Heritage bank business credit card. The limits, fees and need-to-knows
If you’re on the hunt for a suitable business credit card in Australia, there are several offerings available. A mutual or ‘customer-owned’ bank, Heritage...
Businesses have the need to make international payments to overseas workers, freelancers or contractors and need these transactions to be actioned quickly and with the lowest possible fees.
Payoneer’s business payment account might be a solution. We’re going to take a closer look at it here and compare what Wise has to offer.
💸 Looking for a stress-free international business account to pay abroad like a local? With multiple debit cards, AUD and foreign currency account details? |
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Discover the Wise
Business account
Payoneer is a digital commerce partner for business worldwide, including Australia and has over 5 million customers.
Its goal is to assist businesses worldwide, push frontiers and unify and create global ecosystems.¹
It allows Australian business, sole traders, and entrepreneurs to make and receive payments from partners across the globe.
Businesses that interact with staff, freelancers, and suppliers worldwide and need to receive and pay money in multiple currencies will benefit from using Payoneer.
The account isn’t for everybody, and there are some restrictions to entry. It might be a solution for you if you’re operating in the following ways²:
Some businesses aren’t eligible for a Payoneer account, including restricted industries such as gambling and adult entertainment.²
The Payoneer account helps you to manage your international finances. Here is a snapshot of some of the ways the account can assist³:
You can receive local account details in the following 8 currencies:
The Payoneer account takes away the hassle of making and receiving payments in multiple currencies, for example⁴:
Payoneer works best if the senders and receivers have Payoneer accounts. The fees get rather complicated using alternatives as outlined below.
Payoneer has a unique fee structure. It’s currency dependent and is also how the money is being received or withdrawn. The table below details these.
Service | Payoneer⁵ |
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Account opening fee | Free |
International transfer fees - receiving | Free Payoneer to Payoneer Free into any of your local receiving accounts except the US: USD 0–1% Payments from other clients will have these fees: ACH bank debit by clients 1% Credit card by your clients 3% Receive from payment platforms like Upwork and Fiverr. Fees may be charged by that marketplace |
International transfer fees | Free Payoneer to Payoneer Up to 2% of the transaction amount Fixed fee of 1.50 - EUR/GBP/USD When you use your EUR, GBP or USD balance to make a payment to someone whose bank account:
|
Withdrawing to your local bank account Example: USD to your Australian bank AUD | From your Payoneer balance in a different currency: Up to 2% of the transaction amount, and an exchange rate based on wholesale market rates. |
Withdrawal in local currency from a Payoneer balance in that currency | Fixed fee per withdrawal: 1.50 EUR EUR to EUR withdrawal 1.50 USD USD to USD withdrawal 1.50 GBP GBP to GBP withdrawal |
Withdrawal in non-local currency Example: EUR balance –> USD bank account, the bank is in Hong Kong | up to 2% of the transaction amount Note: For withdrawals with no currency conversion, a minimum fee may apply |
ATM Fees - Withdrawals | Based on the currency being withdrawn: 3.15 USD 2.50 EUR 1.95 GBP |
Fees current as at 30 March 2023
As you can see from the above, the fee structure is complicated and requires careful management to ensure you’re not paying more than you budget for.
Before signing up, determine whether you will register as an individual/sole trader or as a business entity. The latter will require further documentation and application details⁶:
You’ll be asked to provide some basic information such as your name, email address and date of birth. Create a user-name and password, link a bank account or credit card, and upload photographic ID.
Applications for registered businesses will need to supply the same details as above, but provide the personal details of the primary representative of the organisation.
Applications are usually processed in 3 business days. You’ll receive a confirmation by email.
Provided your business doesn’t operate in the restricted industries, you can register for an account. You must be over 18.⁷
You’ll need to provide the following documents in JPG or PNG format only. Don’t send in PDFs.
A valid government-issued photo ID like:
Passport
Driver’s licence
An Australian state and territory issued identity photo card
Company registrations need to provide a working URL of a website that belongs to their business or is somehow connected.
Read more: Payoneer vs Wise in Australia |
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Payoneer accepts payments by the following methods²:
The first step to withdrawing money from your Payoneer account is to set up the bank details of your accounts. These must be in the same name as your Payoneer accounts.
Add these via the ‘Your Accounts’ tab on the main screen.
Making a withdrawal is straightforward. From the Payoneer account where funds are held, choose the account where you want the funds to go and click ‘withdraw’.⁸
Making a payment via Payoneer is straightforward, especially if the other party has a Payoneer account. If not, you’ll need to provide Payoneer with the recipient's bank details at the time of the transaction.
The steps are easy⁹:
Navigate to Pay —> Make a payment
Enter the recipient details
Enter payment details:
From account
Amount
Note if required
Click ‘review’
Click ‘pay’
Payoneer is registered in Australia as** Payoneer Australia PTY LTD** (ACN 621 926 501) and is regulated by the Australian Securities and Investments Commission (ASIC) under the Australian Financial Services License number 504803.¹
Note that Payoneer does set limits on payment amounts. Once your account is established, you’ll be advised what they are.
There’s also a monthly limit that you cannot exceed without contacting Payoneer directly.¹⁰
The Wise Business account is a similar offering to the Payoneer account, and they compliment each other. The most significant difference is the fees that apply per transaction.
The other difference is that Payoneer performs currency exchanges via wholesale market rates, and Wise uses the mid-market rate you can see on Google.
With the Wise business account, you can get paid, manage your cash flow, and even pay employees. There are no monthly fees, hidden charges or high rates.
You’ll also get access to local Australian account details and account details for over 9 other major currencies.
The Wise business debit card can be used at ATMs, in-store, or online shopping via the Mastercard network, like with Payoneer.
To learn more about what Wise can do, take a look at what they offer for yourself. It can all be done conveniently online or via the Wise App.
Register your Wise business
account in minutes 🚀
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
Sources checked on: 30 March 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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