Payoneer is a popular payment solution among freelancers and businesses that operate internationally and need to process online payments in multiple currencies.
Payoneer accounts provide multi-currency functionality, mass payouts, and seamless integration with leading online marketplaces such as Amazon, Shopify, and eBay, helping businesses streamline transactions.
However, some may find Payoneer’s foreign exchange rates and fee structure higher than anticipated, or certain features may not meet their specific needs.
If you’re looking for an alternative, you’re in the right place. This article will introduce the top 5 Payoneer alternative options for 2024, providing insights into what each offers and who might benefit most.
Let’s take a look at the 5 best alternatives to Payoneer.
Payoneer Alternative | Key Services | Best For |
Multi-currency business accounts in 11 major currencies, local payments, FX services, business cards, integrations, HK Company Incorporation, and dedicated account managers. | SMEs and sole traders registered in Hong Kong, Singapore, or the BVI looking for seamless cross-border transactions. | |
Various APIs, business accounts, e-wallets, and card issuance. | Businesses and developers aiming for international expansion or requiring customisable payment solutions. | |
Business account, mass payments, debit cards, and API integrations. | Freelancers and small businesses with international clients. | |
Multi-currency business accounts, local account details, business cards, FX services, Bulk payments, Cryptocurrencies, and APIs. | Companies with a physical presence in the EEA and the UK looking for digital bank accounts that offer trading, investing, and crypto options. | |
POS systems, online store builder, buy now pay later, omnichannel commerce tools, and banking. | Retailers, restaurants, salons, professional services, and other businesses that require smooth in-person and online payment integrations.. |
1
Statrys
Founded in 2019, Statrys is a payment service platform designed to improve the global payment experience for SMEs and entrepreneurs in Asia.
Holding a Money Service Operator license in Hong Kong, Statrys offers multi-currency business accounts to companies incorporated in Hong Kong, Singapore, and the BVI. These accounts enable businesses to hold, receive, and make payments in 11 major currencies, facilitating 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.
Today, Statrys has served over 3,500 SMEs and built an excellent reputation, which earned it the "SME Payment Solutions of the Year—Hong Kong" award at the 2023 ABF Retail Banking Awards and the Fintech Payment category award at the Hong Kong Business Technology Excellence Awards 2024.
Key Services Offered by Statrys
Statrys Key Services | Description |
Multi-Currency Business Account | The business account supports 11 major currencies with a single account number: HKD, USD, EUR, CNY, GBP, JPY, SGD, CHF, AUD, NZD, and CAD. |
Local payments | Pay like a local in 12 currencies, including USD, AUD, INR, EUR, GBP, SGD, IDR, PHP, THB, TRY, KRW, VND |
Virtual and physical prepaid Mastercard® for making purchases in-store and online and withdrawing cash from ATMs in Hong Kong and abroad. | |
Make spot trades and order forward contracts at the rates you prefer | |
Integrate Statrys business account with Xero accounting software to streamline your bookkeeping and cash flow management processes. | |
Invoice software that simplifies the process of creating, managing, and sending invoices. Completely free. | |
Set up transfers for later approval based on user role capabilities and have complete control of payment processes. | |
Statrys offers Hong Kong company registration services 100% online and includes pre-incorporation, post-incorporation, and business account opening (subject to approval). |
Statrys’ Key Fees
Type | Fees |
Monthly Fee | Free (if you make at least 5 outgoing transfers per month, otherwise HKD 88) |
Local Payments within Hong Kong | Receiving: Free Sending HKD/CNY: HKD 5 Sending USD: HKD 75 |
International Payments Fees | Receiving: HKD 60 Sending: HKD 85 |
Foreign Exchange Rates and Fees | FX Rate: Based on real-time mid-market rates FX Fee: As low as 0.15% |
Send local payments in USD, AUD, INR, EUR, GBP, SGD, IDR, PHP, THB, TRY, KRW, VND | HKD 25 - HKD 50 |
Statrys Pros and Cons
- Multi-currency accounts in 11 major currencies, meeting most international transfer needs.
- Local payment systems can facilitate more cost-effective money transfers
- Focused on SMEs in Asia, with company incorporation services provided on the same platform
- Human customer support
- Available only for companies registered in Hong Kong, Singapore, or the BVI
- Only offers business accounts, no personal accounts
Who Should Use Statrys?
✅ Companies incorporated in Hong Kong, Singapore, and the BV seeking a primary or secondary business account.
✅ Businesses regularly handle foreign currencies and want to 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
Rapyd
Rapyd is a fast-growing fintech company from Israel. The founders started it as a mobile payment company and evolved it into Rapyd in 2016. Today, Rapyd is one of Israel's most valuable private startups and a unicorn. Its core products include Business API, hosted checkout, virtual accounts, wallets, and card issuing.
Rapyd focuses on helping businesses integrate payment methods and financial services into their applications through APIs. The industries it serves include B2B payments, ecommerce, online marketplaces, gaming, trading, and more.
