Comparison: Payoneer vs Wise Business in Australia

Businesses of all types in Australia are always looking for ways to save money on financial transactions. Many financial institutions, on and offline, offer business accounts. It’s hard to know which one to choose.

We’re going to compare the Payoneer business account with the Wise Business Account. Let’s get in.

Table of contents
Who is Payoneer? Who is Wise? Feature comparison Accepted money transfer methods Supported currencies Sending money abroad What about safety? Fee comparison Exchange rates used Pros and cons Online reviews Wise Business: Simplify international financial transactions

Who is Payoneer?

Founded in New York City in 2005, Payoneer offers a business multi-currency account for receiving payments, holding and sending payments globally. Its business clients range from freelancers to aspiring entrepreneurs to leading digital brands.¹

👆Read here to know more about the Payoneer account for businesses

Who is Wise?

Wise, formerly known as Wise, was founded in 2011. Wise offers financial services to handle your international finances. From international transfers to holding money in multiple currencies, Wise also offers customers personal and business debit card access.

Feature comparison: Payoneer vs Wise Business

When choosing a business account, it’s the features that align with your daily operations that need to be considered.

Service	Payoneer2	Wise Business
Online sign-up	Yes	Yes
Local and international account details	Account details in 9 currencies3	Account details in 8+ currencies
Foreign Exchange (FX) services	Yes	Yes
Physical and/or virtual business cards	Physical and virtual debit Mastercard	Physical and virtual debit Mastercard
Online payment function	Yes	Yes
Direct debits, recurring payments, batch payments	Direct debits are available Recurring payments are only available for businesses registered in the US	Yes
API integrations, accounting software, online financial management	Xero premium Quickbooks integration is available for UK and the EEA with other countries to follow soon7	N26, Monzo, Xero, QuickBooks, Zoho Books, FreeAgent, Bonsai, Odoo + others (region dependent)
Mobile / Web App	Yes	Yes

As seen on 3 February, 2026

They both have very similar business offerings. They differ slightly in the local account details and API integrations, where Wise has more options.

Accepted money transfer methods

Here are the numerous ways Payoneer and Wise can receive and pay out funds.

	Payoneer3	Wise
Pay in options	Payoneer account transfer Credit/debit card Local bank transfer ACH bank debit SWIFT (wire transfer)	Bank transfer Generate unique payment links QR codes Accept credit and debit card payments Quick Pay PayID Send from Wise account in other currencies
Pay out options	Payments to Payoneer accounts Credit/debit card Payoneer balance	Local bank transfer Transfer between Wise accounts Direct debits Bulk payments Scheduled transfers Invoice payments
As seen on 3 February, 2026

Wise and Payoneer both have a broad range of pay in options. They can also transfer to each other via local account details.

Supported currencies

Local currency accounts and supported countries and currencies differ per provider. Here’s what Payoneer and Wise have:

	Payoneer	Wise
Local currency account details (So you can receive in locally denominated currency)	AUD, USD, JPY, EUR, HKD, SGD, CAD, GBP, AED3	AUD, NZD, SGD, USD, CAD, EUR, GBP, HKD, HUF
Currencies supported to send and convert transfers in	190+ countries3	140+ countries and in 40+ currencies See the list here

As seen on 3 February 2026

Wise has 2 different local currency accounts, but Payoneer has a larger number of supported countries to send transfers to.

Sending money abroad

Speed is extremely important when sending money internationally. Here’s what they both can offer:

Payoneer

Payoneer states that payments from Payoneer to Payoneer accounts appear within 2 hours. Payments to supplier bank accounts are 1–3 business days.³

Withdrawal to your nominated account can take 3-5 business days.⁶

Wise Business

Most of the time, transfers should take 1-2 working days. The speed depends on the currency route and payment method chosen. In some cases, Wise international transfers happen within seconds.

👆Note: The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

What about safety?

Payoneer Australia PTY LTD (ACN 621 926 501) and is regulated by the Australian Securities and Investments Commission (ASIC) under the Australian Financial Services License number 504803.¹

Wise meets the specific requirements set out by each country where it operates. In Australia, Wise is supervised by ASIC under Australian Financial Services Licence (AFSL licence number 513764) and authorised as a Purchased Payment Facility (PPF) provider by the Australian Prudential Regulation Authority (APRA).

Wise has dedicated compliance teams and systems working 24/7 to keep our customers’ money safe.

