2 Paypal alternatives for Freelancers in 2020

When it comes to online payment platforms, Paypal is always the first name in our minds.

Number of Users

TrustPilot Reviews

Convenience

Security

Competitive Rates

Transparency

325 million active user accounts

Rating: 0.5 out of 5.

Rating: 4 out of 5.

Rating: 4.5 out of 5.

Rating: 0.5 out of 5.

Rating: 1 out of 5.

Thanks to the convenience and security that it gives us, it is evidently well accepted as the default payment solution for online transactions such as buying, selling, and even for freelancing with over 325 million active Paypal accounts as of 1st quarter of 2020. Paypal is global in that it is trusted in 200 countries and can accept 25 currencies. However, transaction fees alone costs 4.4% + 0.30USD. With it’s high prices and poor customer service, people starts giving them poor reviews and look for alternatives.

1. Transferwise

TransferWise is the most transparent and cheapest payment platform internationally. They give premium service at the lowest cost possible. It provides online money transfers at the real exchange rate.

Number of Users

TrustPilot Reviews

Convenience

Security

Competitive Rates

Transparency

8 million active user accounts

Rating: 5 out of 5.

Rating: 4 out of 5.

Rating: 4.5 out of 5.

Rating: 4.5 out of 5.

Rating: 5 out of 5.

Convenience and Security is also at par with Paypal. It is also very transparent. Well why wouldn’t it be transparent if it is the leader in their pricing?

Compared to Paypal, it is up to 4x cheaper for spending abroad, 12x time cheaper to send money abroad, and 6x cheaper to take out money from an ATM. Transaction fee costs 0.94% + 1.46USD. To check out sending fees in different currencies, check out their awesome pricing calculators.

If you’re sending money from your account to a registered bank account, it’s free. If you’re sending money from your account to a bank account outside of TransferWise, they charge a fixed fee. They also charge a conversion fee if you send money to a different currency listed below. Say for example you are sending GBP to USD to a bank account outside of your TransferWise, they will charge you 1.40USD fixed fee. They accept more than 300 currencies.

Currency you’re sending to     Fixed fee
AED14.50 AED
ARS140 ARS 
AUD1.05 AUD 
BDT220 BDT 
BGN1.50 BGN 
CAD1.05 CAD 
CHF0.85 CHF
CLP3800 CLP
CNY17.06 CNY
CZK15.50 CZK
DKK9 DKK
EGP60 EGP
EUR0.63 EUR
GBP0.60 GBP
GEL3.10 GEL
HKD6.50 HKD
HRK11.50 HRK
HUF340 HUF
ILS15.50 ILS
INR55 INR
JPY300 JPY
KRW2,704 KRW
LKR250 LKR
MAD25.50 MAD
MXN24 MXN
MYR5.05 MYR
NOK9.92 NOK
NPR360 NPR
NZD1.45 NZD
PEN10.50 PEN
PKR210 PKR
PLN3.30 PLN
RON5 RON
RUB220 RUB
SEK9 SEK
SGD1.40 SGD
THB58.86 THB
TRY12.50 TRY
TZS14,208 TZS
UAH16.50 UAH
USD1.40 USD
VND64,000 VND
XOF4,118.41 XOF
ZAR130 ZAR
*If your currency is not listed, then there’s no fixed fee.

2. Payoneer

Payoneer is another good alternative to Paypal as it is also accepted by most of the leading marketplaces.

Number of Users

TrustPilot Reviews

Convenience

Security

Competitive Rates

Transparency

4 million active user accounts

Rating: 4.5 out of 5.

Rating: 4 out of 5.

Rating: 4.5 out of 5.

Rating: 2.5 out of 5.

Rating: 2.5 out of 5.

Payoneer is a complete solution for freelancers and service providers with clients worldwide. Easily get paid by leading marketplaces including Upwork, Fiverr, Onlinejobs.ph and more or get paid by clients like a local. They provide multiple ways for you to withdraw your earnings via ATM or to your local bank account at low rates.

They provide support for over 200 countries and 150 currencies, and the ability to directly withdraw funds with debit cards. Payoneer charges a flat $3 fee per transfer. Unlike Paypal and Transferwise, Payoneer usually takes 2 hours to deliver payments.

Payoneer uses the midpoint of MasterCard’s official currency conversion rates. The transaction fees charged by Payoneer are $2.99 for a local bank transfer and $15 for a USD SWIFT transfer. Payoneer charges fees of $4 or 1% of the overall amount for transfers in USD and EUR, but the fees can’t exceed $10. With Payoneer, you can send money to your prepaid MasterCard, Paypal, or make a global bank transfer.

Published by Cash Heaven

Excel Expert and Financial Analyst Excel / Google Sheets / Financial Modelling, Valuation and Analysis Effective communicator / High quality / Affordable / Reliable / Quick Turnover I've successfully completed over 200 financial modelling, valuation and analysis projects with start-up stage and corporate companies over the past 4 years. I love to solve problems, have an eye for design, and have built business excel templates. I fix Excel formulas in 10 minutes.

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