How to Transfer Money From Payoneer to Wise Business | US Guide

Now that global commerce has become more connected than ever, there are often situations in which US freelancers, remote professionals and businesses have to transfer funds between multiple platforms. For example, a merchant using Payoneer for international payments may have to move funds to Wise to benefit from its low exchange rates.

But how do you move money from Payoneer to Wise? The process requires some understanding of how Payoneer and Wise interact. Our article will guide you step-by-step on how you can manage this process.

Why You Might Have to Transfer Money From Payoneer to Wise

People use both Payoneer and Wise for different reasons, and at times, moving funds between them becomes necessary.

You might need to move money from Payoneer to Wise if you want to send funds directly to a personal bank account abroad at lower costs than Payoneer offers. Some users also move money to Wise because it supports more currencies and transfers in more than 140+ countries.

For a business, consolidating payments from Payoneer into Wise helps streamline cash flow management when paying suppliers or contractors in different countries.

Step-by-Step Process to Transfer Money from Payoneer to Wise

Before you can move money between both accounts, you need to get your Wise account details to make the transfer from Payoneer. Here’s how to transfer funds.

Step 1: Open Wise App or Website

Log in to your Wise account. Make sure you have the currency you want to use set up in your account.

Step 2: Find Your Account Details

Tap on the balance and open the “Account details” or “Account info” tab. Wise provides local bank details (like IBAN, sort code or routing numbers) or SWIFT information, depending on the currency.

Step 3: Copy Your Wise Details

Copy the numbers exactly as shown, as these will be required when adding Wise to Payoneer.

Step 4: Sign In to Payoneer

Then, open your Payoneer app or website and log in with your credentials. From the main menu, select “Bank accounts.”

Step 5: Add a New Account

Tap “Bank accounts for withdrawal,” then switch to the “Your accounts” tab. From here, select “Add bank account” and enter the Wise details you copied earlier. Make sure the currency matches.

Step 6: Submit for Approval

Follow the on-screen instructions and complete the process. Payoneer typically takes up to three business days to review and approve the account.² You’ll receive an email confirmation once Wise is linked successfully.

Step 7: Withdraw Money to Wise

After Payoneer approves your Wise account, sign back into Payoneer and head to “Withdraw & transfer.” Click “Withdraw to bank.”

Choose the card or currency balance in Payoneer that you want to withdraw from. From your list of bank accounts, pick the Wise account you just added.

Then, type in the amount you want to transfer.

Step 8: Review and Confirm Withdrawal

Click “Review.” Double-check that the currency, destination account and amount are correct.

Once satisfied, click “Withdraw.” If you have two-step verification enabled, enter the code you receive.

Payoneer will send you an email confirming that the withdrawal request has been submitted. Funds will usually arrive in Wise in one to two business days.³

How Much Does It Cost to Transfer Money From Payoneer to Wise

Payoneer may charge up to 3% when withdrawing to a third-party bank, including a Wise Business account.⁴ In certain cases, such as transferring funds in the same currency and country, flat-fee or lower rates may apply.

Currency conversion fees can range between 0.5% and 3% over the mid-market rate. Wise Business offers charges a fee for the initial activation of account details. The activitation costs . After that you can receive in various global currencies at no extra cost.

Looking to save on international business payments?

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Frequently Asked Questions

How long does it take to transfer funds from Payoneer to Wise?

After initiating a withdrawal in Payoneer, the process typically takes one to three business days, depending on verification checks, weekends and bank processing times before funds appear in your Wise account.

Do I need a Wise Business account for Payoneer withdrawals?

In most cases, you’ll need a Wise Business account since Payoneer only allows withdrawals to bank accounts with proper receiving details, which Wise Business accounts provide.³ Personal Wise accounts may not support the required local or SWIFT account information.³

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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