Fee comparison: Payoneer vs Wise Business

The main difference between financial providers is in the fees they charge. Here is the breakdown of the main fees charged by Payoneer and Wise in Australia.

Service	Payoneer4	Wise Business
Account opening fee	Free	Free to open an account for sending money One time 65 AUD fee for local account details in 8+ currencies
International transfer fees - receiving	Free Payoneer to Payoneer Free to your receiving accounts except: ACH bank debit by clients 1% Credit card by your clients 3.99%	Free Wise to Wise No fees for receiving payments into your Wise local account details except: $6.11 USD to receive USD via SWIFT or wire transfer into your USD
International transfer fees	Free Payoneer to Payoneer Up to 1% of the transaction amount Fixed fee of 1.50 - EUR/GBP/USD When you use your EUR, GBP or USD to make a payment to someone whose bank account: is in the same currency as yours is in a country where the payment currency is the local currency is in the same country that you have listed in your Payoneer profile	From 0.63% for sending Fixed fees for receiving. Find out here)
ATM Fees - Withdrawals	Based on the currency being withdrawn: 3.15 USD, 2.50 EUR, 1.95 GBP + up to 3.5% of the withdrawn amount	Free for two withdrawals collectively up to $350 AUD per month each card 1.75% + $1.50 AUD per withdrawal over the $350 per month limit

As seen on 3 February 2026

Both companies are extremely transparent with their fees upfront. However, Payoneer has a few extra levels of charges based on transaction type and currencies.

Exchange rates used

You can obtain exchange rates from several places. Here’s how Payoneer and Wise get theirs.

Payoneer5	Wise
Based on wholesale market rates along with a 0.5% currency conversion fee	No margin. The FX is based on the mid-market rate like the one you’d see on XE or Google.

As seen on 3 February 2026

Knowing what rate is used to convert your currencies is vital. Both companies make these rates available at the time of the transaction.

The difference is that Wise uses the transparent mid-market rate which you can easily confirm. Payoneer uses wholesale market rates that they source from various places.

Pros and cons: Payoneer vs Wise Business

Which one is the right choice for your Australian business needs? These pros and cons will help:

Payoneer

Pros

• Free transfers Payoneer to Payoneer
• Local account details in 9 countries
• Debit Mastercard access

Cons

• Fee structure can appear a little complicated based on all the variables
• Xero is the only integrated API
• Sending payments is online only, no cash-outs

Wise Business

Pros

• Free transfers Wise to Wise
• International transfers can be conducted by personal or business customers
• API integration with 9+ partners

Cons

• Cannot pay in/out with cash - online only
• Supported countries list is less than Payoneer’s

Online reviews for Payoneer vs Wise Business

Here’s what Australia has to say about both Payoneer and Wise.

Payoneer reviews8	Wise reviews9
Trustpilot Australia review: 3.7/5 star rating with around 62,400 reviews and 5 stars from more than 70%.	Trustpilot rating: Excellent 4.3 out of 5 stars from +230,000 reviews
As seen on 3 February 2026

Wise has a slightly higher score than Payoneer and considerably more reviews.

Wrapping up

Payoneer and Wise have similar product offerings for Australian businesses. When deciding between the two, the decision is up to you, but consider these things:

Both offer multi-currency accounts that can receive, hold and send funds.Debit cards are also offered by both and can be used globally wherever Mastercard is accepted.

The differences are in the fees charged, and the countries offered to send payments.

Wise Business currently offers more local currency accounts than Payoneer. Wise and Payoneer compliment each other. Link your Wise account to Payoneer and then exchange money at the mid market rate.

Internal transfer speed is similar with both. Payoneer to Payroneer can take up to 2 hours, and Wise can do some of its own in seconds. The rest range from hours to a few days.

Wise’s fees are slightly lower and easier to understand. Payoneer currently supports payments to more countries.

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Wise Business: Simplify international financial transactions

Expanding a business internationally often introduces complexities with foreign exchange and multiple account management.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

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Sources:

1. Payoneer About us
2. Payoneer Product features
3. Payoneer Multi-currency account
4. Payoneer Fees
5. Payoneer Conversion rates
6. Payoneer Withdrawal speed
7. Payoneer Quickbooks integration
8. Payoneer Trustpilot AU review
9. Wise Trustpilot AU review

Sources checked on: 3 February 2026