Do you still use PayPal often?

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No, I have a business account but honestly, I always try to avoid getting paid using Paypal.

Reason in one image

When you use PayPal for accepting global payments to businesses there are several deductions that affect the final amount credited to your bank account:

1. (PayPal fees of 4.4% + $0.30) + 18% GST on the PayPal fees
2. Currency conversion fees + 18% GST on the conversion fees

I lost so much money because of their own high conversion rates and their charges.

Q. What do I use?

• Wise (Formerly called TransferWise)
• Payoneer

1. Transferwise or Wise

Pros & Cons

Pros

• Wise or Transferwise is a good option with professionalism, lower fees & transparency.
• Wise may be up to 3x cheaper than PayPal for businesses. Fees may vary depending on the payment method you choose to use.
• Wise uses the REAL exchange rate and charges a low, transparent fee.
• They allow you to send up to 1,000 payments at a time and have low transaction fees — under 1% in most cases.
• You’ll get virtual bank account details of the UK, USA, Australia, Japan, Canada for free from your country to receive payment like a local bank.

Cons

• The problem is not as many people are using it, which means I’m still stuck with Paypal for some cases.
• A person residing in India cannot use TransferWise to send money abroad. We can use it to receive money.
• The downside is that it’s only available in 70 countries.
• If you have employees in one or more unsupported countries, you’re out of luck.

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2. Payoneer

Image by Skynetlite

Is Payoneer Safe?

Payoneer has received excellent reviews on Trustpilot, with a score of 9.2 out of 10. 93% of users rate them as “Excellent” or “Great” while only 4% of users rate them as “Poor” or “Bad.”

Positive

• Customers were impressed with Payoneer’s customer service
• Payoneer was praised for being helpful and understanding
• Users enjoyed the number of options for sending and receiving payments
• You’ll get virtual bank account details of the UK, USA, Australia, Japan, Canada for free from your country to receive payment like a local bank.

Negative

• There were a few problems with delays to payments and pending payments — may be due to transaction verification by a local bank.

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