By zoostoki 
Key Takeaways
- Direct money transfers between Payoneer and Wise are not supported, but indirect transfers via a mutual bank account are possible.
- To transfer funds, both Payoneer and Wise accounts must be linked to the same verified bank account.
- The transfer process involves withdrawing money from Payoneer to your bank account and then sending it to Wise.
- While the process enables global accessibility and cost efficiency, it includes challenges like processing delays and multiple verification steps.
- Alternatives such as Skrill, PayPal, Revolut, or direct bank transfers can be considered if the Payoneer to Wise route doesn’t meet specific needs.
Managing finances across multiple platforms can feel like a juggling act, especially when you’re trying to move money between services like Payoneer and TransferWise (now known as Wise). I’ve been there—wondering if it’s possible to transfer funds seamlessly without hitting unnecessary roadblocks.
Both Payoneer and Wise are popular tools for freelancers, businesses, and anyone dealing with international payments. But understanding how they interact—or if they even do—can save time and avoid frustration. Let’s explore whether transferring money between these two platforms is doable and what options might work best.
Overview Of Payoneer And TransferWise
Payoneer and TransferWise serve different financial purposes, but both provide users with cross-border payment solutions. Understanding their features helps clarify how they function and whether direct transfers are possible.
Key Features Of Payoneer
Payoneer simplifies global transactions with its services. It allows users to receive payments in multiple currencies, including USD, EUR, GBP, and more. Freelancers and businesses benefit from its Global Payment Service, which provides virtual accounts for international payments. Currency conversion is supported at competitive rates, making it useful for multi-currency management. Payoneer also offers a prepaid Mastercard, enabling direct fund withdrawals or purchases anywhere Mastercard is accepted.
Key Features Of TransferWise
TransferWise, now Wise, specializes in low-cost and transparent international money transfers. Its multi-currency account supports holding and converting over 50 currencies with mid-market exchange rates. Users can send money to more than 80 countries with minimal fees, calculated upfront. Wise provides a debit card linked to the multi-currency account, allowing users to spend or withdraw funds globally. The platform’s real-time conversion and tracking enhance transaction accuracy and transparency.
Can You Transfer Money From Payoneer To TransferWise?
Transferring money directly from Payoneer to Wise isn’t officially supported. However, indirect methods can facilitate this process with additional steps.
Is It Possible?
A direct transfer option between Payoneer and Wise isn’t available due to the lack of an integrated connection between the two platforms. Indirectly, it’s achievable by linking a mutual bank account. By withdrawing funds from Payoneer to an intermediary bank account and then sending money to Wise, the process completes successfully.
Requirements For Transfer
Specific requirements simplify the transfer. First, a verified bank account must link with both Payoneer and Wise. Payoneer’s platform requires confirmation of bank account ownership before making withdrawals. Wise also necessitates linking the same account for deposits. Both accounts should comply with the user’s regional banking regulations and the currency options available for transfers.
Step-By-Step Guide To Transferring Money
Transferring money between Payoneer and Wise involves a few indirect steps. Following these precise steps ensures smooth and secure transactions.
Linking Payoneer To TransferWise
It’s essential to use a mutual bank account to link Payoneer and Wise. First, I connect my bank account to Payoneer by navigating to the “Banks & Cards” tab and adding the account details. Payoneer requires verification, which takes 2-3 business days after I upload the requested documents.
Next, I add the same bank account to my Wise profile. I verify the account by completing Wise’s setup process, which involves providing personal information and proving ownership of the account. This synchronization eliminates the need for direct integration between the platforms.
Initiating The Transfer
I start by withdrawing funds from Payoneer to my linked bank account. In Payoneer, I select “Withdraw,” then choose the account and enter the transfer amount. The processing time depends on the withdrawal currency and region but generally takes 2-5 business days.
Once the funds reflect in my bank account, I log in to Wise, select “Send Money,” and input the destination details. Wise requires the recipient’s bank information or international transfer details. I set the amount and confirm the transfer at Wise’s transparent mid-market exchange rates.
Common Issues And Troubleshooting
Some users face verification delays or insufficient balance issues. I ensure my Payoneer and Wise accounts are fully verified and have enough funds before starting the process. Currency incompatibilities might prevent transfers; only supported currencies work with Wise’s system.
Bank delays can slow withdrawals or transfers. I check both Payoneer and Wise for processing timelines and contact their support teams if unexpected issues arise.
Pros And Cons Of Transferring Between These Platforms
Transferring money from Payoneer to Wise offers both benefits and drawbacks. Understanding these factors helps assess whether this process meets specific financial needs.
Advantages
- Global Accessibility
Payoneer provides tools for global payments, and Wise complements this with direct low-cost transfers to over 80 countries. Linking these platforms allows broader access to international financial networks.
- Cost Efficiency
Wise applies mid-market exchange rates with low upfront fees, reducing costs for cross-border payments. Payoneer offers competitive foreign exchange rates, which can save additional conversion fees.
