Payoneer vs Hyperwallet: Which is best for your business?

The cross-border payment market is expected to reach a value of $238.8 billion by 2027.¹

Payoneer and Hyperwallet are two online payment services offering global payments. They’re designed for enterprises of all sizes dealing with multi-currency payouts.

In this article, we’re putting Payoneer vs Hyperwallet against each other, seeing which one comes out on top. At the end, we’ll suggest an alternative provider that could expand your business even further internationally.

Payoneer vs Hyperwallet: Quick overview

Here’s a quick overview of Hyperwallet vs Payoneer.

	Payoneer	Hyperwallet
Sending fee	Payoneer to Payoneer account transactions are free ACH 1% Bank transfers up to 2% 3% for credit card	Bank transfers 3% Credit cards 1.75% Debit cards 2.5%
Receiving fee	ACH 1% 3% for credit cards Payoneer to Payoneer account transactions are free	No receiving fees as the merchant
Transfer speed	1-2 days²	2-5 days²
International payments	190 countries	115 countries
Currencies	150 currencies	150 currencies
Mass payments	200 payments in one batch	5,000 payments in one batch
Debit card	Mastercard	Visa

🔍 Read on to discover:
Payoneer vs Hyperwallet: Key features Payoneer vs Hyperwallet pros and cons An alternative to Payoneer and Hyperwallet: Wise Business

Payoneer vs Hyperwallet: Key features

Let’s begin with looking at the key features of Payoneer vs Hyperwallet.

Payoneer

Founded in 2005, Payoneer is an online financial services provider. It supports global commerce. Payoneer offers multi-currency digital payments, working capital and international transfers.

Its multi-currency account supports over 150 currencies and 190 countries.³ ⁴ This makes receiving international payments easy and cheap. It also offers up to nine local account details.⁵ This enables you to get paid like a local, free of cross-border fees.

You can get up to $750,000 USD in working capital from Payoneer, without any credit checks. Instead, Payoneer will look at your store’s performance. They’ll offer you a maximum of 140% of your store’s monthly sales volume. Keep in mind that this is only available for Amazon and Walmart eCommerce sellers.⁶

Payoneer partners with hundreds of online marketplaces. From eBay and Fiverr, to airBnB, it’s trusted for making global payments.⁷

You can also get a Payoneer Commercial Mastercard. It can be used globally, everywhere Mastercard is accepted. You’ll enjoy a daily limit of $200,000 USD with no monthly maximum. For spending in supported countries in-store or online in CAD, USD, GBP and EUR, you won’t pay anything in fees.⁸

When choosing an online payment service provider, you may wonder: “Is Payoneer better than PayPal? Both providers are similar in terms of what they offer. Payoneer has larger multi-currency support and local account details. In contrast, PayPal offers POS systems and more flexible batch payment options. Which one is better depends on what your business needs are.

Hyperwallet

Hyperwallet is an online payment provider, powered by PayPal, specializing in global payouts. It caters to small, medium and large sized businesses and marketplaces(see Hyperwallet alternatives).

Hyperwallet isn’t just a standard payroll solution. It allows marketplaces and enterprises to send payouts to global employees, free of complications.

You can send payouts to 115 countries. It supports payments in 150 currencies.⁹ With the batch payments tool, you can send up to 5,000 payments in one batch.¹⁰

You can also provide payees with local payout options in over 200+ countries.¹¹

Hyperwallet allows you to manage payables on a global scale. From freelance workforce and royalty payments, to insurance claims, Hyperwallet supports you.

Now that we’ve looked at Hyperwallet, you may be thinking: Which is better, Hyperwallet or PayPal?

In comparison to PayPal, Hyperwallet offers more specific features. It’s geared toward global payouts for businesses of all sizes. It also supports more currencies and payment method types. It’s best for making international bulk payments. In contrast, PayPal has a wider range of uses. It offers POS systems, as well as allowing for receiving payments. PayPal’s fees are reported as being higher than those of Hyperwallet.

Payoneer vs Hyperwallet fees

Let’s now compare Hyperwallet vs Payoneer fees.

Monthly fees

Technically, Payoneer doesn’t charge any fees. But if you don’t make a transaction within 12 months using your Payoneer account, you’ll be charged an annual account fee of $29.95 USD.¹²

Likewise, Hyperwallet is free of monthly fees. But if you don’t make a payout 90 days after having received payment, you’ll be charged a storage fee between $2.95 to $3 USD per month.¹³ ¹⁴

Card fees

The Payoneer card has an annual fee of $29.95 USD for the first card. Extra cards are free of charge. The currency conversion fee for card transactions is up to 3.5%. The cross border fee, where the merchant country differs from the card issuer country, is 1.8%.

Here’s an overview of other Payoneer Commercial Mastercard fees:

	USD	EUR	GBP
ATM Withdrawal fee (Cash Advance)	$3.15	€2.50	£1.95
Balance Inquiry fee	$1.00	€0.87	£0.65
Card Replacement fee	$12.95	€9.95	£9.95¹²

If you’re a Hyperwallet Marketplace or Enterprise, you have access to the prepaid Hyperwallet Visa card.

Hyperwallet offers you a custom design card or a Hyperwallet design card. The custom design allows you to put your brand name on the card, which comes with an extra fee. These prepaid cards can be issued to your payees, allowing an alternative method of payment. At the same time, your brand will gain greater visibility through the custom design card.¹⁵

Fees to receive payments

From your Payoneer account, you can send payment requests to your customers. These must be B2B transactions as Payoneer doesn’t support payment requests to consumers.¹⁶

Your customers have the option of paying with ACH bank debit, credit card or local bank transfer.

ACH bank debit transfers cost 1% while credit card payments come with a fee of 3%. For local bank transfers, fees can vary depending on the currency, with a minimum fee sometimes applied.

