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Payoneer or PayPal? Which is the worst?
Thread poster: Alessandra Meregaglia

Alessandra Meregaglia  Identity Verified
Italy
Local time: 15:19
Member (2012)
English to Italian
+ ...
Oct 17, 2017

Hi everybody!

I've been using PayPal in order to receive payments for many years now. I've been asked to opt for Payoneer instead but I cannot see its convenience. I hate PayPal but I wouldn't change for an even worse method. I am not interested in having a new credit card (I already have my local bank account and its credit/debit cards) but only in saving money in transactions. How about your thoughts?

Thank you!


 

Sheila Wilson  Identity Verified
Spain
Local time: 14:19
Member (2007)
English
+ ...
It's inconvenient to lose clients :) Oct 17, 2017

Alessandra Meregaglia wrote:
I've been using PayPal in order to receive payments for many years now. I've been asked to opt for Payoneer instead but I cannot see its convenience. I hate PayPal but I wouldn't change for an even worse method.

I imagine this is just for one client, isn't it? Do you have the option of staying with PayPal, or is it a case of switching to Payoneer for this one client, or losing their custom. I set up an account with Skrill for one client in the Middle East who was having trouble paying (US sanctions were blocking other methods). I have used Skrill for a couple of other clients over the years, but most of the time it sits there with a few euros in it, unused. In fact, I don't often use PayPal as I vastly prefer wire transfers, but clients in places like Hong Kong and the US would be hit with very high bank charges at their end, so I agree on PayPal for them. I've never looked into Payoneer.

In short, I think the convenience is more for your client. You need to consider whether any potential inconvenience to you is worth it. If it keeps this client ordering work from you, then maybe it is.


 

Georgi Kovachev  Identity Verified
Bulgaria
Local time: 16:19
Member (2010)
English to Bulgarian
+ ...
TransferWise Oct 17, 2017

Hi Alessandra,

Since you reside in Italy, you should ask your EU clients to pay you via bank transfers, otherwise I suggest that you consider TransferWise (https://transferwise.com).

The principle is quite simple: your client deposits the sum due to you in a bank account of TransferWise in their country and you get your payment from a bank account of TransferWise in your country. I just checked with my local currency (Bulgarian lev, BGN) and the fee amounts to less than 1% of the total (9.92 out of 1,000 currency units).

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Please note that the BGN/EUR rate is fixed at 1.95583 BGN/EUR while it is 1.95584 using TransferWise. You could check with other currencies.

Cheers,
Georgi


 

Alessandra Meregaglia  Identity Verified
Italy
Local time: 15:19
Member (2012)
English to Italian
+ ...
TOPIC STARTER
I have only these 2 options Oct 17, 2017

Unfortunately, I can only pick up one of the two: Payoneer or PayPal.

 

Vadim Kadyrov  Identity Verified
Ukraine
Local time: 16:19
Member (2011)
English to Russian
+ ...
Payoneer is absolutely OK in terms of security, etc. Oct 17, 2017

I have been utilizing it for some 5 years now.

But, frankly speaking, I would have never subscribed to it if I had had a chance to open a PayPal account in my country that time (I still can`t). BTW, another advantage of Payoneer for those who live outside the EU is that you get an EU bank account in EUR, and a US bank account in USD. That is very-very convenient.

But if you already have an IBAN bank account in an EU country, and you have full access to PayPal, the question is: why do you need another (not very popular) payment option designed just for situations I mentioned above?


 

Guzel Rakhimova  Identity Verified
Italy
Local time: 15:19
Member (2012)
Italian to Russian
+ ...
For me Payoneer is better Oct 17, 2017

I use Payoneer to receive payments from one of my clients and I think it much better than Paypal for this goal. I pay only a €1.5 fee to transfer my money on my cc, nothing more.

 

Alessandra Meregaglia  Identity Verified
Italy
Local time: 15:19
Member (2012)
English to Italian
+ ...
TOPIC STARTER
Thank you! Oct 18, 2017

Guzel Rakhimova wrote:

I use Payoneer to receive payments from one of my clients and I think it much better than Paypal for this goal. I pay only a €1.5 fee to transfer my money on my cc, nothing more.



Hi Guzel,

that was the answer I was looking for, actually! However, from Payoneer website I don't get if you have to take on an annual subscription (20-30 Euros) in order to receive their Mastercard and how much do they charge you every time you receive some money on your Payoneer account or want transfer that money on your local bank account. It seems to me that withdrawing money from ATMs with Payoneer is NOT free of charge. PayPal is absolutely fine when you have to transfer money from your PayPal account on your cc but receiving payments from clients is a robbery. Their percentage fee is so high!


 

sheedal (X)
Pakistan
Yup, Payoneer is the best way! Jan 22

I have been using Payoneer and the reason is that I'm not able to hold a Paypal account right in Pakistan. You're also right that Payoneer does charge a lot of fee when making bank transactions and withdrawing money at any ATM but still out the concern, Payoneer is the best way to get paid online.

The company literally accepts more than 200 companies and marketplaces to get paid by. If you have any issue while signing up with Payoneer, make sure to read here: http://www.payoneerhow.com/payoneer-mastercard/


 

José Henrique Lamensdorf  Identity Verified
Brazil
Local time: 10:19
English to Portuguese
+ ...
Monogamy is not required in payment methods Jan 24

You can receive payment via a number of different methods, and one does not rule out any other.

PayPal is the most expensive one, its cost being always on the receiving end, since it is owned by - and hence devised for - eBay. Their business concept is to provide a payment method for people selling their "old stuff" - NOT professional services - online.

For instance, in Brazil, anything I get via PayPal is immediately deducted by a fee usually ranging from 6.5% to 7.5%. If I request the remaining funds to be converted to BRL and deposited to my account, they overtly (they say so in their help pages) adopt a 3.5% lower-than-market exchange rates.

Bottom line is that in Brazil, a payment from overseas via PayPal "loses" ~10% on its way.

Payoneer seems much cheaper. They charge a small fixed amount (like USD 5.00) per transfer, and that's it. However it seems to be less flexible for sending funds.

My most willing client, in terms of trying new possibilities, couldn't use Payoneer, because they don't accept charging to an American Express card. Maybe clients using Visa or MasterCard would like it.


There are other options, though.

Wire transfers involve fees on both sides, and each side is supposedly free to choose the bank they'll use.

The sending fee usually ranges from USD 20 to USD 60. Most translation agencies charge (deduct) that fee from the translator's receivable. On one hand, it is unfair because the agency/client chose the sending bank, and hence the fee it charges. On the other, the agency has no budget for that fee, since the translator could very well have a "cousin" living next door to the agency, and who could pick up cash on the translator's behalf.

The receiving bank is the translator's choice, hence the fees it charges for processing a wire transfer too.

Therefore upon choosing the payment method between PayPal and a wire transfer, the translator should calculate:
A = amount invoiced
B = PayPal "total cost" multiplier in your country (as shown above, in Brazil it's ~10% = 0.1)
C = total wire xfer cost, viz. sending fee (if deducted by client) + receiving fee (at your bank)

IF (A * B) < C THEN use PayPal
IF (A * B) > C THEN use a wire transfer

Of course, Payoneer is a better option than both, however not always possible.


 


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