Payoneer vs Wise (ex. TransferWise) Business in Australia. Which is for you?

Roberto Efflandrin

Businesses of all types in Australia are always looking for ways to save money on financial transactions. Many financial institutions, on and offline, offer business accounts. It’s hard to know which one to choose.

We’re going to compare the Payoneer business account with the Wise Business Account. Let’s get in.

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Who is Payoneer?

Founded in New York City in 2005, Payoneer offers a business multi-currency account for receiving payments, holding and sending payments globally. Its business clients range from freelancers to aspiring entrepreneurs to leading digital brands.¹

Who is Wise (ex TransferWise)?

Wise, formerly known as TransferWise, was founded in 2011. Wise offers financial services to handle your international finances. From international transfers to holding money in multiple currencies, Wise also offers customers personal and business debit card access.

Payoneer vs Wise main business features

When choosing a business account, it’s the features that align with your daily operations that need to be considered.

Service Payoneer² Wise
Online sign-up Yes Yes
Local and international account details Account details in 8 currencies³ Account details in 10 currencies
Foreign Exchange (FX) services Yes Yes
Physical and/or virtual business cards Physical and virtual debit Mastercard Physical and virtual debit Mastercard
Online payment function Yes Yes
Direct debits, recurring payments, batch payments Yes Yes
API integrations, accounting software, online financial management Xero premium

Quickbooks integration is available for UK and the EEA with other countries to follow soon⁷

API integrations include

N26, Monzo, Xero, GoCardless, Deel, Remote, Emburse, Preply, Gameflip + others (region dependent)

Mobile / Web App Yes Yes

As seen on 23 November 2022

They both have very similar business offerings. They differ slightly in the local account details and API integrations, where Wise has more options.

Go global with Wise

Payoneer vs Wise business — the fees

The main difference between financial providers is in the fees they charge. Here is the breakdown of the main fees charged by Payoneer and Wise in Australia.

Service PayoneerWise
Account opening fee Free Two options: Free account option for sending money or one time $22 set up fee to set up a business account and get local account details
International transfer fees - receiving Free Payoneer to Payoneer

Free to your receiving accounts except:

USD 0–1%

ACH bank debit by clients 1%

Credit card by your clients 3%

Free Wise to Wise

No fees for receiving payments into your Wise local account details except:

$4.14 USD to receive USD via SWIFT or wire transfer into your USD balance

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:

  • is in the same currency as your balance
  • is in a country where the payment currency is the local currency
  • is in the same country that you have listed in your Payoneer profile
Free Wise to Wise

Starting at 0.41%, varies by currency

Fee is calculated and offered upfront (check out the Wise pricing calculator here)

ATM Fees - Withdrawals Based on the currency being withdrawn:

3.15 USD

2.50 EUR

1.95 GBP

Free for two withdrawals collectively up to $350 AUD per month each card

1.75% + $1.50 AUD per withdrawal over the $350 per month limit

As seen on 23 November 2022

Both companies are extremely transparent with their fees upfront. However, Payoneer has a few extra levels of charges based on transaction type and currencies.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Payoneer vs Wise — Exchange rates used

You can obtain exchange rates from several places. Here’s how Payoneer and Wise get theirs.

Based on wholesale market rates and a built-in currency conversion fee No margin.

The FX is based on the mid-market rate like the one you’d see on XE or Google.

As seen on 23 November 2022

Knowing what rate is used to convert your currencies is vital. Both companies make these rates available at the time of the transaction.

The difference is that Wise uses the transparent mid-market rate which you can easily confirm. Payoneer uses wholesale market rates that they source from various places.

Read more: Airwallex vs Wise in Australia.

Accepted money transfer pay in and pay out payment methods

Here are the numerous ways Payoneer and Wise can receive and pay out funds.

Payoneer³ Wise
Pay in options
  • Payoneer account transfer
  • Credit/debit card
  • Local bank transfer
  • ACH bank debit
  • SWIFT (wire transfer)
  • Wise account transfer
  • Credit/debit card
  • Bank transfer
  • AusPost POLi
  • PayID
Pay out options
  • Local bank transfer
  • Payments to Payoneer accounts
  • ATM withdrawals
  • Local bank transfer
  • Transfer between Wise accounts
  • ATM withdrawals

As seen on 23 November 2022

Wise and Payoneer both have a broad range of pay in options. They can also transfer to each other via local account details.

