Receiving a payment whether you are a affiliate marketer, a blogger, or you sell goods/ services abroad is the most tedious task these days, untill you have an account either with Paypal or with Payoneer. That’s why I am writing this article for Payoneer vs Paypal, comparing their pros & cons.
Both these platforms enable you to receive global payments worldwide (except from few countries).
And they provide you, your money in your country’s currency after conversion.
Most of us remain confused between these two that which one is most profitable to us for receive recieving payments.
Payoneer vs Paypal which one is more profitable to us?
The sole purpose of this article is to clear this doubt about which one to use in what circumstances. And which one is more profitable in receiving global payments.
Also, I will not rage a war here about one is bad and another is good, since both are good in some sense. And, instead I have tried to write sensible things about both of them, that to which of them we should use to get maximum out of our money after conversion.
But before we compare let’s understand how each of them works, then only it would be possible to make better conclusion about them that which one is more profitable than other and in what sense.
How Payoneer Works?
While signing up, Payoneer will ask you to attach your local bank account details with the Payoneer account. And if you need one, Payoneer will provide you a local bank account in US, UK, Japan & Europe. Details of which you can find in the Payoneer Dashboard.
So whenever you want to receive payment from any of these countries, just use the bank account details given by Payoneer to you to receive the payment in the local currency of that country.
In addition, when you want to withdraw funds, simply pay the standard conversion charges at your own country’s bank account (linked with payoneer) and withdraw your funds.
You can also use Payoneer Mastercard to withdraw funds from ATMs worldwide and can also shop online where mastercards are accepted.
Now throughout this process, you will not have to pay multiple conversion charges and are simply paying it at once, which thus makes using Payoneer a beneficial deal.
Making Global Payments: Payoneer vs Paypal
This video describes how easily you can make a global payment using Payoneer.
How Paypal Works?
Paypal works similar to Payoneer in some ways. You will sign up with an email address, through which you will be able to send and receive payments.
You can also store money in Paypal wallet (in most of the countries) and can use it to make online payments. India doesn’t allow Paypal to store money in the Paypal Money wallet due to conflicts with the RBI rules. Whereas Paypal doesn’t works in Turkey these days.
I must say Paypal may or may not be that much profitable to you as Payoneer is.. but it is “simplest to use” for sure.
On signing up it will ask you for whether you want it for personal use or for Business purposes.
Since unlike Payoneer, Paypal offers payment buttons, Payment API’s and Paypal Express Checkout options.
Which you can use to sell items online and is easy to use and integrate too.
One drawback which I experience receiving payments through Paypal is, it uses its own conversion rates instead of standard market rates of conversion.
Moreover, it does the conversion before adding it to our account which reduces the final amount to lesser amount as compared to receiving the same amount through Payoneer.
But unlike Payoneer, Paypal offers you to make/receive payments in almost all currencies. Whereas with Payoneer you can make/receive payments in USD, EUR, and GBP only.
Conclusion: Payoneer vs Paypal
As I previously said, both have their own advantages and disadvantages, and I suggest you to use both of them.
If you are looking forward to get more out of your received money, Payoneer will give you that.
Payoneer will provide you the best possible amount after conversion, but it is’nt available with most of the websites you might have to use Paypal instead.
Still Paypal offers its own benefits which Payoneer doesn’t.
It would be better you sign-up with both of them and try switching to Payoneer wherever it is available to use and keep on using Paypal, where Payoneer is not available yet.
Feel free to share your opinion & experiences about both.
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