2 Paypal alternatives for Freelancers in 2020

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

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.

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
AED	14.50 AED
ARS	140 ARS
AUD	1.05 AUD
BDT	220 BDT
BGN	1.50 BGN
CAD	1.05 CAD
CHF	0.85 CHF
CLP	3800 CLP
CNY	17.06 CNY
CZK	15.50 CZK
DKK	9 DKK
EGP	60 EGP
EUR	0.63 EUR
GBP	0.60 GBP
GEL	3.10 GEL
HKD	6.50 HKD
HRK	11.50 HRK
HUF	340 HUF
ILS	15.50 ILS
INR	55 INR
JPY	300 JPY
KRW	2,704 KRW
LKR	250 LKR
MAD	25.50 MAD
MXN	24 MXN
MYR	5.05 MYR
NOK	9.92 NOK
NPR	360 NPR
NZD	1.45 NZD
PEN	10.50 PEN
PKR	210 PKR
PLN	3.30 PLN
RON	5 RON
RUB	220 RUB
SEK	9 SEK
SGD	1.40 SGD
THB	58.86 THB
TRY	12.50 TRY
TZS	14,208 TZS
UAH	16.50 UAH
USD	1.40 USD
VND	64,000 VND
XOF	4,118.41 XOF
ZAR	130 ZAR

2. Payoneer

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

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.