Payoneer is a popular payment solution among freelancers and businesses that operate internationally and need to process transactions in multiple currencies.
Payoneer's features, such as multi-currency accounts and mass payouts, help businesses streamline business transactions. Its seamless integration with leading online marketplaces such as Amazon, Shopify, and eBay also empowers businesses to expand their reach effortlessly.
Still, the question remains: Is Payoneer right for your business?
This article aims to introduce you to the top 5 alternatives to Payoneer in 2024. We'll look closely at what each one offers and suggest who might benefit most from using them.
Let’s dive into our list of 5 best Payoneer alternatives!
| Payoneer Alternative | Key Services | Best For |
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Multi-currency business accounts, FX services, Corporate cards, HK Company Incorporation, and Dedicated account managers. | SMEs based in Hong Kong, Singapore, or the BVI |
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Transfer and convert 40+ currencies with mid-market rates, Mass payments, Debit cards, and API integrations. | Freelancers and businesses with international clients |
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Multi-currency business accounts, Local accounts, Business cards, FX services, Payroll services, Cryptocurrencies, and APIs. | Companies based in Australia, France, Ireland, Lithuania, Romania, the UK, and the US. |
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Virtual accounts, Wallets, Mass payments, Local collection, and Payment cards. | Businesses with frequent global and cross-border payments |
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Payment collections, Business accounts, Debit cards, Credit cards, Loan services, and Integrations. | Businesses that seek a suite of payment processing solutions. |
1. Statrys
Statrys is a fintech company that was founded in 2019 by Bertrand Theaud who had the goal of creating a better banking experience for SMEs and entrepreneurs in Asia.
Today, Statrys has served over 3,500+ SMEs and has built an excellent reputation, which awarded Statrys the "SME Payment Solutions of the Year - Hong Kong" at the 2023 ABF Retail Banking Awards.
Statrys is not a bank, but it holds a Money Service Operator license in Hong Kong and can offer business bank accounts to companies incorporated in Hong Kong, Singapore, and the BVI. Statrys is also partnered with DBS Bank, a fully licensed and trusted custodian bank in Hong Kong, to ensure the highest level of protection.
The business bank account is a multi-currency business account that allows companies to hold, receive, and make payments in 11 major currencies, which enables seamless cross-border transactions.
Besides its payment services, Statrys also offers additional solutions for entrepreneurs, such as company incorporation services in Hong Kong and Singapore and free invoicing software.
Key Services Offered by Statrys
| Statrys Key Services | Description |
| Multi-currency Business Account | With a single account number, clients can receive and make payments locally and globally in 11 different currencies. |
| Virtual and Physical Debit Cards | Offer virtual and physical debit Mastercard® for making purchases in-store and online and withdrawing cash from ATMs in Hong Kong and abroad. |
| Company Registration | The Hong Kong company registration service is 100% online and includes pre-incorporation, post-incorporation, and business account opening. |
| FX Services | Make spot trades and order forward contracts at the rates you prefer |
| Invoice Management | An all-in-one automated Invoice Management software that simplifies the process of creating, managing, and sending invoices. Completely free. |
| Xero Integration | Integrate between Statrys and Xero to streamline your bookkeeping and cash flow management processes. |
| Maker-approver | Set up transfers for later approval based on user role capabilities and have complete control of payment processes. |
Who Should Use Statrys?
✅ Companies incorporated in Hong Kong, Singapore, and the BV seeking a primary or secondary business account.
✅ Businesses frequently dealing in foreign currencies can simplify overseas transfers, reducing costs and exchange rate complexities.
✅ Business owners who prefer responsive and effective human customer support to support them in case any questions or issues arise.
2. Wise
Wise, formerly known as TransferWise, is a regulated fintech based in the UK. It provides international money transfer services to individuals and businesses. With Wise, users can transfer money to over 70 countries at competitive conversion rates.
Wise products also include virtual accounts, batch payments, debit cards, and APIs for automation, making cross-border payments simpler and more efficient.
Key Services Offered by Wise
| Wise Key Services | Description |
| International Money Transfers | Transfer money overseas at mid-market rates across 70+ countries. |
| Business Account | Add, hold, convert, and send payments in 40+ currencies. Also, users can open 10 local currency accounts: GBP, EUR, USD, AUD, NZD, SGD, RON, CAD, HUF, and TRY. |
| Debit Card | Access your multiple currencies fund with the Wise debit card 24/7 and earns 0.5% cashback on all eligible transactions. |
| Batch Payments | Upload a single CSV file to send 1,000 payouts at a time. |
| FX Services | Convert funds between different currencies at the mid-market exchange rate |
| Wise API | API to automate and streamline workflows. |
Who Should Use Wise?
✅ Individuals and businesses of all sizes that look for cost-effective and transparent international money transfers.
✅ Businesses that often deal with cross-border transactions or have recurring payments can save more on transfer fees and conversion rates.
💡 Tip: Discover Wise business account and account opening process with our article.
3. Revolut
Revolut, a leading neobank headquartered in the UK, offers a range of digital financial services to individuals and companies worldwide. While Revolut is a licensed bank within the EU, it operates as a financial service provider outside of the EEA region.