- Multi-Currency Flexibility
Users can handle over 50 currencies with Wise and receive payments in multiple currencies via Payoneer. This setup caters to businesses and freelancers dealing with diverse clients.
- Bank Integration
Most users have bank accounts compatible with both platforms. This shared banking support streamlines fund movement without relying on third-party services.
Potential Challenges
- Indirect Transfers
Direct connections between Payoneer and Wise don’t exist. Setting up an intermediary bank account might delay fund availability and involve extra steps.
- Processing Times
Transferring funds across platforms can take longer. Payoneer withdrawals typically take 2–5 business days, and Wise transfers to the recipient can add another 1–3 days.
- Currency Conversion Limits
Currency options in Payoneer accounts may not align with Wise-supported currencies. This limitation could require additional conversions, increasing costs.
- Account Verification
Account linking demands strict verification processes on both platforms. Delays or rejected documents might disrupt planned transfers.
These insights highlight practical trade-offs one might face while transferring funds between Payoneer and Wise.
Alternatives To Payoneer And TransferWise Transfers
Exploring other platforms for transferring funds is essential when Payoneer and Wise don’t meet specific needs. Listed below are reliable alternatives for global money transfers:
- Skrill
Skrill facilitates international payments and supports over 40 currencies. Its features include low fees for peer-to-peer transfers, a prepaid Mastercard, and speedy processing times. It’s suitable for freelancers and businesses handling frequent cross-border transactions.
- Revolut
Revolut offers a multi-currency account and exchange rates close to the mid-market rate. It supports over 30 currencies and includes features like budget tracking and spending analytics. Its app-based platform is ideal for managing personal and business finances globally.
- PayPal
PayPal provides global money transfer services, with availability in over 200 countries. It supports one-time transfers, recurring payments, and invoicing. While international transfers incur higher fees, its widespread usage makes it a convenient choice for immediate transactions.
- Wise Competitors
Wise competitors like OFX and Remitly focus on lower-cost international money transfers. OFX supports large-volume transfers with no maximum limit, while Remitly offers fast or economical transfer options depending on user preferences.
- Local Bank Transfers
Using local bank transfers for international funds movement may include SWIFT or SEPA networks depending on regional availability. While fees can vary, direct bank-to-bank transfers enhance security and are widely supported.
These alternatives expand options for users seeking efficient and cost-effective methods outside Payoneer and Wise.
Conclusion
Understanding the process of transferring money between Payoneer and Wise can save time and reduce frustration. While a direct transfer isn’t possible, using a mutual bank account as an intermediary offers a practical solution. It’s essential to ensure both accounts are verified and comply with regional regulations to avoid delays.
By exploring the features, limitations, and alternatives discussed, you can make informed decisions based on your financial needs. Whether you stick with Payoneer and Wise or consider other platforms, having the right tools in place ensures smooth and cost-effective global transactions.
Frequently Asked Questions
Can I transfer money directly from Payoneer to Wise?
No, transferring money directly from Payoneer to Wise is not officially supported. However, you can use an intermediary bank account to facilitate the transfer. Simply withdraw funds from Payoneer to a linked bank account and then send them to Wise.
What is required to transfer funds between Payoneer and Wise?
You need a verified bank account linked to both Payoneer and Wise. Ensure the account meets regional banking regulations and supports the required currencies for a successful transfer.
How do I link a bank account to Payoneer and Wise?
Log in to your Payoneer and Wise accounts separately and follow their respective processes for adding and verifying a bank account. Ensure the details match on both platforms for seamless transfers.
Are there fees for transferring money between Payoneer and Wise?
Yes, each platform may charge fees during the transfer process. These could include withdrawal fees for Payoneer, transfer fees for Wise, and possible currency conversion charges depending on the transaction.
How long does it take to transfer money between Payoneer and Wise?
The process may take 1-5 business days, depending on bank processing times and verification requirements on both platforms.
What are the alternatives to Payoneer and Wise for money transfers?
Other options include Skrill, Revolut, PayPal, OFX, and Remitly. These services offer varying features, such as multi-currency accounts, lower transaction fees, and specific benefits for international money transfers.
Are there any challenges when transferring funds this way?
Yes, potential challenges include processing delays, currency conversion limits, verification issues, and additional fees. It’s important to ensure all accounts are verified and to check exchange rates beforehand.
Is Wise or Payoneer better for freelancers and businesses?
Both are excellent for global transactions but cater to different needs. Payoneer offers multiple payment solutions for freelancers, whereas Wise specializes in low-cost international money transfers with transparent exchange rates. Choose based on your specific requirements.
Can I use Payoneer or Wise for multi-currency transactions?
Yes, both platforms allow multi-currency transactions. Payoneer supports international payments across various currencies, while Wise offers mid-market rates and low-cost currency conversions for over 50 currencies.
What is the fastest way to transfer money between Payoneer and Wise?
The fastest method is by using a linked, verified bank account for transfers. Ensure both platforms and the intermediary bank account are properly set up to avoid delays.