Payoneer vs. NETELLER
Comparing NETELLER versus Payoneer, NETELLER wins on cost and transfer speed with its free instant cross-border money transfers through related-company Skrill. Payoneer may have a slight edge on the speed of international cross-border bank transfers, which take 2-5 business days for Payoneer and 3-5 business days for NETELLER to be received.
|Transfer Type||Online and phone||Online|
|Discount||Free $50 coupon||None|
|Cost||For payouts: ACH bank debit 1%Credit card 3%Local bank transfer 1%Pay from Payoneer balance:Free to recipient with Payoneer accountUp to 2% above market rate|
For pay-ins: 2% on incoming payments and 3.5% on cash withdrawal with the Mastercard.
|For payouts:The fee for sending money (payouts) is 1.45%, min USD 0.50. |
For pay-ins:Free instant transfers on incoming payments.
|Speed||Up to 72 hours||Instantaneous, with bank transfers taking 3-5 business days to receive|
|Minimum Transfer Amount||Depends on the customer||5 € EUR, or $5.92 USD|
|Prepaid Debit Card||Mastercard||Mastercard|
|International Accounts||Payoneer Local Currency Accounts||International bank withdrawal with FX fee of 3.99% for any currency change|
NETELLER lets users buy and sell cryptocurrencies as an additional service.
To compare Payoneer vs. NETELLER, we focus on bank transfers and other money transfers from these payment services companies, and consider the following:
● Fees and transfer speed
● ACH and other global money transfers / Prepaid debit cards
● Multi-currency capabilities
● Ease of use and Customer support
What is Payoneer?
Payoneer is a secure payment service specializing in making global mass online payments from its customers to freelancers or contractors, affiliates, and online sellers, including e-commerce companies. Payoneer’s headquarters is in New York.
Payoneer is used by freelancing platforms like Upwork to pay freelancers, enterprise companies like Google to pay independent contractors, Airbnb to pay short term rental owners, and by Amazon to pay e-commerce online merchants in the Amazon Marketplace and Amazon Associates affiliate payouts. Payoneer can make cross-border payments in 200+ countries and 150+ currencies.
How Does Payoneer Work?
Payoneer’s Global Payment Service pays professionals using a local bank transfer in a Payoneer receiving account. Payoneer offers these currencies: USD, EUR (euro), GPB, JPY, AUD, CAD, and MXN for local bank transfers to a Payoneer account. Payoneer account holders can withdraw funds to their local bank account in local currency, or pay another Payoneer customer.
Payoneer offers other types of money transfer services besides Global Payment Service, including Request a Payment, Mass Payout Company, and Make a Payment. Currency exchange rates and fees may apply. Payment methods include ACH bank debit (eCheck), local bank transfer, and credit card or debit card payments, or Payoneer Account with a linked Payoneer Prepaid Mastercard.
Payoneer is easy to use.
What is NETELLER?
NETELLER is a secure global digital wallet, online payment, money transfer, and cryptocurrency buying and selling company. NETELLER handles merchant payouts, online gambling payouts, getting global client deposits to international brokers, payments to global suppliers, and payouts to affiliates.
NETELLER is now owned by Paysafe Group, with the same Isle of Man-registered parent company as Skrill, its competitor in the e-wallet and money transfer industry. NETELLER and Skrill work together to allow fund transfers between a Skrill account and NETELLER Account e-wallet. NETELLER and Skrill have the same contact address in London per the Paysafe Group website.
How Does NETELLER Work?
NETELLER offers payments or withdrawals via bank transfer, member wires, money transfers, and merchant sites. For instant free money transfers to a bank account or mobile money account through Skrill, the sender needs a NETELLER Account, a Skrill Account, and the recipient’s email. The money transfer recipient doesn’t need a NETELLER Account. Bank transfer withdrawals can be only be made to a personal bank account.
NETELLER lets customers buy and sell many cryptocurrencies instantly with “more than 100 alternative payment methods and 28 currencies into Bitcoin, Bitcoin Cash, EOS, Ether, Ethereum Classic, Litecoin, XLM, XRP and 0x”.
NETELLER offers an annual VIP benefits program to users at specified transaction amount levels when they transact with merchants and buy or sell cryptocurrencies with their NETELLER wallet (used for payouts and pay-ins). NETELLER VIP levels range from Bronze to Diamond for calendar year transactions between $10 thousand and $2 million.
NETELLER is easy to use.
How to Upload Funds to NETELLER
Customers can fund a NETELLER account by uploading funds from Skrill, paysafecard, Paysafecash, Bitcoin/Bitcoin Cash, VISA, VISA debit, or specific other sources for a 2.5% transfer fee. NETELLER waives this transfer fee for single Upload Transactions of $20,000 or equivalent, after deducting any applicable bank or currency conversion fees.
