PAYONEER ACCOUNT AND WISE ACCOUNT EXPLAINED- WHAT YOU MUST KNOW

Choosing a payment platform for your online freelancing or business is critical. Hence, you need to critically examine what payment platform may perfectly suit your business. For this reason, Ratefy.co decided to help you navigate the advantages and disadvantages of using TransferWise and Payoneer as your payment methods.

REGISTRATION:

Setting up your Payoneer account for payments is easy and fast. However, the Payoneer verification process may seem to take a little longer than the Wise verification process.

Transfer-wise accounts, on the other hand, do not appear to be that slow to set up; the verification process appears to be fairly quick.Wise has a track record of verifying users in minutes, and in some cases, just a few hours.

The Payoneer verification process can span up to a week or more. It is more of an internal verification process. After a week or more, Payoneer would get back with a response to certify your verification as approved or denied.

VERIFICATION DOCUMENT

Payoneer accepts a voter’s card, an international passport, a national identity card, and a driver’s license. However, TransferWise rejects the voter’s card as a means of verification while accepting other identity cards such as an international passport, a national identity card, and more.

It is important to note that, as easy and fast as Payoneer is, TransferWise is faster and better.

PARTNERSHIP

Most freelancing platforms need a payment system they can trust in order to ensure a safe payment space for their freelancers. As a result, most online freelancing and business platforms follow the right policy of direct partnership.

Payoneer is known to have direct partnerships with freelancing platforms like Fiverr, Upwork, Clickbank, and many more. In contrast, Transfer-Wise has no direct partnership with most of the freelancing platforms. It has been recorded over the past years that freelancers have had issues connecting their TransferWise account to their freelancing platform or withdrawing directly to their TransferWise account.

However, Upwork has paved way for it freelancers allowing them to link-up their Transfer-Wise account as any other bank account on it platform.

It is important to note that this exception was only created for Upwork, while other service platforms such as Fiverr, Clickbank, and Amazon have yet to approve it.

Ratefy.co believes that Payoneer has more advantages as regards payment partnerships than its counterpart, TransferWise.

THRESHOLDS

The Nigerian naira over the years have found it value progressively depreciating. In the official market, the current value of a naira to a dollar is about $1 to ₦460 as of January 31, 2023. Yet, it doesn’t depict the actual value of a service rendered by freelancers.

Freelancers believed that their service rendered should have an equal value to the money paid, and for this reason, most freelancers seek better solution such as exchanging their dollar at black market rate.  As a result, most freelancers sell their dollars to exchangers at the ₦715 rate. One of the best places to exchange your Payoneer or TransferWise funds is Ratefy.co. It has a track record of successful transactions.

However, exchanging an e-wallet fund at black market rates isn’t an easy task. It involves exchanging wallet fund with wallet exchangers such as Payoneer to Payoneer transfer. A Payoneer-to-Payoneer transfer can only be achieved if, as a freelancer, you have attained a certain amount stipulated by Payoneer.

Payoneer stipulates that a Payoneer user can only make a user-to-user transfer if the user has reached or surpassed the $1000 threshold stipulated by Payoneer.

TransferWise makes it much easier for its users to transfer funds between users as long as each has an activated account.

TransferWise is a better choice if you're searching for a user-to-user transaction that happens more quickly.

However, a TransferWise user ought to activate their account with the sum of $20 before a user-to-user transaction can be accomplished.

Virtual Card and Account Creation

TransferWise can be easily funded with any secured virtual card to create an account, but Payoneer doesn’t accept such a method. Payoneer preferred that new users be funded by another Payoneer user or through the Freelance platform before an account could be created.

Payoneer expects a minimum of $50 for  account creation, while TransferWise is $20.

VOLUME TRANSACTIONS

TransferWise gives it users the immunity of transferring both large or little among between each other. Having a TransferWise account gives you easy access to individuals and businesses transacting with you.

However, Payoneer only allows businesses to transact with new Payoneer users until the new user attains or surpasses the $5000 threshold through services rendered on freelancing platforms.

Ratefy.co believes that TransferWise is a better option if you are looking forward to having transactions without limits and barriers.

Virtual Card Creation

TransferWise is regarded as a bridge between a bank and a payment system, and it does not allow the creation of virtual cards for its members. Virtual cards are part of every online shopper because it helps provides a sense of security. However, TransferWise users are not allowed to enjoy such a feature on its platform.

In contrast, Payoneer gives its users the opportunity to create a virtual card that can be used anywhere on the internet if they have earned about $2000 via freelancing platforms.

as a freelancer, affiliate marketer, or online hustler needing to exchange your e-wallet funds for their equivalent in naira, such as Payoneer, TransferWise, PayPal, and more. You can exchange it now with ease on a trusted platform like Ratefy.co.

Ratefy.co helps you exchange your e-wallet funds at a black-market rate with transparency, ease, trust, and an immediate response. It is safer and more secure to use Ratefy.co.

If you want to know the black market rate of your e-wallet fund, you can visit Ratefy.co at anytime to check the current rate, as Ratefy.co updates the rate every three hours.

Visit Ratefy.co for all e-wallet transactions today. https://ratefy.co