Payoneer made waves in 2005 as a trailblazer in the digital payments space, enabling seamless cross-border commerce for freelancers and e-businesses alike. However, the platform’s shine has dulled for some Indian users plagued by freezes, opaque fines, and an overall lack of responsiveness that belongs in Web 1.0, not 2.0.
For Indian customers seeking payments that work as promised, it’s time to turn the page. We will talk about alternatives that you might want to consider.
Payoneer Overview
Payoneer, established in 2005, stands as a fintech company offering a comprehensive suite of online payment solutions. Specializing in facilitating effortless B2B payments, Payoneer allows users to send and receive money globally, transcending borders, currencies, and various platforms. The company’s fee structure, while providing free transfers among Payoneer users, introduces costs for non-users, with fees reaching up to 3% along with minimum charges. Batch payments, direct client transactions, and marketplace fees contribute to the intricacies of Payoneer’s pricing model. The platform also offers a range of features, including fast global payments, direct deposits in over 190 countries, and Mastercard® powered cards for online shopping and ATMs.
Features :
- Specializing in seamless global B2B transactions.
- Comprehensive suite for worldwide online payments.
- Free transfers among users, fees for non-users up to 3%, with minimum charges.
- Swift and efficient international payment services.
- Direct Deposits in 190+ Countries
- Convenient Mastercard® for online shopping and ATMs.
Pros :
- No setup or monthly fees
- Accepts international payments
- High-level security
- Easy and simple registration process
- Fast money transfers
- Global payment services
- Supported by popular companies
- Direct bank withdrawal
- International Prepaid Card
Cons :
- Limited functionality; unable to accept in-person payments
- Reports of account freezes and terminations, leading to loss of funds
- Withdrawal fees when moving funds from Payoneer to a bank account
- High transaction fees
- Slow customer service response times
- Sudden account blocking or freezing
- High MasterCard service charges
Alternatives
Payoneer’s priorities need retooling for an audience that demands more humanity, less friction, and fees that make sense in the on-demand economy.
Users have migrated to better payment stacks aligned with the needs of today’s empowered gig workers and microentrepreneurs. PayPal still rings international payments at scale with a polished UX. Wind Wallet offers competitive exchange rates, yield opportunities, and fast fiat offramps ideal for international freelancers.
Wind
Wind, a revolutionary self-custodial wallet, emerges as a financial game-changer, offering users in India and beyond instant, secure, and nearly fee-free global transactions. With a focus on empowering individuals and businesses, Wind combines the benefits of a self-custody wallet with optimized batch payouts and competitive forex rates through Wind Business. Below, we explore the key features, pros, and cons that make Wind a compelling choice in the dynamic landscape of digital finance.
Key Features:
- Cross-border payments tailored for India
- Same-day bank transfers for swift financial transactions
- Competitive foreign exchange rates ensuring cost-efficiency
- Free and instant peer-to-peer transactions for seamless fund transfers
- Up to 7% returns on idle funds, providing additional value for users
- Token swapping capabilities using 1inch’s efficient mechanism
- Minimal fees and a unified platform for a streamlined user experience
- Business dashboard for Wind Business users to manage multiple transactions effortlessly.
Learn more about Wind’s features at What can I do with the Wind App? | Wind Help Center.
Pros:
- Minimal fees contribute to cost-effective financial transactions.
- Self-custody wallets grant users enhanced control and security.
- Access to DeFi and the opportunity to earn yield on idle funds.
- A diverse selection of digital assets, catering to various user preferences.
- Global transfers executed within milliseconds, ensuring efficiency.
- User-friendly iOS and Android apps, along with a dedicated Business dashboard.
- 24/7 customer support for responsive assistance.
Cons:
Interest rates may vary, impacting the consistency of returns.
Paypal
PayPal is one of the most popular and widely used online payment platforms in the world. It allows users to send and receive money, shop online, access credit, and more. PayPal was founded in 1998 by a group of entrepreneurs, including Elon Musk and Peter Thiel, who wanted to create a better way to pay and be paid online. PayPal’s mission is to democratize financial services and empower people and businesses to join and thrive in the global economy.
Features :
- Payment Flexibility: Enables mobile, QR code, UPI payments linking various methods
- Diverse Services: Covers shopping, banking, credit, insurance, tolls, exclusive benefits
- Utility Payments: Facilitates electricity, mobile, DTH, broadband, travel bills
- Merchant Solutions: Provides payments, inventory, order tracking for businesses
Pros:
- Cashless, cardless, widely accepted globally
- Services across commerce, finance, travel
- Constantly adds features, discounts
Cons:
- Accessibility restrictions
- Glitches like downtime, failed transactions
- Delayed responses
- Data breaches, fraud
Skrill
Skrill (formerly Moneybookers) allows Indian freelancers to easily accept payments and transfer funds globally. With just an email address, users can create a Skrill account to receive domestic or international payments without disclosing bank details. The integrated digital wallet also enables secure money storage. Once paid into a Skrill account, funds remain there or can be withdrawn into a local bank account. Users may also transfer money internationally to over 200 countries, with instant availability in 40+ currencies.
