What are the differences between Payoneer and PayPal in India?
Payoneer and PayPal are both popular payment systems globally, but they have some key differences, especially in India.
1. Currency Conversion Fees: PayPal charges a currency conversion fee of 3.5% over the wholesale exchange rate, whereas Payoneer charges 2% above the mid-market rate.
2. Withdrawal to Bank Accounts: PayPal allows free withdrawals to Indian bank accounts if the amount is more than Rs. 7000, otherwise, it charges a fee of Rs. 50. Payoneer, on the other hand, charges a flat $3 fee for local bank transfers and a $15 fee for USD SWIFT transfers.
3. Receiving Payments: PayPal charges a fee of 4.4% + $0.30 USD when you receive payments from international clients. Payoneer charges 1% of the payment amount when you receive payments from another Payoneer account.
4. Ease of Use: Both platforms are user-friendly, but PayPal is more widely accepted for online transactions. Payoneer, however, is more popular among freelancers and businesses due to its lower fees and better exchange rates.
5. Customer Support: Both platforms offer customer support, but users have reported better experiences with Payoneer’s customer service.
In conclusion, the choice between Payoneer and PayPal depends on your specific needs. If you’re a freelancer or a business that receives payments from international clients, Payoneer might be the better option due to its lower fees. However, if you’re an online shopper or require a payment gateway for your website, PayPal might be more suitable.