How to Transfer Funds from PayPal to NETELLER
Can I transfer money from PayPal to NETELLER? No. Instead, select a payment method to send money from your PayPal account to your bank account, then deposit the funds in NETELLER. Or use a reputable third-party exchange service that charges a transfer fee of about 5% of the transfer amount.
You can withdraw funds from NETELLER to your bank account, then send the money to PayPal. Or, use an exchange service to transfer funds from NETELLER to PayPal. Do your due diligence to be sure that you choose a reputable exchange service and don’t get scammed by a fraud. PayPal charges transaction fees on money transfers sent outside the U.S. and possibly funding fees.
What Fees Does Payoneer Charge?
For payouts by payors, Payoneer charges different transaction fees depending on the payment method. For recipients to get paid, withdraw money to a bank account in a local currency, and withdraw money to a bank account in the same currency, Payoneer has a fee schedule. If both the payment sender and receiver have a Payoneer Account, the money transfer payment is free.
Payoneer Fees to Pay Suppliers and Contractors
For payouts, Payoneer fees for payments made to suppliers and contractors via ACH Bank Debit, credit card, and local bank transfer are 1% ACH bank debit, 3% credit card, or 1% local bank transfer. Payor costs may be passed on to payees.
Fees for payments to suppliers and contractors from a Payoneer account are free if the recipient also has a Payoneer account. If the recipient doesn’t have a Payoneer account, then the 2% over market rate (including currency conversion) fee for bank transfers applies. In some instances, Payoneer will charge a fixed fee instead.
Payoneer Fees to Get Paid
For payments directly from a customer, Payoneer charges 1% per U.S. ACH or local bank transfer or 3% by credit card in all currencies. Fund recipients can get paid in a receiving account from another Payoneer customer for free. Marketplaces and Networks set their fee rates for receiving payments.
Payoneer Fees to Withdraw Money to a Bank Account
For pay-ins, Payoneer charges fees up to 2% above the market rate(including the conversion fees for foreign exchange) at transaction time to withdraw money to a customer’s local bank account. High earners get lower fees. Bank processing fees, landing fees, or intermediary fees may be charged by a bank.
For a withdrawal from Payoneer to a bank account in the same currency, $1.50 USD, € EUR, or £ 1.50 GPB, with some Payoneer restrictions.
What Fees Does NETELLER Charge?
NETELLER charges upload fees to fund a NETELLER Account and withdrawal fees. NETELLER money transfers through Skrill are free.
NETELLER Money Transfer Fees
NETELLER’s free instant money transfers to a bank account or mobile money account are made through sister company Skrill, which is also owned by Paysafe Group.
NETELLER Withdrawal Fees
NETELLER charges withdrawal fees of $10 for a Bank Transfer, $12.75 for a Member Wire transfer, $0 for Merchant Sites, or normally 1.45% of the transfer amount, with a minimum of $0.50 for a Money Transfer. NETELLER charges higher MT fees depending on customer registration date and deposits or funding source for a NETELLER Account. For global bank transfers, NETELLER charges a 3.99% foreign exchange (FX) fee if the customer’s bank account is in a currency other than U.S. dollars (USD).
For customers who registered on NETELLER after April 8, 2020: “If you haven’t made any deposit to your NETELLER account, or have deposited only via Skrill, paysafecard, Neosurf, Qiwi or BitPay, a higher fee of 4.49% will apply” to Money Transfers. Different fee exceptions apply to Money Transfer customers with different NETELLER registration dates.
Payoneer Transfer Speed
Payoneer standard transfer speed is 2-3 business days within the U.S. or 2-5 days globally.
NETELLER Transfer Speed
NETELLER money transfers are instantly sent and received worldwide. NETELLER sends bank transfers to certain SEPA countries and Andorra. Bank transfers are received within 3-5 business days. But that’s after a micro deposit to the customer’s bank account is confirmed for their first bank transfer withdrawal in 2-5 business days. SEPA is the Single Euro Payment Area.
Payoneer Multi-currency Capabilities
According to Payoneer, “Payoneer offers receiving accounts which enable you to receive local bank transfers from companies and marketplaces in the US, UK, EU, Japan, Canada, Australia, and Mexico directly to your Payoneer account.” Payments are received in USD, EUR, GBP, JPY, AUD, CAD & MXN.
Credit card payments can be made in almost all currencies. Payoneer serves over 200 countries.