Standout features include:
- No transfer fees for sending funds to overseas bank accounts
- Direct bank account, mobile wallet, or Skrill account transfers
- Loyalty program rewarding points on transactions
Pros:
- Secure global payments, no bank details shared
- Digital wallet for safe fund storage
- Instant transfers in 40+ currencies
- Direct fund transfers between Indian accounts, lacking in PayPal.
Cons:
- Fees for adding funds to Skrill account
- Charges for sending payments
- 4.49% markup on exchange rates
- Lower fees only for Skrill-to-Skrill transfers
- Transfer times of 24-72 hours
- Security regulated by the Central Bank of Ireland, not RBI
Xoom
Xoom, backed by PayPal, is a great payment option for Indian freelancers compared to platforms like Payoneer. Xoom makes it very easy to move money around globally. It offers Indian freelancers smooth and efficient payments directly into local bank accounts. Users can either open a dedicated Xoom account or use their existing PayPal details to receive money. In both cases, Xoom will quickly deposit funds into Indian bank accounts with no hassle.
Features :
- PayPal linked or dedicated account
- Swift deposits into Indian banks
- Bill pay and international mobile recharge
- Utility, mobile and cable bill payments
Pros:
- Allows direct bank account deposits
- Option for cash pickups available
- Supports UPI payments
- Loyalty & rewards program
Cons:
- Transfer fees applicable for card payments
- Normally higher exchange rates than other remittance services
PingPongX
PingPong offers Indian merchants and freelancers a modern payment gateway to receive international earnings at low 1% fees. It streamlines reconciling payments from global clients and platforms like Amazon, Upwork, etc. into local Indian bank accounts, supporting all major currencies.
Key Features:
- Harmonizes with platforms like Amazon and Upwork.
- RBI-Approved Security
- Quick, free registration with KYC verification.
Pros:
- Manages over $150 million daily.
- Low transaction fees.
Cons:
- Flat 1% fee on Indian bank withdrawals.
- Lack of clarity on forex rates.
- Sending platform-specific limits
Fees & Rates Comparison
| Provider | Type of Service | Fees | Time Taken |
| PayPal | Payment Gateway | 4.40% + Fixed Fee | Immediate transfer to Indian bank account |
| PingPong | Wallet and Payment Gateway | 1% withdrawal fee | 3-5 business days |
| Skrill | Wallet | ₹458.31 for SWIFT payments + exchange rate markup | Instant payment, 1-3 business days for deposit to bank account |
| Xoom | Money Transfer | Free with PayPal wallet or bank transfer | Within minutes to bank accounts if below ₹5 lakhs |
| Wind | Wallet | 0.4% bank cashout charge, Free international payments | Instant |
How to Choose the Wallet for You?
Fees: India has a highly price-sensitive user base. Opt for wallets with minimal fees or none for basic transactions. Consider percentage-based and fixed fee structures. Choose options offering promotions, cashbacks and loyalty programs to save money.
Wind charges near zero fees for the most widely used payment types. Payoneer charges a fee of 0-3% for receiving payments, plus a 2% fee for withdrawing funds to a bank account. PayPal imposes a higher fee of 4.40%, with unclear details on potential returns for unused funds. Skrill involves fees for both adding funds and sending payments, coupled with a 4.49% exchange rate markup. Xoom tends to have comparatively higher exchange rates and charges fees for card payments. Meanwhile, PingPongX distinguishes itself with a notably low 1% withdrawal fee.
Speed: People expect instant or same-day transactions, especially for vital expenses or unexpected needs.
When it comes to transfer speed, Wind takes the lead with free and instant peer-to-peer transfers, along with same-day bank transactions. Xoom promises swift transactions, particularly within minutes for amounts below ₹5 lakhs. On the other hand, PingPongX requires 3-5 business days for withdrawals.
Currencies: Look for wallets supporting INR payments for local needs and popular global currencies for travel, investment or overseas remittances. Wider currency coverage provides flexibility. Wind supports over 100 digital tokens PayPal supports over 25 currencies, Payoneer supports 7 currencies.
Convenience: Assess mobile apps for simplicity, intuitiveness and reliability. Availability of web platforms also aids accessibility. Prepaid cards and alternative payment models like QR codes increase day-to-day convenience.
Wind excels with self-custodial security, token swapping, and an intuitive business dashboard. PayPal stands out for global versatility and continuous improvements. Skrill provides secure global payments and a rewarding loyalty program. Xoom, backed by PayPal, ensures efficiency with direct bank deposits and UPI support. Lastly, PingPongX serves as a modern, cost-effective payment gateway for Indian merchants and freelancers.
Go for Wind Wallet – faster payments, minimal fees, huge currency choice. The smarter e-wallet awaits you. Sign up at Wind – Transfer money cheaper & protect your earnings. Download now from Google Play Store and Apple Store.
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