Rapyd is headquartered in London, UK, with offices worldwide, including locations in Hong Kong, Singapore, Dubai, Israel, the Netherlands, Iceland, Mexico, and the United States.
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 built-in foreign exchange. |
Digital Wallets | Enable clients to securely hold and transfer funds in over 70 currencies across different countries and payment methods with built-in compliances. |
Global Card Issuing | Issue your own virtual or physical pre-funded cards using API, which can be used for in-store purchases, online shopping and ATM withdrawals. |
API Integration | Integrate Rapyd payment features into websites and applications |
Plugins | Connect with popular ecommerce platforms, including WooCommerce, Shopify, Ecwid, and Wix, for businesses to easily collect sales and manage funds. |
Rapyd’s Key Fees
Rapyd offers region-specific pricing plans, but its website only displays pricing details for Hong Kong. The information below applies solely to Hong Kong clients.
Type | Fees |
Monthly Fee | USD 99 |
Incoming Payments Fees | FPS Payments: USD 0 Non-FPS Payments: USD 15 or HKD 120 Plus 1.5% if the sender's currency differs from the Base Currency |
Local Payments Fees | FPS Payments: USD 0 Non-FPS Payments: USD 5 or HKD 38 |
International Transaction Fees | USD 5 or HKD 115 |
Foreign Merchant Fee | 1.5% when the sender's currency differs from the beneficiary's currency |
Card Fee | 2% for transactions outside Hong Kong, regardless of card currency |
ATM Withdrawal Fee | 2% |
Note: For pricing in other regions, please contact Rapyd directly.
Rapyd Pros and Cons
- Robust and extensive APIs for payment infrastructure
- Highly customisable
- Supports a wide range of currencies and local payment methods
- Limited details on pricing
- Steep learning curve to understand products
Who Should Use Rapyd?
✅ Medium to large enterprises aim to develop and improve their payment infrastructure with both local and international capabilities to support global scaling.
✅ Ecommerce businesses seeking to integrate local payment methods or a hosted checkout into their platforms.
✅ Companies seek a comprehensiv
Tip: Considering Rapyd? Read our Rapyd review to learn more about its services and fees.
3
Wise
Wise, originally launched as TransferWise in 2011, 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.
The company is regulated in Australia, Belgium, the EEA, Brazil, Canada, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, the Philippines, Singapore, the UK, and the US. Wise has offices across Asia-Pacific, Europe, the Middle East, and North America, though these locations are not open to the public.
Key Services Offered by Wise
Wise Key Services | Description |
International Money Transfers | Transfer money overseas based on mid-market rates across 70+ countries. |
Business Account | Transfers and spending in 40+ currencies Open up to 9 local currency accounts: GBP, EUR, AUD, NZD, SGD, RON, CAD, HUF, and TRY. |
Digital Wallets | Enable clients to securely hold and transfer funds in over 70 currencies across different countries and payment methods with built-in compliances. |
Debit Card | Pay online and in-store in over 55 currencies, earn 0.5% cashback on all eligible transactions and order employee expense cards. Cards are issued on either Visa® or Mastercard® network. *Eligibility varies by location |
Batch Payments | Upload a single CSV file to send 1,000 payouts at a time. |
FX Services | Convert funds between different currencies based on the mid-market exchange rate. |
Wise API | API to automate and streamline workflows. |
Wise's Fees
Fees vary by location. Here are the main fees for Wise business accounts in key locations:
Type | Fees |
Fees for Sending Money | From 0.33% varies by currencies |
Card Fees | UK: GBP 7 for card issuance and 1.75% or ATM withdrawal after the first GBP 200 Hong Kong: No card available Singapore: SGD 8.50 for card issuance and 1.75% for ATM withdrawal after the first SGD 350 |
FX Conversion Fees | From 0.33% |
Fees for Receiving Local Payments | Free |
Fees for Receiving USD Wire | USD 6.11 |
Wise Pros and Cons
- Supports a wide range of currencies
- Accessible in most countries
- Offers both personal and business accounts
- Fee details can be intricate, requiring careful review
- Limited features in some regions. For example, no card available in Hong Kong and the US
Who Should Use Wise?
✅ Individuals and businesses of all sizes seeking an international money transfer platform that supports a diverse range of currencies.
✅ Businesses that often deal with cross-border transactions and recurring payments.
✅ Businesses seeking the capability for batch payments.
Tip: Discover full features and fees in our Wise business account review and learn the key things to know before opening a Wise business account in our article.
4
Revolut
Revolut, founded in 2015, is a leading neobank headquartered in the UK. The company offers a range of digital financial services to individuals and companies worldwide. Revolut operates as a licensed bank in specific regions like the EEA through a license in Lithuania and has recently obtained a restricted UK banking license.
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.
Revolut has been serving over 500,000 business customers around the world.
