Both Payoneer and Wise are well-established digital commerce service providers but they may not be the ideal choice for everyone. Whether you’re looking for a UK-based service provider or you want to take advantage of a wide range of financial management services, PayAlly is a prime alternative to Payonner and Wise in the UK.
In this article, we take a closer look at the services on offer and give you the lowdown on choosing an alternative to Payoneer and Wise in the UK.
Selecting an Alternative to Payoneer and Wise in the UK
When you’re searching for financial services solutions and providers, it’s important to consider various factors before comparing the options out there. To help you find the best alternative to Payoneer and Wise in the UK, be sure to consider:
Range of Currencies
Multicurrency accounts are a fantastic way to facilitate cross-border transfers. Transforming complicated and expensive transactions into simple and straightforward transfers, the right multicurrency account can localise international finances and give you greater transparency over your finances.
Payoneer, Wise and PayAlly all offer multicurrency accounts that enable users to send and receive funds but there are notable differences too.
While Wise enables accountholders to send funds in more than 40 currencies, for example, business accountholders can only receive localised international payments via unique account details in nine currencies. Similarly, Payoneer offers local receiving accounts in nine currencies, under the umbrella of its multicurrency account.
Having access to a full suite of cross-border financial services enables you to use your account for all of your income, expenditure and transfers. By choosing a digital service provider that can provide all of the services you need, you’ll simplify and streamline your financial management – and reduce complexity and costs.
Although PayAlly, Payoneer and Wise offer multicurrency accounts, the range of additional services does vary between providers. Both PayAlly and Payoneer offer payment gateway services, for example, yet this is not a feature that’s currently present on the Wise website.
When you’re factoring in what services you need, remember to think about your future financial management as well as your current needs. You may want to launch an online checkout via a payment gateway in the future, for example, even if it’s not a top priority right now. By choosing an alternative to Payoneer and Wise in the UK that provides a full ecosystem of services, you can ensure that you’ll have access to the functionality you need, whenever you need it.
Fees and Charges
As more digital commerce service providers emerge, there will be fewer discrepancies in the range of services available. However, the fees and charges that are issued by each service provider can vary greatly.
For accountholders, the cost of maintaining an account and sending and receiving funds is critical. After all, the best multicurrency accounts and international financial solutions should reduce your costs, not increase them!
Business customers in the UK will pay 45 GBP to register with Wise, for example, along with fees starting at 0.43% of the transfer amount when sending funds. The cost of topping up an e-wallet comes in at 2%, while ATM withdrawals attract fees of 1.75% + 0.50 GBP per withdrawal.
For Payoneer accountholders, sending and receiving funds from fellow Payoneer users is free but receiving funds via credit card or sending funds to non-Payoneer users is charged at 3% across all currencies. If you use localised receiving funds, fees are only charged if the transfer is below the (unspecified) minimum amount. If you’re using Payoneer to receive funds via marketplaces and networks, you’ll need to check what fees are applied by the respective organisation too.
Withdrawals from your Payoneer account into a different currency or a non-local currency are charged at up to 2% of the transaction amount, yet withdrawals in the same currency are priced at a flat fee of 1.50 USD, EUR or GBP.
When you’re switching currencies, Payoneer charges a fee of 0.5% of the transfer amount and you’ll also encounter a 29.95 USD annual account fee if you receive less than 2,000 USD in payments per annum.
As you can see, fee structures and charges can be complicated, particularly when you’re comparing one service provider to another. At PayAlly, we pride ourselves on delivering bespoke financial solutions that are designed to help our clients achieve their global objectives. That’s why we offer tailored solutions to match your needs and transparent fee structures. To find out more about our fees and charges, get in touch with our team now.
Don’t underestimate the importance of customer support, particularly when it comes to financial matters. Whether you’re unsure which service is best for you, or you simply want to expand your cross-border activity, it’s vital to have access to fast, knowledgeable support from a team of experts.
While Payoneer has an online support centre, blog and community resources, and Wise offers online support, PayAlly ensures every client has a dedicated Relationship Manager. Giving you the consistency you need when accessing support, our tailored approach to customer support means you always get the optimal customer service you deserve.
When you’re looking for an alternative to Payoneer and Wise in the UK, remember to look at the company’s plans for the future. If new services or features are on the horizon, for example, this could alter your view when you’re deciding which financial service provider is right for you.
As the technological revolution continues to transform the finance industry, we’re consistently evolving and introducing new solutions that empower our clients to meet their objectives in a secure and cost-efficient manner. To find out how far we’ve come – and where we’re going next – stay tuned to our latest company news.
PayAlly: An Alternative to Payoneer and Wise in the UK
As a UK multicurrency account provider and financial service solutions company, we’re dedicated to delivering bespoke services that simplify international financial management and give you access to the resources you need to manage your funds more efficiently. To find out why we’re a popular alternative to Payoneer and Wise in the UK, talk to our team now.