What is the difference between Payoneer and Wise in terms of exchange rates?

Payoneer and Wise (formerly TransferWise) are both popular platforms for international money transfers. However, they differ significantly in terms of exchange rates. Wise is known for offering the mid-market rate, which is the fairest exchange rate you can get. They charge a small, upfront fee for their service, but there are no hidden charges. On the other hand, Payoneer’s exchange rates are typically 2-2.75% above the mid-market rate. This means that for larger transactions, Wise may be more cost-effective. However, Payoneer offers a range of other services such as the ability to receive payments from clients worldwide, which may make it a more suitable option for some users. It’s essential to consider your specific needs and the total cost, including fees, when choosing a platform for international money transfers.