Key Services Offered by Revolut
Revolut Key Services | Description |
Multi-Currency Business Account | Receive and send payments in over 25 currencies: GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, BGN, THB, and AED |
Local Accounts | Collect and send funds in GBP, EUR, and USD like a local |
Business Card | Use 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 if your device supports NFC. |
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 in bulk by uploading a file, up to 1,000 payments. |
Integration | Integrate with QuickBooks, WooCommerce, and Slack, and more. |
Business APIs | Create custom integrations to connect your company’s applications with your Revolut Business account. |
Revolut’s Key Fees
Revolut's fees vary depending on the plan. Here's a quick overview of their business account fees:
Type of Fee | Plans and Amount |
Monthly Fee | Basic: Free Grow: GBP 19 Scale: GBP 79 Enterprise: Custom |
International Transfers Fee | Basic: GBP 5 Grow: GBP 5 after the first 5 transfers Scale: GBP 5 after the first 25 transfers |
Local Transfers Fee | Basic: GBP 0.20 after the first 5 transfers Grow: GBP 0.20 after the first 100 transfers Scale: GBP 0.20 after the first 1,000 transfers |
Currency Exchange Fee | Basic: 0.6% - 1% after the first GBP 1,000 Grow: 0.6% - 1% after the first GBP 10,000 Scale: 0.6% - 1% after the first GBP 50,000 |
ATM Withdrawal Fee | All Plans: 2% |
Team Members Fee | All Plans: GBP 5 per person per month |
Revolut's Pros and Cons
- Revolut is a licensed bank in the EEA and the UK, which means it can provide a wider range of financial offerings, including investment options.
- Offers crypto trading, which is rare among other providers
- Higher fees for premium plans
- Features vary greatly by region
- You may need to have a physical presence in an eligible country to open an account.
Who Should Use Revolut?
✅ Businesses registered in the EEA and the UK looking for digital banking options with a licensed bank.
✅ Business owners that need API functionality to streamline their financial operations.
✅ Businesses looking for cryptocurrency investment from the regulated platform.
Tip: Explore the Revolut business account, including its features and fees in our Revolut business account review, and learn how to open a Revolut business account online.
Square
Square is a business technology platform that helps businesses accept payments, streamline operations, manage inventory, and more. Launched in 2009, Square initially focused on providing a point-of-sale (POS) system for small retailers to accept debit and credit card payments. Since then, it has expanded to offer a range of advanced hardware and software for both online and in-person payment processing.
Square also offers a free website hosted on a Square domain, allowing you to build an ecommerce store or an online presence for your physical shop, seamlessly integrating with a payment gateway and other Square products.
Currently, Square offers over 36 products and serves businesses in 8 countries.
It has been serving many specific industries, including retail, restaurants, beauty salons, professional services, and more
Key Services Offered by Square
Square Key Services | Description |
Point-of-sale (POS) solutions | Tailored POS systems for various industries, such as a restaurant POS with built-in floor plans, a retail POS with inventory tracking and a POS system for booking management. |
Online store | Build a customisable online store with integrated online orders, buy buttons, QR codes, and payment. You can also sell through social media. |
Buy now, pay later | Enable buy now, pay later options by integrating with Afterpay. |
Remote payment | Accept credit card payments over the phone using Square Dashboard as a virtual terminal. |
Omnichannel commerce tools | Seamlessly integrate all aspects of your business, connecting Square Online with any Square POS. |
Square Invoices | Send estimates, create contracts, and request payments with ease. |
Square Banking | Access and manage funds immediately from Square sales using Square Checking and Debit Card, with borrowing options through Square Loans. |
Square’s Key Fees
Type of Fee | Amount |
Monthly Fee | Varies by industry:
|
Processing Fees |
|
Remote Payment Fees | 3.5% + 15 cents per transaction ACH payments: 1% per transaction (minimum USD 1) |
Buy Now, Pay Later | 6% + 30 cents per transaction |
Square's Pros and Cons
- Tailored POS solutions for specific industries like retail and restaurants
- Seamless integration between in-person and online sales enhances customer experience
- Transfer fees are on the high side for businesses with small transaction sizes.
- Businesses needing advanced features may find the monthly fees for higher-tier plans costly.
Who Should Use Square?
✅ Businesses looking for both POS and online payment solutions.
✅ Retail shops, restaurants, beauty salons, and professional services seeking industry-specific tools.
✅ Businesses that require access to quick funds from sales or borrowing options for growth via Square Banking.
Final Note
As we reach the end of our list, we hope you have a clearer picture of which Paynoneer alternatives fit you best.
To recap
- Statrys caters to SMEs expanding into Asia with services like company incorporation and multi-currency accounts.
- Rapyd simplifies international commerce with a robust API for building payment infrastructure.
- Wise offers diverse currency options and automation APIs, plus batch payments.
- Revolut combines banking, investing, and crypto on one platform.
- Square is a go-to choice for those who want to connect offline and online payments.
You might even learn you need more than one business account to fulfil your requirements.
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 the best alternatives to Payoneer?
Is Revolut similar to Payoneer?
How do Wise and Payoneer compare?
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.
