A Payoneer vs. Remitly Comparison Guide

Nowadays, moving money across borders has become an important part of modern life. You might be getting payment from your overseas clients, paying for something you bought from a different country, sending money to loved ones or simply receiving payments from your buyers.

The good news is that there are several online platforms to facilitate these transactions. Payoneer and Remitly are two of these options.

While Payoneer focuses on professional and business use, Remitly manages personal remittances for people sending funds to relatives in their home countries.

Both stand out, but they solve different problems. In this Payoneer vs. Remitly comparison guide, we look at how they differ and what they offer. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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Payoneer vs. Remitly: Supported Accounts

Payoneer is built to function like a global banking extension for professionals and businesses. Its receiving accounts let users hold account details in major currencies, such as USD, EUR, GBP, JPY, CAD, AUD, SGD and more.

So, clients and marketplaces can pay professionals and businesses as if they were based locally. Payments can then be managed, converted across currencies or withdrawn to more than 190 countries.¹

Remitly is more focused on reach and accessibility for individuals. The platform supports transfers from the United States and other sender countries to recipients in more than 170 nations worldwide.²

Remitly does not provide local receiving accounts. Instead, it supports several delivery methods, such as cash pickup, bank deposits, mobile wallets and home delivery, so families can receive funds however suits them best.

Payoneer vs. Remitly: Costs and Exchange Rate

Payoneer and Remitly have a distinct cost structure. Let’s take a look.

Payoneer

You can set up a free Payoneer account with access to 10 currencies. But other fees apply.

Remitly

Since Remitly doesn’t offer business payments like Payoneer, its costs are a bit different.

Payoneer vs. Remitly: Features

Besides fees, both platforms also differ in some other features.

Payment Gateway Integration

Payoneer was designed with global commerce in mind. It offers local receiving accounts that can be connected directly to major online marketplaces such as Amazon, Fiverr, Upwork and Walmart.

So, businesses and freelancers can collect payments in the local currency of their clients. Payoneer also integrates with e-commerce platforms, so sellers can withdraw or transfer funds easily.

Remitly’s focus is narrower. It prioritizes delivery options for recipients rather than marketplace integration. The platform is aimed at personal remittances rather than business operations, which means it doesn’t connect directly with seller accounts or online marketplaces.

International Reach

Payoneer serves users in more than 200 countries. Its partnerships with leading corporations, including digital platforms and marketplaces, add credibility and scale. Businesses benefit from access to multi-currency accounts that allow them to transact as if they had local banking in multiple regions.

Remitly also reaches far, but its network is designed for individuals sending personal transfers. Its service covers more than 170 countries with thousands of partner agents, banks and mobile money providers.

Ease of Use

Payoneer users benefit from a single account that manages multiple currencies, with options for bank withdrawals, prepaid Mastercard usage and internal transfers between Payoneer accounts. The dashboard is geared toward professionals to offer transparency and control over earnings.

Remitly emphasizes speed and simplicity for personal users. Its mobile-first design makes it quick to initiate a transfer, track delivery status and choose the best method for recipients.

Regulation and Compliance

Payoneer operates under strict regulation in multiple jurisdictions, including oversight by the Treasury's Financial Crimes Enforcement Network (FinCEN) in the U.S. The platform can handle enterprise payouts and freelance transactions while maintaining global compliance standards.

Remitly is licensed as a money transmitter in the U.S.⁵ It is also regulated across several countries where it operates. The platform’s compliance structure supports the security of personal remittances.

Frequently Asked Questions

Do Payoneer and Remitly charge hidden fees?

Both platforms maintain transparency, but the structure differs. Payoneer charges for services like currency conversion and card usage. Remitly applies transfer fees and exchange rate margins.

How fast are payments processed on Payoneer compared to Remitly?

Payoneer payouts usually arrive within one to three business days, though withdrawals to a linked bank account may vary by country. Remitly specializes in speed, with its “Express” service delivering funds instantly or within minutes, depending on the chosen delivery method.

Can Payoneer or Remitly accounts be used without a traditional bank account?

To some extent, yet. Payoneer offers a prepaid Mastercard, which you can use to access funds without connecting a bank account. Remitly recipients can receive money as cash pickup or mobile wallet credit in certain countries to bypass traditional banks.

Which is better for long-term financial management, Remitly or Payoneer?

Payoneer is better suited for ongoing financial management, while Remitly is ideal for one-off or frequent remittances. The latter lacks broader financial management tools businesses may require.