This article may contain references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services. Nonetheless, our opinions are our own.
The information presented in this article is accurate to the best of our knowledge at the time of publication. However, information is subject to change, and no guarantees are made about the continued accuracy or completeness of this content after its publication date.
Introduction
Sending money internationally requires selecting a platform that fits your specific needs. Payoneer and Remitly serve distinct purposes. Payoneer focuses on businesses, freelancers, and online sellers, while Remitly specializes in personal transfers to family and friends. Evaluating fees, supported countries, payment methods, and account features helps you make an informed choice. Understanding these differences ensures your transfers are efficient and cost-effective.
Payoneer and Remitly
Payoneer and Remitly are leading digital payment services but target different audiences. Payoneer is tailored for businesses that need global payment solutions, whereas Remitly is designed primarily for sending money to loved ones abroad. Knowing their distinctions helps you select the most suitable platform for your financial transactions. Each platform has unique strengths depending on your transfer type and recipient location.
What Is Payoneer?
Founded in 2005 in the U.S., Payoneer provides international payment solutions for freelancers, online sellers, and businesses. It allows sending and receiving money from global marketplaces such as Amazon, Upwork, and eBay.
Key Features
- Multi-Currency Accounts: Hold funds in multiple currencies to simplify global business transactions.
- Client Payments: Accept payments via credit card or bank transfer from up to 200 clients.
- Mastercard Access: Use virtual or physical cards for online purchases, business expenses, or ATM withdrawals.
Payoneer functions as more than a transfer service by offering tools to manage international business finances efficiently.
Voted "Best Overall Budgeting App" by Forbes and WSJ
Monarch Money helps you budget, track spending, set goals, and plan your financial future—all in one app.
Get 50% OFF your first year with code MONARCHVIP
What Is Remitly?
Remitly specializes in fast and cost-effective personal money transfers. This service is especially popular among immigrants who are sending money to their family members. Recipients can access funds through:
- Direct bank deposit
- Mobile wallet transfers
- Cash pickup at partner locations
- Home delivery in select countries
Remitly tracks delivery times and offers fee refunds for late transfers. Despite its limited business services, it continues to be a convenient option for personal remittances.
Key Features Comparison
Choosing between Payoneer and Remitly depends on the transfer type, recipient location, and preferred payment method.
Supported Countries and Currencies
| Feature | Payoneer | Remitly |
|---|---|---|
| Supported Countries | 190+ countries and territories | 150+ countries |
| Supported Currencies | 70+ for sending, 9 for receiving (USD, EUR, GBP, JPY, AUD, CAD, etc.) | Varies by receiving country |
| Key Markets | Global business hubs, marketplaces | Examples of remittance corridors include the US to India, the Philippines, and Mexico. |
Payoneer is ideal for businesses in global marketplaces, while Remitly focuses on remittance corridors where family transfers are frequent.
Payment Methods and Accessibility
- Payoneer: Transfers primarily occur between businesses and bank accounts using a Payoneer balance, ACH, or credit card.
- Remitly: Offers bank deposit, mobile wallet, cash pickup, or home delivery for recipients without traditional banking access.
Fee Structures and Costs
| Fee Type | Payoneer | Remitly |
|---|---|---|
| Account Fees | The annual fee is $29.95 if transactions total less than $2,000. | Free to open and maintain |
| Receiving Fees | 1% for ACH, 3% for credit cards | Not applicable |
| Transfer Fees | Up to 2% for bank transfers; $1.50 for USD-to-USD | $1.99–$3.99 from the U.S. |
| Exchange Rate Markup | Up to 3.5% conversion fee | Included in mid-market rate markup |
Payoneer suits businesses with multi-currency needs but carries higher annual and transaction fees. Remitly is more cost-effective for personal transfers, particularly small amounts, with no account maintenance fees.
Choosing Between Payoneer and Remitly
When selecting a service, consider:
- Recipient Method: Ensure bank deposit, cash pickup, or mobile wallet options are available.
- Fees and Exchange Rates: Compare total costs, including hidden charges.
- Service Availability: Confirm the platform supports your country and recipient location.
What You Need to Get Started
- Government-issued ID
- Proof of address (utility bill, bank statement)
- Local bank details or debit/credit card for transfers
Setting Up Your Account
- Register: Create an account with personal or business information.
- Verify: Upload identification and proof of residence.
- Connect: Link your bank, debit card, or credit card.
- Transfer: Start sending or receiving funds based on your needs.
Frequently Asked Questions
Which service is safer for international transfers?
Both Payoneer and Remitly comply with legal regulations and use strong security measures, including identity verification and data encryption. Both are considered secure for global money transfers.
Which is better for businesses or freelancers?
Payoneer offers multi-currency accounts, marketplace integrations, and invoicing tools, making it ideal for businesses and freelancers. Remitly primarily serves personal transfers, with limited business services in certain regions.
How do speeds and customer support compare?
Remitly generally provides faster transfers, especially with its Express option, along with guaranteed arrival times. Payoneer transfer speed varies by method. Both platforms offer app and website support, with response quality depending on the issue.
Are there countries where one service is preferable?
Payoneer operates in over 190 countries, making it optimal for global business needs. Remitly is strongest in remittance corridors, especially in Asia and Latin America, where cash pickup options are important.
Closing Thoughts
Selecting between Payoneer and Remitly depends on whether your priority is business or personal transfers. Payoneer is excellent for global businesses that need multi-currency management, while Remitly is ideal for sending funds to family and friends. Comparing fees, supported countries, transfer options, and account features ensures you choose the platform that maximizes value. Both services are secure, reliable, and widely used, providing efficient international payments. Choosing the right platform saves time, reduces costs, and improves the overall transfer experience.
Reviewed and edited by Albert Fang.
See a typo or want to suggest an edit/revision to the content? Use the contact us form to provide feedback.
At FangWallet, we value editorial integrity and open collaboration in curating quality content for readers to enjoy. Much appreciated for the assist.
Did you like our article and find it insightful? We encourage sharing the article link with family and friends to benefit as well - better yet, sharing on social media. Thank you for the support! 🍉
Article Title: Payoneer vs Remitly: Choosing the Right Payment Service
https://fangwallet.com/2025/08/22/payoneer-vs-remitly-choosing-the-right-payment-service/The FangWallet Promise
FangWallet is an editorially independent resource - founded on breaking down challenging financial concepts for anyone to understand since 2014. While we adhere to editorial integrity, note that this post may contain references to products from our partners.
The FangWallet promise is always to have your best interest in mind and be transparent and honest about the financial picture.
Become an Insider
Subscribe to get a free daily budget planner printable to help get your money on track!
Make passive money the right way. No spam.
Editorial Disclaimer: The editorial content on this page is not provided by any of the companies mentioned. The opinions expressed here are the author's alone.
The content of this website is for informational purposes only and does not represent investment advice, or an offer or solicitation to buy or sell any security, investment, or product. Investors are encouraged to do their own due diligence, and, if necessary, consult professional advising before making any investment decisions. Investing involves a high degree of risk, and financial losses may occur including the potential loss of principal.
Source Citation References:
+ Inspo
There are no additional citations or references to note for this article at this time.
