Paypal and payoneer are both online money transfer companies.
One can transfer money to anywhere in the world.
But to select the best among them, we present the paypal vs payoneer features below.
Paypal was started very much before payoneer.
It has gained much reputation and use than the new counter part payoneer.
But payoneer though not so famous, it has been gaining widespread use due it own set of advantages compared to paypal.
Paypal vs payoneer:
First about paypal: It is well known program with great reputation of safety and security. So it is good not only to send and receive payments but also to use it as shop. By shop we can mean to be eligible to sell products or services after receiving payment in an authenticated manner.
Pros of paypal regarding transaction:
- Very reliable and trusted.
- Ability to make complaints and even reject payments.
- Avoid disclosure of credit card information.
- Automatic withdrawal of payments to local banks.
- Automatic currency conversion before withdrawal to local bank.
- Beautiful account and user interface.
- Clear cut details regarding transaction and conversion displayed on the account.
Cons of paypal use:
- Delayed deposit of funds to local bank. Like one has to wait for 5 to 7 days.
- Low currency conversion for each dollar received.
- Higher transaction fee.
- There might be few countries which are exempt from their services.
Payoneer: As said before it is a bit new in the field and has little trust than paypal. But it seems it is gaining widespread use as many ad networks and online agents started using it beside paypal.
Pros of payoneer.
- Fastest transaction and withdrawal of funds to local bank. For most it is within 24 hours.
- Low transaction fee.
- High currency conversion rate for each dollar received.
- Simple interface of the account.
- Ability to create online US and European bank details. I.e one can give US or europe bank account details for others to pay in case if they ask for. Still payoneer gets the funds to your local bank in your country.
Cons of payoneer:
- Little trust and doubts of safety.
- Very confusing website interface as no details are seen on first hand visit to the main account page.
- Not many ad networks and online agents use it or provide it as a means of transaction.
- It is still restricted in some countries.
Also unlike paypal, payoneer seems to not to be asking for identity proof, TAX or PAN number etc. For some recipients this may seem good but for those making payments, it raise questions of trust.
My personal experience: I am long time user of paypal for receiving payments from different ad agencies. But since i knew of no other best options before, i had depend on it. They use to make transactions seamlessly. But the date o auto-withdrawal of fund was not certain. It might any day from 5 to 7 days. So no specific date can be predicted. Also since many networks prefer it, there was no other option but to rely on it.
Recently i started using revenuehits advertisement program. Then i had an option to use either paypal or payoneer.
Firstly i was skeptical as the interface was not clear and also a new payment system for me.
But when i received first payment from revenuehits through payoneer, i was so glad. I got an email regarding the transaction. but latter within just 24 hours, the amount was credited into local bank.
Even the currency conversion rates were higher and reasonable. Since the ad network paid the transaction fee, i got the full amount credited without any further charges. So in future, if you ask me which one i will prefer of the two, it will be payoneer. All the best.