Payoneer vs Wise business supported currencies

Local currency accounts and supported countries and currencies differ per provider. Here’s what Payoneer and Wise have:

Payoneer Wise
Local currency account details

(So you can receive in locally denominated currency)

Currencies supported to send and convert transfers in 190+ countries³ 150+ countries and in 40+ currencies

See the list here

As seen on 23 November 2022

Wise has 2 different local currency accounts, but Payoneer has a larger number of supported countries to send transfers to.

Read more: Payoneer account in Australia

Sending money abroad – Payoneer vs Wise

Speed is extremely important when sending money internationally. Here’s what they both can offer:


Payoneer states that payments from Payoneer to Payoneer accounts appear within 2 hours. Payments to supplier bank accounts are 1–2 business days.³

Withdrawal to your nominated account can take 2–3 business days in the US or 2–5 business days in other countries, including Australia.⁶


Most of the time, transfers should take 1-2 working days. The speed depends on the currency route and payment method chosen. In some cases, Wise international transfers happen within seconds.

Note: The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

Payoneer vs Wise – Pros and cons

Which one is the right choice for your Australian business needs? These pros and cons will help:



  • Free transfers Payoneer to Payoneer
  • Local account details in 8 countries
  • Debit Mastercard access


  • Fee structure can appear a little complicated based on all the variables
  • Xero is the only integrated API
  • Sending payments is online only, no cash-outs



  • Free transfers Wise to Wise
  • International transfers can be conducted by personal or business customers
  • API integration with 9+ partners


  • Cannot pay in/out with cash - online only
  • Supported countries list is less than Payoneer’s

What about safety?

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

Wise meets the specific requirements set out by each country where it operates. In Australia, Wise is supervised by ASIC under Australian Financial Services Licence (AFSL licence number 513764) and authorised as a Purchased Payment Facility (PPF) provider by the Australian Prudential Regulation Authority (APRA).

Wise has dedicated compliance teams and systems working 24/7 to keep our customers’ money safe.

Online reviews for Payoneer and Wise

Here’s what Australia has to say about both Payoneer and Wise.

Payoneer reviewsWise reviews
Trustpilot Australia review: 4.3/5 star rating with around 46,000 reviews and 5 stars from more than 76%. Trustpilot Australia review: 4.5/5 star rating with almost 180,000 reviews and 5 stars from more than 84%.

As seen on 23 November 2022

Wise has a slightly higher score than Payoneer and considerably more reviews.

Customer support options

Australian companies can contact Payoneer or Wise:

  • Visit Payoneer’s support page, check FAQs, read blogs or engage with a community
  • You can contact Wise via phone, email, or logging into your account and accessing the help page.

Wrapping up

Payoneer and Wise have similar product offerings for Australian businesses.

When deciding between the two, the decision is up to you, but consider these things:

Both offer multi-currency accounts that can receive, hold and send funds.Debit cards are also offered by both and can be used globally wherever Mastercard is accepted.

The differences are in the fees charged, and the countries offered to send payments.

Wise currently offers more local currency accounts than Payoneer. Wise and Payoneer compliment each other. Link your Wise account to Payoneer and then exchange money at the mid market rate.

Internal transfer speed is similar with both. Payoneer to Payroneer can take up to 2 hours, and Wise can do some of its own in seconds. The rest range from hours to a few days.

Wise’s fees are slightly lower and easier to understand. Payoneer currently supports payments to more countries.

Why Wise?

If you’re tied between the two, consider what Wise can do.

Wise offers a hassle-free, all-in-one business account. There are no monthly fees, hidden charges or high rates.

Get paid, manage your cash flow, and even pay employees. Integrate with a number of APIs for seamless reporting.

Convert money between currencies in your Wise Account in seconds at the mid-market rate. Hold over 40 currencies in one account.

Use the debit Mastercard for international instore or online purchases without paying foreign transaction fees.

Wise offers accounts for personal users as well as business, and even non-Wise Account holders can send international transfers.

Join 13 million customers who are already enjoying Wise. Signing up takes all but a few minutes.

Register your Wise business account
in minutes 🚀


  1. Payoneer About us
  2. Payoneer Product features
  3. Payoneer Multi-currency account
  4. Payoneer Fees
  5. Payoneer Conversion rates
  6. Payoneer Withdrawal speed
  7. Payoneer Quickbooks integration
  8. Payoneer Trustpilot AU review
  9. Wise Trustpilot AU review

Sources checked on: 23 November 2022

*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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