If your customer also has a Payoneer account, it’s free to receive payments.¹²

Once you’ve been paid, you can withdraw your funds into a bank account of either the same or a different currency. For USD to USD withdrawals, a fixed fee of $1.50 USD is applied. For withdrawals involving a currency conversion, a fee of up to 2% of the transaction is applied.

If you make a same currency withdrawal into a bank account with a different currency than the local one where it’s based, a fee of up to 2% will also be applied. For example, a USD to USD withdrawal into a European bank account would incur this fee.¹²

For Hyperwallet, there are a range of ways you can receive money.

For wire transfers, a fee of $12.50 USD per transaction is applied. For bank transfers, they charge 1-3% per transaction, depending on the region. Credit card transfers are charged $1.75 USD and debit cards $2.50 USD.¹³ ²

Payment fees

With Payoneer, you can pay suppliers and contractors directly from your account.

If your recipient has a Payoneer account, then the transaction is free of charge. If they don’t, a fee of up to 2% will be applied.¹²

Where a currency conversion is needed, you’ll also be charged a conversion fee.

A fixed fee of $1.50 USD/EUR/GBP will apply if you pay someone whose bank account:

• Is in the same currency as the local currency of the country where the bank is based
• Is in the same currency as your Payoneer balance
• Is in the same country as that on your Payoneer profile¹²

You can also make batch payments through Payoneer, sending payments to up to 200 bank accounts at once. Batch payments come with a fee of 2%.¹²

Hyperwallet also allows you to make batch payments, sending up to 5,000 payments at once.¹⁷ Unfortunately, Hyperwallet doesn’t publish its fees for making payments.

Currency conversion fees

When using the Payoneer Mastercard for a foreign transaction, a currency conversion fee of 3.5% is applied. The conversion rate is the same used by Mastercard.¹² ¹⁸

Payoneer also charges a multi-currency transfer fee of 0.5%.

In contrast, Hyperwallet charges a currency conversion fee of 3%.¹⁹

To get the mid-market rate when converting currencies, use Wise Business. Pay employees and suppliers around the world with ease. Get paid like a local - all in one account.

Save money with Wise Business

Payoneer vs Hyperwallet pros and cons

Now that we’ve looked at their main features and fees, let’s run over the pros and cons of Payoneer vs Hyperwallet.

What are the benefits of Hyperwallet?

Hyperwallet enables you to send thousands of payments at a time to global contractors and employees. It supports hundreds of countries and a range of payout currencies.

It’s great for small to large sized businesses as well as for marketplaces and platforms.

Hyperwallet comes with a range of transfer methods as well as local payout methods. This allows you to customize the payout experience for your payees, with up to 30 foreign languages supported. You can also customize the payout experience to promote your brand name.²⁰

What are the disadvantages of Hyperwallet?

Hyperwallet is designed for global payouts. This means you can’t use it for receiving payments. You’ll need a separate service for this.

Reviews of Hyperwallet emphasize problems with its customer support team, such as long waiting times to respond to and fix problems.²¹

Similarly, Hyperwallet is designed for the US tax system with 1099 Tax Reporting. This can make it challenging for international companies to navigate.²²

What are the benefits of Payoneer?

Payoneer’s multi-currency account is its standout feature. With widely supported currencies and access to local account details, Payoneer supports you globally.

Likewise, for paying other Payoneer accounts, transfers are free. This could save you a lot in transfer fees.

Payoneer also receives excellent reviews for its customer support team.²³

What are the disadvantages of Payoneer?

Despite its pros, Payoneer can add up in fees if you’re not transferring to another Payoneer account.

Its batch payment tool is also outmatched by other providers, such as Hyperwallet, as only 200 bank accounts can be paid at one time.

An alternative to Payoneer and Hyperwallet: Wise Business

If neither Payoneer or Hyperwallet satisfy your needs, Wise Business may just be for you.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account comes with no monthly fees, just a one-off fee to set up account details.

With Wise’s multi-currency account, you can hold over 40+ currencies at a time. You also get access to local account details. These allow you to receive international payments like a local, free of cross-border fees.

Find out more about Wise Business

When you need to make an international payment, your money will be converted at the real mid-market rate. This saves you in high markup fees, making your money go further.

With Wise’s batch payments tool, you can send up to 1,000 transfers in one-click. This makes global payouts convenient and quick.

Wise also integrates with QuickBooks, allowing you to track bill payments with ease.

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Sources:

1. Cross-border Payments: Global Market Trends and Forecast (2022-2027)
2. Payoneer vs Hyperwallet : Better Payment platform
3. Withdraw your online payments via local bank transfer - Payoneer
4. How Does a Payoneer Account Work? A Payment Account For International Business
5. Get paid in multiple currencies with local receiving accounts - Payoneer
6. Working Capital Solution for your eCommerce business | Payoneer
7. Get paid from over 2000 Marketplaces with Payoneer
8. Payoneer Commercial Mastercard® cards
9. Hyperwallet and PayPal: A Comparison - Nigeria News June 20, 2023
10. Small and Medium Business Payouts
11. enterprise payout use cases
12. Low fees and no hidden costs when you work with Payoneer
13. Payment with Hyperwallet | 90 Seconds Help & How To
14. Are there fees associated with Hyperwallet? – Activate
15. Prepaid Card as a Transfer Method – Hyperwallet Payouts
16. Send global payment requests & get paid by card or bank - Payoneer
17. Small and Medium Business Payouts
18. What Is the Currency Conversion/Cross Border Fee?
19. Foreign Exchange Rate Calculator
20. Payout Experience
21. Read Customer Service Reviews of www.hyperwallet.com
22. 1099 Tax Reporting
23. Trustpilot

Alls sources checked June 23, 2023.