What did you think that there was no other company like Payoneer or what? Well, Payoneer is just one of the other many companies who are in the line of international funds transfer business. Yes, Payoneer might be one of the best if not the best. The success of this company has been felt globally, but it’s not the only one out there to be providing the same features and services it does. In its line of business, trust me the market is a competitive one and in this article, we will be going through other companies like Payoneer. With the list I will be providing in the course of this article, you can choose to try out other global funds transfer platforms just for the experience or whatever reason you chose.
Companies Like Payoneer
There are lots of companies like Payoneer no doubt and just as promised, I will be going through some of these companies and platforms in the course of this article. Although each of the companies you will be learning in this article is involved in the same line of business, they are all set up in a different way. Do you know what this means? This means that each of these platforms has its own fees and costs of doing business with them, so don’t be surprised when you see the difference in prices.
Since you are going to be learning about other companies like Payoneer, one of the numerous things to always keep in mind is the exchange rate. This is one of the things to always keep your eyes on. Normally when banks do business between themselves they use the mid-market exchange rate. But when these same banks charge their customers, they introduce a less favorable rate and then keep the differences to themselves. These other companies can do the same thing and you should always be wary of these companies. To, therefore, take us further in this article, here are some of the companies like Payoneer.
If you are looking to avoid huge fees set by banks in sending or transferring money across borders, this is one of the platforms to look out for. This company, founded in 2011 is one of the big names in the industry. The system of this company is very unique. This company makes use of a system set up by local banks. This is done by using local bank accounts all over the world. And in the process also avoiding the expensive costs and slow form or means to pay people in various countries. All you need to do is to pay into a local bank account in one region or country. And receive the money from another local bank account in another country. With this system, there are no banks involved.
This company makes use of the mid-market rate on all of its transfers and therefore doesn’t make money from mid-market rates. This company however makes money from an up-front fee you pay or deposit based on the amount you are sending or transferring. With this company, the payment of unnecessary fees is avoided. You can also hold your money in multiple currencies all over the globe and transfer to anywhere you want.
Another popular and well-respected platform and company is PayPal. Having a PayPal account is almost like a normal thing all over the world. This company also provides a convenient option in transferring funds, but one thing you should always do is to check the fees before any form of transaction. Business offerings by this company differ slightly from region to region. This company offers other many types of services when paying with a private account may vary or differ from a business account. Setting up an account on this platform and company is free. But, on the other hand, it will cost you to make use of the services rendered by it. The fees charged on this platform may vary form receipt fees to currency conversion charges.
Formerly known as Moneybookers, the services of this platform resembles that of PayPal. This company allows retailers to process online payments and also makes people pay each other without needing any bank details. And just like other companies mentioned in this article, yes, they offer international transfer options too. The system of transfer of this company is based on a digital wallet. If a recipient doesn’t have a wallet with the platform, you can also send directly to their bank accounts. When it comes to charges of this platform, users should always be alert and check. You may be charged for uploading money onto your wallet and for sending money from your wallet. When converting currency, you may also be charged. And for a recipient to withdraw money from their accounts, they also may be charged, and also there’s the factor of the exchange rate.
Neteller is another company worth mentioning in this article. And just like other companies mentioned here, this company offers services in the region of international funds transfer and online payment processing. Making use of this company is simple when compared to other companies in the sense that just with an account with this platform; you can send money to anyone with just an email address. The recipient on the other hand will have to choose or select a means of getting his money from Neteller. With this platform, there is the status of membership from bronze to diamond. And the rates you will be charged on the platform vary on the level you have. Other fees charged on the platform are all dependent on your level on the platform. Charges on this platform are dependent generally on the amount of your deposit and withdrawal.
This company is yet another company just like Payoneer. This very company however is hugely involved in the business of e-commerce. This company also targets online businesses and in the process offering its services to mass payment companies and invoicing. You can use the e-wallet system of the company to store money virtually. And there is also the service of operating in numerous currencies all over the world. And just like most companies, this company may charge you for uploading or withdrawing money from your e-wallet.