Wise vs Payoneer: Which Is Best for Businesses in the Philippines?

For businesses in the Philippines, working with overseas clients often means dealing with multiple currencies and payment systems. Traditional banks can make this process cumbersome, with high fees, slow transfer times, and poor exchange rates. Fortunately, popular fintech solutions like Wise Business and Payoneer offer simpler and more affordable ways to manage global transactions.

In this article, we’ll compare Wise Business and Payoneer in detail, looking at their fees, features, and usability, so you can decide which service best suits your business needs.

Table of contents
Wise Business vs Payoneer: a high-level comparison How Wise helps you save on costs Understanding Payoneer's fee structure Comparing core features for your business Navigating withdrawals and payments in the Philippines

Wise Business vs Payoneer: a high-level comparison

Wise is a global fintech company specializing in low-cost international money transfers and multi-currency accounts for businesses and individuals. It is known for using the mid-market exchange rate without markups, offering fast transfers with just a small conversion fee and minimal hassle.

Payoneer is a financial services company focused on cross-border business-to-business (B2B) payments for freelancers, online sellers, and small businesses. It facilitates receiving payments from marketplaces like Amazon and Upwork, offers access to working capital, and provides solutions to streamline global commerce.

Wise Business and Payoneer share some similarities, as both offer multi-currency accounts, physical and virtual cards, and enable cross-border payments. However, they also differ in some ways, including fee structures, exchange rate markups, and the specific features each platform provides.

	Wise Business	Payoneer
Multi-currency account	Hold 40+ currencies	Hold 10+ currencies
Account opening fees	Free signup, 1,400 PHP one-time for full features	Free
Maintenance fees	No monthly or annual fees	29.95 USD/year when under 2,000 USD received
Receiving accounts	Get account details in 25 currencies	Get account details in 10+ currencies
Debit card	Physical and virtual cards available	Physical and virtual cards available
Exchange rate markup	No markup used, mid-market exchange rate applies	Uses wholesale market rates; markup not clearly disclosed
Batch payments	Yes (up to 1,000 recipients)	Yes (up to 1,000 recipients)
Accounting integrations	Xero, QuickBooks, Zoho Books, and more	Xero, QuickBooks

*Details accurate as of 20th September 2025

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A detailed breakdown of fees and exchange rates

One of the biggest considerations when choosing a business account is the fees, such as those for sending and receiving funds, converting currencies, and making withdrawals. Here’s how the costs associated with using Wise Business and Payoneer compare:

How Wise helps you save on costs

Wise is well known for its transparent pricing and low conversion fees. Here are some of the typical costs that businesses in the Philippines can expect when using Wise:

• Mid-market exchange rates: Wise always converts currencies at the mid-market rate without any markups.
• Transparent, low fees: There are no hidden surprises; all costs are shown to you before you commit to a transfer. The fee for sending money starts from 0.57%.
• Receive money like a local: Wise lets you receive money for free in currencies like USD, EUR, GBP, SGD, and PHP when you use the 10+ local account details provided by Wise.
• No ongoing fees: Wise Business has a one-time fee of 1,400 PHP to unlock full account features, but does not charge any monthly or annual maintenance fee, and there’s no requirement to keep a minimum balance.

Understanding Payoneer's fee structure

Payoneer’s fee structure is a bit more complex, with additional costs to understand and consider. It can also be more expensive than Wise for many transactions. Here are some of Payoneer’s typical fees:

• Exchange rates: Payoneer uses wholesale exchange rates sourced from financial providers, not the interbank mid-market rate used by Wise. These rates include a markup, though Payoneer does not publicly disclose its size.
• Sending payments: International payments can incur fees of up to 3%.
• Receiving Payments: Free from Payoneer customers. Non-Payoneer payments incur a fee of up to 1% when received via your receiving accounts. Payments received via credit card are charged up to 3.99%.¹
• Ongoing Fees: Payoneer charges an annual fee of $29.95 if you receive less than the equivalent of 2,000 USD in a year.²

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Comparing core features for your business

Beyond fees, it’s important to compare what each platform allows you to do. Let’s look at the main business-oriented features of Wise and Payoneer to see how they stack up.

Holding and receiving multiple currencies

One major advantage of Wise Business and Payoneer is that they allow you to obtain local account details, enabling you to receive money in different currencies as if you were a local.

With Wise Business, after paying a one-time fee of 1,400 PHP, you can access local and international account details in 25 currencies, whereas Payoneer does not charge a one-time fee but only provides account details for around 10 currencies:

• Wise Business: PHP, GBP, EUR, USD, AUD, BGN, CAD, CNY, CZK, DKK, HKD, HUF, ILS, JPY, NZD, NOK, PLN, SGD, ZAR, SEK, CHF, TRY, UGX, AED
• Payoneer: USD, EUR, GBP, JPY, AUD, CAD, SGD, HKD, AED, MXN³

As you can see, Wise supports account details for several major currencies that Payoneer does not, such as the Philippine Peso (PHP), New Zealand Dollar (NZD), and Chinese Yuan (CNY).

Plus, for businesses in the Philippines, Payoneer charges up to a 1% fee when you receive payments through these local account details, whereas with Wise Business, it’s often completely free.

💡Are bank accounts limited to USD, EUR, or GBP options holding back your business? With a Wise Business multi-currency account, you can access over 10 local account numbers — far more currency options than the handful most banks offer. Plus, Wise makes it easy to hold, send, receive, and exchange 40+ currencies from a single account. With the freedom to send and receive payments in more currencies globally, you can focus on what matters most: growing a local business that knows no borders.

