Can I Send Money from TransferWise to Payoneer? A Complete Guide to International Transfers

Managing online payments across platforms like TransferWise (now Wise) and Payoneer can feel tricky, especially if you’re navigating international transactions. With so many options available, figuring out how these services connect—or if they even do—can save time and hassle.

I’ve often wondered if sending money directly from Wise to Payoneer is possible. These platforms are popular for freelancers, remote workers, and global businesses, but their compatibility isn’t always straightforward. Let’s explore how these systems work together and whether transferring funds between them is a viable option.

Understanding TransferWise And Payoneer

TransferWise (now Wise) and Payoneer are two widely-used platforms for cross-border payments. Each offers unique features tailored to different financial needs.

What Is TransferWise?

TransferWise rebranded to Wise in 2021. It’s a financial platform designed for fast, low-cost international transfers. It uses real exchange rates without hidden fees, making it suitable for individuals and small businesses sending money globally. Wise offers multi-currency accounts, allowing users to hold and convert over 50 currencies.

What Is Payoneer?

Payoneer is a financial services company focused on global businesses, remote workers, and freelancers. Its platform supports receiving payments from international clients, particularly marketplaces like Amazon, Upwork, and Fiverr. Users can withdraw funds to their local bank accounts or use Payoneer’s prepaid MasterCard for transactions.

Key Differences Between TransferWise And Payoneer

Can You Send Money From TransferWise To Payoneer?

Direct transfers from Wise (formerly TransferWise) to Payoneer aren’t supported through standard functionality. However, alternative methods can facilitate the process.

Is It Possible And How Does It Work?

Wise doesn’t currently support direct transfers to Payoneer accounts because both platforms operate separately, catering to distinct use cases. To move funds between these platforms, an intermediary, like a linked bank account, is required. First, transfer the money from Wise to your local bank account. Then, load the funds into Payoneer using the same bank account.

For instance, Wise enables low-cost international transfers to over 50 currencies, which can then be deposited into a local account. Once deposited, Payoneer allows users to add funds to their Payoneer balance through the linked account or designated funding sources.

Requirements For Sending Money Between The Platforms

1. Linked Bank Account: Both Wise and Payoneer accounts must link to the same local bank account to transfer funds indirectly. Ensure this account supports incoming and outgoing international transactions.
2. Banking Details: You’ll need the recipient’s banking details (e.g., IBAN or SWIFT) to execute the transfer from Wise.
3. Matching Currency Settings: Maintain consistent currency formats on Wise, your bank account, and Payoneer to avoid conversion fees.
4. Valid Accounts: Verify that both Wise and Payoneer accounts are active, with necessary verification steps complete on each platform.

Each step involves ensuring the platforms comply with the intermediary system, making indirect connections possible.

Step-By-Step Guide To Transfer Money

Understanding how to transfer money between Wise (TransferWise) and Payoneer ensures smoother transactions. Follow these steps to navigate the process effectively.

Linking TransferWise And Payoneer Accounts

I ensure both accounts are verified and active. Wise requires identity verification, and Payoneer mandates account activation through approval steps, including receiving payments or connecting a bank account.

I link a local bank account common to both platforms. First, I add my bank account details to Wise by providing the IBAN or account number and routing code. Next, I register the same bank account in Payoneer under the “Bank Accounts for Withdrawals” section. Consistent currency settings in both platforms and accurate personal information are essential to prevent errors.

Making A Successful Transaction

I initiate the transfer by sending money from Wise to the linked bank account. I ensure my currency selection matches the one supported by my bank to avoid conversion issues. Wise uses real exchange rates, so I review the transfer fee breakdown before confirming.

Once the funds reflect in my bank, I log into Payoneer and load the money using the same linked bank account. In the Payoneer dashboard, I choose “Add Funds,” enter the transferred amount, and confirm. Depending on bank processing times, the transaction may finalize within 1-3 business days.

Fees And Processing Time

Understanding fees and processing times is essential when using Wise and Payoneer for indirect transfers through a linked bank account. Costs and duration can vary based on the platforms and intermediary.

Transfer Fees Overview

Wise applies transparent fees based on a percentage of the transferred amount and a fixed fee, depending on the currency. For instance, sending $1,000 might incur a $7.50 fixed fee plus 0.47% of the amount, totaling $12.20. Payoneer charges no fee for loading funds from a linked bank account in the same currency, but currency conversion may apply at market-based rates with a markup.

Using a local bank account as the intermediary may also result in charges. Banks might impose transfer or conversion fees, so checking their fee structures is important to avoid hidden costs. Ensure currency consistency across accounts to minimize unnecessary conversions and charges.

Estimated Processing Duration

Transfers from Wise to a local bank account typically complete within 1-2 business days, subject to weekends and bank holidays. Bank processing times may vary based on the destination country and currency used. After funds arrive in the bank, loading them into Payoneer takes an additional 1-2 business days.

The overall duration for transferring money from Wise to Payoneer indirectly can range from 2 to 4 business days. This depends on the efficiency of your bank and the accuracy of details provided during each step.

Pros And Cons Of Using TransferWise And Payoneer

Combining Wise and Payoneer provides benefits for managing international payments but may also present challenges. Here’s a detailed look at the advantages and limitations of using these platforms together.

Benefits Of Using These Platforms Together

1. Global Accessibility

Wise offers multi-currency accounts for over 50 currencies, while Payoneer supports multiple payout options, including local bank withdrawals and prepaid cards. This flexibility covers diverse geographic regions and business needs.