NETELLER Multi-currency Capabilities
NETELLER pays worldwide to over 200 countries in many currencies. NETELLER offers 27 account currencies with a NETELLER account. NETELLER charges a 3.99% fee when currencies are converted.
Does Payoneer Have a Prepaid Card?
Yes. Payoneer Prepaid Mastercard holders use the Mastercard debit card for online and in-store purchases. Or, they use an ATM (usually for a fee) to withdraw funds from their Payoneer account.
Does NETELLER Have a Prepaid Card?
Yes. NETELLER’s Net+ Prepaid Card is linked to a NETELLER Account. According to NETELLER, it’s used like a debit card linked to a bank account. The Net+ Prepaid Card is issued by Sutton Bank, an FDIC member.
What Is Payoneer Security?
Payoneer’s security features include encrypted passwords, firewall to protect personal information, PCI annual audits for PCI DSS compliance, physical security, anti-hacking, and fraud detection monitoring
What is NETELLER Security?
NETELLER has security measures, including using security features and anti-fraud tools. NETELLER claims to be safe if users take adequate security precautions and review their NETELLER Account transaction history. NETELLER uses industry-standard encryption of sensitive information, a secure data center, 24/7 account monitoring, 24/7 customer service, 2-step authentication, and Secure ID for security.
NETELLER complies with regulations from its international financial regulator. This compliance provides additional assurance that NETELLER takes security precautions to protect user funds.
To improve security, NETELLER advises users to review their transaction history, change their passwords, and notify NETELLER if they see account misuse. Users should also use anti-virus software and firewalls and the most recent web browser version, avoid public computers, beware of phishing email scams, use 2-step verification, and log out of their NETELLER Account.
Payoneer Customer Service
Payoneer customer service choices include an online knowledge base and FAQs and phone, message, or live chat online support, and support through Payoneer Community. Payoneer offers multilingual, 24/7 customer support.
NETELLER Customer Service
The NETELLER Customer Contact Centre is open 24/7 for fast support. NETELLER also offers online NETELLER Support Center for help and support and FAQs, email, web contact form for 1-2 business day response, phone support with 16 hotlines by residence country, 24/7 live chat for VIP members, and support on social networks, Twitter and Facebook.
Does Payoneer Have Mobile Apps?
The Payoneer mobile app is available for Apple iOS iPhone, iPad, iPod touch, and mobile devices using the Google Android operating system. The Payoneer app allows businesses to pay professionals, manage their Payoneer account funds and currencies, and withdraw funds locally.
Does NETELLER Have Mobile Apps?
The NETELLER – Money Transfer mobile app from Skrill Ltd. is a digital wallet app for paying or playing online, sending or receiving money transfers, using a prepaid card, or making secure online payments after NETELLER Account verification. It’s available for Apple iPhone and iPad mobile devices for iOS and Google Android operating systems.
Payoneer focuses on its niche of making payments for freelancers, service providers, affiliates, and e-commerce companies. Payoneer makes cross-border payments and uses local currency Payoneer Accounts. Payoneer payments can be made to more than 200 countries worldwide. Payoneer offers free transfers from a Payoneer Account if fund recipients also have a Payoneer Account. Payoneer has over four thousand current users with Payoneer accounts, making it easy for payors. Payoneer provides good global customer support in over 35 languages.
Payoneer’s transfer fees are higher than NETELLER’s free offering for money transfers through Skrill unless both sender and receiver have a Payoneer account for free transfers. Although Payoneer has good payment security overall, Payoneer could add more approval and fraud controls.
NETELLER free instant cross-border money transfers to a bank account or mobile money account or e-wallet provide both instantaneous speed and zero cost. These money transfers are made through related- company Skrill. NETELLER allows users to buy and sell cryptocurrencies and use these purchases plus merchant transactions to qualify for VIP benefits.
NETELLER doesn’t have many cons. NETELLER bank transfers for withdrawals can only be made to a personal bank account. NETELLER charges upload fees for funds from certain sources, including Skrill, Paysafecash, paysafecard, and Bitcoin. Receiving a NETELLER global bank transfer may take an extra day. For global bank transfers, NETELLER takes 3-5 business days vs. 2-5 business days for Payoneer.
Payoneer vs. NETELLER – In Summary
Payoneer and NETELLER both provide good solutions, including global cross-border payments, Your decision on which software to select for payments will be based on your business needs.
Another option to consider is Tipalti global mass payments automation software. Tipalti automates the entire payables, approvals, and payments process to streamline workflows and save up to 80% of your time. Tipalti lets you close the books sooner each month and at year-end. Tipalti payables and payments automation solution provides supplier self-service onboarding, validation, tax compliance, fraud controls, and a reduction in erroneous payments.