What are the differences between Payoneer and Wise for money transfers in Colombia?

Payoneer and Wise (formerly known as TransferWise) are both popular platforms for international money transfers, including to Colombia. However, they differ in several ways. Payoneer is often favored by freelancers and businesses due to its ability to receive payments in multiple currencies and its integration with many online marketplaces. It also offers a prepaid Mastercard. However, Payoneer’s fees can be higher than Wise’s, especially for currency conversion. Wise, on the other hand, is known for its transparency and low fees. It uses the mid-market exchange rate for currency conversion and charges a small, upfront fee. It also offers a multi-currency account and a debit card. However, Wise may not be as fast as Payoneer for certain transfers. Ultimately, the best choice between Payoneer and Wise for money transfers to Colombia depends on your specific needs, such as the amount you’re sending, the currency you’re using, and the speed at which you need the transfer to be completed.