1. Competitive Fees

Wise’s low-cost international transfers and Payoneer’s free bank account funding (same-currency transactions) can minimize transfer costs compared to traditional banking methods. For example, Wise applies transparent, low-percentage fees, while Payoneer incurs no charges for receiving funds in the same currency from linked accounts.

1. Exchange Rate Transparency

Wise uses the mid-market exchange rate, eliminating hidden currency conversion fees. This builds trust when converting funds before transferring to Payoneer, especially for global freelancers and remote workers.

1. Freelancer-Friendly

Payoneer’s integrations with marketplaces like Upwork and Fiverr make it ideal for receiving client payments. Wise complements this by offering affordable options to convert and hold earnings in various currencies.

1. User Flexibility

Linking Wise and Payoneer via an intermediary bank account provides users with the freedom to manage funds through platforms that cater to different needs. This ensures greater control over payment routing.

Potential Drawbacks To Be Aware Of

1. Indirect Compatibility

Wise doesn’t support direct transfers to Payoneer. Users must rely on a linked local bank account as an intermediary, which adds steps and may increase processing time.

1. Additional Fees

While basic transfers may appear low-cost, intermediary bank fees or currency exchange costs in Payoneer can add unexpected expenses. For example, converting funds to a different currency in Payoneer incurs a conversion fee of up to 2%.

1. Processing Delays

Using an indirect method extends transaction times. Transfers from Wise to a local bank account take 1-2 business days, followed by another 1-2 days for Payoneer to load the funds, resulting in a potential delay of 2-4 days.

1. Account Verification Needs

Both platforms require verified accounts for transactions, which can be time-consuming if document verification or account linking issues arise.

1. Limited Real-Time Transfers

Neither Wise nor Payoneer offers instant-to-instant fund transfers between the two platforms, impacting urgent payment needs for time-sensitive transactions.

Alternatives To Consider

Exploring other services for cross-platform transactions can simplify international payments when direct transfers between Wise and Payoneer aren’t available. I’ve outlined alternative platforms and compared their features and fees below.

Other Platforms For Cross-Platform Transactions

• PayPal: PayPal enables international money transfers and supports integration with various platforms. It allows linking to both Wise and Payoneer indirectly via connected bank accounts. However, PayPal’s fees for currency conversion and international payments can be higher compared to Wise.
• Revolut: Revolut offers multi-currency accounts and low exchange fees for international transactions. While it doesn’t connect directly to Payoneer, funds can pass through a linked bank for indirect transfers.
• Skrill: Skrill facilitates international payments between individual users and businesses. It integrates with multiple payment methods, providing a viable intermediary option between Wise and Payoneer.
• WorldRemit: WorldRemit specializes in global transfers with mobile wallets and bank account options. Like others, funds must route through a common bank for indirect transfers to Payoneer.

Comparing Features And Fees

I recommend reviewing specific platform policies and currency support before choosing an alternative for indirect transactions. Each service offers unique benefits for particular transfer requirements.

Conclusion

Understanding how to navigate indirect transfers between Wise and Payoneer can save time and reduce frustration, especially for those managing international payments. While direct transfers aren’t possible, using a linked bank account offers a practical workaround. It’s essential to verify all account details, ensure consistent currency settings, and be mindful of potential fees and processing times.

Both platforms bring unique advantages, and combining their features can enhance flexibility for freelancers, remote workers, and businesses. By following the outlined steps and considering alternative services when needed, you can streamline your payment processes and stay in control of your finances.

Frequently Asked Questions

Can I send money directly from Wise to Payoneer?

No, direct transfers from Wise to Payoneer are not supported. Users must use an intermediary, such as a linked bank account, to transfer funds between the two platforms.

How can I transfer funds from Wise to Payoneer?

To transfer funds, first send money from your Wise account to a linked local bank account. Then, use the same bank account to load funds into your Payoneer account.

How long does it take to transfer money between Wise and Payoneer?

The process typically takes 2-4 business days—1-2 business days for Wise to transfer to a local bank and another 1-2 business days for Payoneer.

Are there any fees for transferring money between Wise and Payoneer?

Wise charges transparent fees based on the transfer amount and a small fixed fee. Payoneer doesn’t charge for loading funds in the same currency, but currency conversion may incur costs. Bank charges may also apply.

Why do I need a linked bank account?

A linked bank account acts as an intermediary for transfers since Wise and Payoneer don’t support direct integration. It facilitates indirect fund transfers between the two platforms.

What currencies are supported by Wise and Payoneer?

Wise allows you to hold and convert over 50 currencies with real exchange rates. Payoneer supports major currencies, particularly for freelancers and global businesses.

Is it safe to transfer funds between Wise and Payoneer using my bank account?

Yes, it is safe as long as both your Wise and Payoneer accounts, along with your bank account, are verified and active. Always check for consistent currency settings.

Are there faster alternatives to Wise and Payoneer for international transfers?

Yes, platforms such as PayPal, Revolut, Skrill, and WorldRemit may offer faster solutions for international payments. Review their features and fees before choosing an alternative.

What are the pros of using Wise and Payoneer together?

Using both platforms provides global accessibility, competitive fees, exchange rate transparency, and payment flexibility, making them a great option for freelancers and businesses.

What are the cons of using Wise and Payoneer together?

Some drawbacks include indirect transfer compatibility, additional fees, processing delays, and account verification needs, which may limit real-time payment options.