Among its offerings, Revolut provides multi-currency accounts, local and international payment transfers, virtual and physical payment cards, foreign exchange services, cryptocurrency transactions, and APIs.
Key Services Offered by Revolut
| Revolut Key Services | Description |
| Multi-Currency Business Account | Receive and send payments in 26 currencies: GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, BGN, QAR, THB, and AED |
| Local Accounts | Collect and send funds in GBP, EUR, and USD like a local |
| Business Card | Virtual and physical debit cards to spend online or at stores, and withdraw cash from ATMs worldwide. Also, cards are compatible with Apple Pay and Google Pay. |
| FX Services | Make spot trades and order forward contracts at the rates you prefer |
| Crypto | Buy, hold, and sell cryptocurrencies within a few tabs |
| Bulk Payment | Pay suppliers and employees around the world by uploading a file to set up. |
| APIs | API for integrating into different platforms or applications, including QuickBooks, WooCommerce, and Slack. |
Who Should Use Revolut?
✅ As a licensed bank in the EU, companies based in the region will greatly benefit from Revolut’s services.
✅ Business owners that need API functionality to streamline their financial operations.
✅ Businesses looking for cryptocurrency investment from the regulated platform.
💡 Tip: Uncover the Revolut business account, from features and fees to alternatives.
4. Rapyd
Rapyd is a fast-growing fintech company from Israel. Their core products include virtual accounts, wallets, a wide range of payment networks, API integrations, and payment cards.
Rapyd's comprehensive solutions empower companies to accept payments from over 100 countries and disburse payouts to more than 190 countries. Consequently, businesses can scale their operations globally with greater efficiency and deliver an enhanced user experience to their customers.
Key Services Offered by Rapyd
| Rapyd Key Services | Description |
| Business Accounts | Receive payments from over 40 countries in over 25 currencies like a local. |
| Global Payouts | Make single or mass payments to over 190 countries with competitive exchange rates. |
| Digital Wallets | Enable clients to securely hold and transfer funds in over 70 currencies across different countries and payment methods with built-in compliances. |
| Payment Cards | Use payment cards to make purchases online and in-store and withdraw cash from ATMs worldwide with customized control and spending limits. |
| API Integration | Integrate Rapyd features with companies’ workflow. |
| Plugins | Connect with popular ecommerce platforms, including WooCommerce, Shopify, Ecwid, and Wix, for businesses to easily collect sales and manage funds. |
Who Should Use Rapyd?
✅ Medium to large enterprises look to scale globally.
✅ Ecommerce businesses can increase their chances of successful checkouts by offering customers various payment options, including local bank transfers and digital wallets.
✅ Companies seek a comprehensive payment solution with customization and integration capabilities.
💡 Tip: Considering Rapyd? Read our Rapyd review to learn more about its services and fees.
5. PayPal
PayPal is a popular payment service provider, serving more than 400 million users across the globe. It enables clients to receive and make payments in 25 currencies across over 200 countries.
Furthermore, PayPal provides an array of merchant services designed to simplify payment processing. As a result, it is widely favored as a payment gateway among ecommerce businesses.
Key Services Offered by PayPal
| PayPal Key Services | Description |
| Payment Collection | A payment collection service for businesses with or without the website. It comes with various digital payment methods, such as payment links, installment payments, card payments, mobile wallets, and QR codes. |
| Business Account | Send and receive payments in over 25 currencies across 200 countries. |
| Debit Card | Payment cards that link to account balance for in-store and online purchases as well as ATM withdrawals with unlimited 1% cash back on eligible transactions. |
| Credit Card | Unlimited 3% cash back on PayPal purchases and 2% cashback on others. |
| Business Loans | Offer credit terms ranging from 17 to 52 weeks with 100% online application. |
| Integrations | Connect with top ecommerce platforms, marketplaces, and accounting software, including Shopify, WooCommerce, Etsy, eBay, Xero, and Quickbooks. |
Who Should Use PayPal?
✅ Ecommerce businesses and online merchants that seek a reliable and highly accepted payment gateway.
✅ Businesses look for reliable and easy-to-integrate payment solutions for their online stores.
✅ Small businesses seek fast credit opportunities to fund their business operations and expansions.
💡Tip: Read our article to learn more about Hong Kong and Singapore PayPal business accounts.
Final Note
As we reach the end of our list, you should have a better understanding of which Paynoneer alternatives fit you best. You might even learn you need more than one option to fulfill your requirements.
Remember, weigh the pros and cons of each choice. Pick the option that best aligns with your business needs and ensure it propels your business forward in this competitive landscape!
FAQs
What is Payoneer?
Payoneer is a financial services company that provides online money transfer and digital payment services. It offers a platform for businesses, online sellers, freelancers, and professionals to make and receive payments globally as easily as they do locally.
Is Payoneer legit?
What are alternatives to Payoneer?
Disclaimer
Statrys competes directly with Payoneer in the payment industry, but we are committed to providing an unbiased and thorough review. Click More info to read the full disclaimer on our review.
