Business Bank accounts

Payoneer vs Paxum: Quick Overview

Mike Renaldi
Mike Renaldi
11.12.24
Read time 2 minutes

Payoneer and Paxum cater to entrepreneurs, freelancers, and corporations looking to streamline transactions and maximize financial efficiency. This article aims to provide a Payoneer and Paxum review and comparison.

We will also discuss Wise Business, another key player in operating a global business.

Pay with Wise Business >>

Wise Trustpilot Score: Excellent 4.3 out of 5 stars
No minimum balance requirement and no monthly fees
Integrates with QuickBooks, Xero, Sage, and more

Understanding Payoneer and Paxum

Let's dive into the details of both business accounts.

What is Payoneer?

Payoneer is an online payment platform facilitating cross-border financial transactions across over 25 global offices and 50 languages.¹

Key Features

  • Link Your Account to Integrated Marketplaces
  • Move Funds Between Currency Balances
  • Manage Your VAT²

Popular Use Cases

  • Freelancers and Contractors
  • eCommerce Sellers
  • Digital Marketing Agencies

What is Paxum?

Paxum is an online payment platform that offers a comprehensive suite of services tailored to the unique needs of businesses and individuals.

Key Features

  • Multicurrency E-Wallet
  • Many Transfer Methods
  • Exchange Currency In-App³

Popular Use Cases

  • Digital Content Creators
  • Affiliate Marketers

avoid-big-transfer-costs

Fees and Costs

This is not an exhaustive list of fees for both Payoneer and Paxum, but details some of the main ones that you may find important when choosing either company.

Payoneer⁶

  • Receiving Fees: Free from other Payoneer users and receiving accounts; up to 3.99% direct from clients
  • Withdrawal Fees: Up to 3% or 1.50 in currency
  • Annual Account Fee: $29.95

Paxum⁷

  • Incoming/Outgoing Wire: 0.05% (minimum $25 or $50)
  • Debit Card Issue: $10 (Gold) or $250 (Diamond)
  • ATM Withdrawal Fees: $2 + 0.5-3%

Have you considered Wise Business?

Wise Business offers a global account that allows you to hold, send, and receive money. It's transparent cross-currency conversions make it a go-to account for international businesses.

Feature/FeeWise Business
Trustpilot Rating+230,000 reviews - Excellent 4.3 out of 5 stars
Hold Currencies40+
Send Moneyfrom 0.33%
Receive MoneyFree after one-time fee in GBP, USD, EUR, CAD, AUD, JPY, and more (non-wire), Wire payments: Flat fee of 6.11 USD
Expense ManagementFree
Bill Pay FeatureFree
Accounting IntegrationsFree
Interest FeatureYes

Pay with Wise Business >>

Payment Methods and Currencies

Payoneer

Supported Payment Methods: Credit/Debit card, ACH bank debit, PayPal, direct bank payment, local bank transfer, Payoneer balance⁸
Currencies Available: USD, EUR, GBP, JPY, AUD, CAD, SGD, HKD, AED⁹

Paxum

Supported Payment Methods: WIRE transfers; EFT transfers; pay any Visa, Mastercard, or Union Pay Card; Paxum Bank debit card¹⁰

Currencies Available: 14+¹⁰

Security and Reliability

Payoneer

  • Advanced encryption protocols
  • Monitors transactions and account activities
  • Round-the-clock customer service

Paxum

  • Comprehensive data protection measures
  • Thorough identity verification procedures
  • Reliable customer support

wise-safe

Conclusion

Choosing the right online payment platform is a crucial decision that can impact your global business operations. The decision between Payoneer and Paxum should be guided by your business needs.

Considering alternative platforms such as Wise Business, known for its fast, cheap, and transparent ways to manage money across borders, can further expand your options.

Whichever platform you choose, the right payment solution can empower you to operate on the global stage, enhancing both your operational efficiency and competitive advantage in today's digital economy.

FAQs

What are the differences between Payoneer and Paxum?

Payoneer is especially popular among freelancers and e-commerce sellers, while Paxum caters to industries requiring a high level of privacy.

Which is better, Payoneer or Paxum?

Payoneer may be better suited for businesses looking for an all-inclusive solution, while Paxum might be the preferred choice for businesses in niche markets requiring secure, discreet transactions.

How do Payoneer fees compare to Paxum fees?

Payoneer charges higher percentage fees for incoming and outgoing payments, while Paxum has higher card fees.

Are Payoneer and Paxum safe to use?

Yes, Payoneer and Paxum are safe to use and focus on the security of user data and transactions.

multi-currency-cash-flow

Sources:

  1. About Payoneer | Payoneer
  2. How Does a Payoneer Account Work? A Payment Account For International Business | Payoneer
  3. Paxum - Apps on Google Play
  4. Leading International Payment Solution | Payoneer
  5. PAXUM BANK LIMITED - Personal account
  6. Low fees and no hidden costs | Payoneer Fees
  7. PAXUM BANK LIMITED - Business Account FEES
  8. Accept Payments from international clients | Payment request solution | Payoneer
  9. Get a local bank account with Payoneer
  10. PAXUM BANK LIMITED - Current account

*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.

Money without borders

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