• Obtain account details to receive payments in USD, EUR, GBP, SGD, HKD and more for a one-time fee of 1,400 PHP.
• Zero fees when you get paid via ACH, FAST, InstaPay/PESONet, & other local transfers.
• Send money to pay invoices, suppliers & contractors fast, with less fees
• Always get the mid-market rate with transparent conversion fees starting from 0.57%.
• Pay your bills and ad-hoc overseas expenses using the Wise Business card without hefty foreign transaction fees.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

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Business cards for team expenses

Both Wise Business and Payoneer offer virtual and physical cards for you and your team to use for online and in-store spending.

However, the Wise Business card is multi-currency, while the Payoneer card is not. Each Payoneer card is linked to a single currency in your balance, meaning you’ll need to order a separate card for every currency you want to use.⁴

With Wise Business, your first physical card is free and includes standard delivery. Replacement cards cost 156.80 PHP, while virtual cards are always free.

With Payoneer, your first card carries an annual fee of 29.95 USD, though additional cards are free. Standard delivery is included at no extra cost, and replacement cards cost 12.95 USD or the equivalent.

When using a Payoneer card, transactions involving currency conversion incur fees of up to 3.5%, and may include a cross-border fee of up to 1.8%. In contrast, the Wise Business card charges as little as 0.57% on currency conversion, while spending in a currency you already hold is completely free.

When it comes to ATM withdrawals, here’s how they compare:

• Wise Business card: You can withdraw up to 12,000 PHP per month for free, provided it’s done in two or fewer withdrawals. After this limit, a fee of 1% plus 30 PHP per withdrawal applies.
• ATM withdrawals: Cash advances at ATMs cost 3.15 USD or the equivalent per transaction. Balance inquiries at ATMs incur a fee of 1.00 USD or the equivalent.

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Integrations with other platforms

Wise Business and Payoneer integrate directly with popular accounting software such as Xero and QuickBooks,⁵ allowing businesses to automatically reconcile transactions and streamline their accounting processes.

➡️Discover how easy it was for anyIP to integrate Wise Business with their accounting platform—halving payment reconciliation time. ⬅️

Payoneer also has strong partnerships with freelance and e-commerce marketplaces like Fiverr, Upwork, Amazon, Shopee, and Lazada, which make it easier for users to receive earnings directly into their Payoneer accounts.⁶

However, Payoneer's convenient integrations are not always the most cost-effective. For example, withdrawing funds from Upwork via Payoneer incurs a $2 withdrawal fee charged by Upwork, plus additional Payoneer fees.⁷ In contrast, if you use a Wise Business account with local USD account details, you can withdraw from Upwork for free.

Both Wise and Payoneer provide local account details for marketplace withdrawals, but Payoneer charges up to a 1% fee when receiving funds this way.

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Security and user experience

When it comes to handling your business’s money, security and a smooth user experience are essential. Here’s how these platforms deliver on both fronts in the Philippines.

Both Wise and Payoneer are fully regulated and invest heavily in modern security measures:

• Wise is registered with the Financial Crimes Enforcement Network (FinCEN) in the US and regulated worldwide, including by the Bangko Sentral ng Pilipinas (BSP) in the Philippines.
• Payoneer is also registered with FinCEN and supervised by financial regulators around the globe.
• Both platforms use advanced security features like encryption and two-step verification to protect accounts.
• Each has dedicated anti-fraud teams that continuously monitor transactions.

Navigating withdrawals and payments in the Philippines

Wise supports local payment networks such as InstaPay and PESONet, enabling you to receive PHP, hold a PHP balance, and send PHP to any individual or business bank account in the Philippines. These local networks enable faster transfers at lower costs.

Payoneer, on the other hand, does not let you hold a PHP balance. However, it does allow withdrawals to local bank accounts in the Philippines in PHP. These withdrawals typically take up to two working days and incur a fee of up to 3% of the transaction amount.⁸

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Conclusion

Choosing between Wise Business and Payoneer comes down to your priorities as a business owner in the Philippines.

If you value lower, transparent fees, mid-market rates for currency conversions, and broader currency support to receive payments from clients from different countries, Wise is likely the better choice. Its support for local networks like InstaPay also makes sending and receiving PHP faster and more affordable.

Payoneer, meanwhile, is a strong choice if your business relies heavily on freelance platforms or e-commerce marketplaces. Its partnerships with companies like Upwork, Fiverr, Amazon, and Shopee make receiving payments seamless, while its financing options can also be valuable for businesses needing working capital.

Ultimately, both platforms provide convenient, intuitive ways to manage cross-border payments.

But if your goal is to save on costs while avoiding the hassles and limitations of traditional banks, Wise Business is the smarter choice for running and growing your global business.

➡️Get started with Wise Business today

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Sources:

1. Low fees and no hidden costs | Payoneer Fees
2. Annual account fee
3. Receiving accounts - FAQ
4. Open a Business Card with Payoneer Commercial Mastercard® | Payoneer
5. Quickbooks and Xero integration and reconciliation with Payoneer | Payoneer
6. Payoneer Partners: The Payment Platform Partner Directory | Payoneer
7. Payoneer fees and timing – Upwork Customer Service & Support | Upwork Help
8. Withdraw payments & money online – Get cash fast | Payoneer

Sources checked on 20th September 2025