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Top 5 Payoneer Alternatives in 2024 & Who They’re Best For

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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

Statrys Pros

  • 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

Statrys Cons

  • 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. 

Statrys mobile application dashboard showing a total balance in a business account.

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%

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Note: For pricing in other regions, please contact Rapyd directly.

Rapyd Pros and Cons

Rapyd Pros

  • Robust and extensive APIs for payment infrastructure
  • Highly customisable
  • Supports a wide range of currencies and local payment methods

Rapyd Cons

  • 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

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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

Wise Pros

  • Supports a wide range of currencies
  • Accessible in most countries
  • Offers both personal and business accounts

Wise Cons

  • 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.

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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 Pros

  • 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

Revolut Cons

  • 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.

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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:

  • Free Plan: USD 0
  • Plus Plan: USD 89 per month per location for retail, USD 69 per month per location for restaurants
  • Premium Plan: Custom pricing for retail, USD 165 per month per location for restaurants

Processing Fees

  • In-Person Transactions: 2.6% + 10 cent per transaction, or 2.5% + 10 cent with the Retail Plus Plan
  • Online Transactions: 2.9% + 30 cent to 3.3% + 30 cent per transaction

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

Square Pros

  • Tailored POS solutions for specific industries like retail and restaurants 
  • Seamless integration between in-person and online sales enhances customer experience

Square Cons

  • 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?

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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?

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What are the best alternatives to Payoneer?

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Is Revolut similar to Payoneer?

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How do Wise and Payoneer compare?

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Disclaimer

More info

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.

Reviewed by
Djon Ly

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