantage of Revolut: the service provides access to a wide range of investment tools. You can also purchase cryptocurrency (Bitcoin, Ethereum, Binance Coin, etc) or shares of foreign companies, including those operating in the United States, from the application itself. All this is done in literally a couple of clicks and does not require mandatory confirmation of the status of an entrepreneur or investor.
Among the shortcomings of Revolut, one can highlight only the requirement to regularly undergo verification and confirm their right to permanent residence in the country where the client is currently located.
Monese
This is another analog of Payoneer, which allows you to quickly open an account in euros, pounds, and Romanian lei. Monese Bank also provides the opportunity to accept payments directly to your account, as well as order a physical or virtual card (works without problems with Google Pay, or Apple Pay).
Here you can also open both a personal and business account. In the latter case, you will need to confirm your registration with the representative office of the tax authority of the country where the business activity is carried out.
One of the main advantages of this neobank: you can get bank details without having to confirm your right to reside in England. It is possible to create a business account that will function separately from the main one.
Capitalist
Capitalist is an electronic wallet service. According to users, among Payoneer analogs for servicing a corporate account, Capitalist is the best alternative. The only difference between this service is that you cannot order a virtual or physical card here. Although it is quite possible to obtain details for quickly accepting payments.
Advantages of the service:
- the wallet is multi-currency;
- an internal exchanger between different currencies is available directly on the Capitalist website;
- the service pays significant attention to maintaining the security and confidentiality of user data (for example, two-way encryption is used when registering transactions);
- there is a referral program (you can earn money by inviting new users);
- works with cryptocurrencies;
- fast and high-quality support service on par with such giants as Bank of America.
Final Thoughts
Payoneer, like other neobanks, allows you to work with different currencies, which is useful for businesses and freelancers operating in the global market. If your business also requires a reliable tool for tracking exchange rates on the Ukrainian market, we recommend paying attention to the Rates service. It is available around the clock, no matter what city you are in – Toronto or Beijing.
