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Paypal VS Payoneer (2024) Full Comparison
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Oct 23, 2024
This detailed 2024 comparison between PayPal and Payoneer examines both payment platforms from multiple angles, helping freelancers, digital entrepreneurs, and business owners make an informed choice. The analysis covers fee structures, international transfer rates, withdrawal options, and geographical availability for both services. Key topics include account setup processes, security features, integration capabilities with various platforms, currency conversion rates, and customer support quality. The comparison delves into specific features like virtual bank accounts, prepaid cards, tax documentation, and marketplace integration. Special attention is given to processing times, payment holds, account limitations, and specific use cases for different types of businesses. Real-world examples and cost calculations demonstrate the practical implications of choosing each platform across different regions and business models.
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PayPal versus Pioneer full comparison
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Hello everyone, welcome back to another video. In this video, I'll compare PayPal versus Pioneer
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and we're going to compare both companies in terms of who has lower cost, which brands offer better exchange rate, and who covers more location
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and which has more ease of use, accessibility, and security. So by the end of this video, we're going to have a better understanding of which brand is best for you
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So let's get started. Now, PayPal describes itself as being a simpler and a much
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smarter way to receive and send money online. The company was first founded by a group of well-known
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entrepreneurs, including Elon Musk in 1998 in California, and saw astronomical growth in 2002 when it was
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acquired by eBay as their primary way of processing payments. PayPal later became independent again
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in 2015, providing a convenient way for friends and families to send money to one another with just
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an email address while also providing a popular payment for online goods and services. Okay
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so, Heoneer, on the other hand, was first founded in 2005. and is a New York-based company providing online transfer services and cross-border back-to-bake payment services
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Now, Payneur serves over 4 million customers worldwide, okay, and it's supporting transfers to over 200 countries
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Payneurier is perhaps slightly different from many other online transfer services, and that it largely targets businesses with better, you know, lead generation and income rate
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Now, which brand has lower fees? Basically, PayPal refers to its fees as a cross-border personal transaction fee
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and these will change depending on where you are transferring to and the amount you are sending
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So for the US, Canada and Europe, PayPal will charge around, I think, one pound for transactions
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under 50 pounds or two pounds for transaction between 50 pounds or over
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For the rest of the world, the fees are one pound for anything under 50 pound and under
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two pounds for transactions between 50 to 100 pounds. Now, Pioneer's fees, on the other hand, depend on the type of transactions that you are
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processing. So for example, using Pioneer's billing service to request payments or paying suppliers
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will incur a fee between 1 to 3% while receiving money from online marketplaces such as Upwork Fiverr
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which will also incur fees set by each individual marketplace, withdrawing money to your account
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in the same currency which will incur a fee in whatever currency you are working with So which brand has lower fees I think both providers have too many variables attached to their fees to draw a direct comparison
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of PayPal versus Pioneer, as the amount you are charged can change depending on how much
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you are sending the transaction type and the currency that you are converting to
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So which brand offers better exchange rates for us, okay? So PayPal charges an exchange rate margin between 3.5 to 4% on most currency conversions
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although the exact percentage added is not clearly shown when you are initiating a transfer
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As an example, sending from GDP to Australian dollars, would give you a markup of 4% on the mid-market rate
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and Pioneer will typically charge a margin of 2% on top of the mid-market rate
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although this can go up to 3.5% if you are paying for your transfer by credit card
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So in this case, I'd say the winner would be Pioneer, and typically you will find that Payneurier's exchange rate is better than what is offered by PayPal
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However, Pioneer does not have its own research, in terms of its target audience
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So this is something worth bearing in mind when comparing Ponyer versus PayPal
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Now, West Brand covers more locations for us. So PayPal is available in more than 200 companies in countries, but they only support
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transferred between 25 currencies at the moment. Currently, Pionier supports 200 plus countries in territories, including areas as remote as
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the Maya at Archipelago and a region under France, but it only supports seven currencies
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and an additional four for tax payment purposes. So in this case, I would say PayPal would be better
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While both operators support a wide range of countries, if we compare PayPal versus Payoneer
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PayPal supports more currencies to transfer between. Then, obviously, we have to talk about which brand is faster, you know
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faster in terms of sending money, faster in terms of transfer time, you know, efficiency and all
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So PayPal's transfer time can take anywhere from minutes to up to five working days
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So if your recipient already has a PayPal account and you already have the funds in your own PayPal account, your transfer will proceed much quicker
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On the other hand, withdrawing from your bank account before converting into another currency will take closer to three to five working days
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The transfers from a pioneer to a bank account will typically take between two to three business days, although Pairnia does say this can take up to five working days in some cases
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And so in some cases your transfer can be processed within 24 hours such as transfers from online marketplaces but variables such as international or local holidays can affect these timings for you So in this case I would say you know depending on the circumstances of your transfer both companies are capable of either sending your transfer in minutes or processing your transfer
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within several working days. So we should also see which brand offers more transfer and payment options for us
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Okay. So when it comes to transfer and payment options, PayPal payment options include paying by bank transfer
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credit card, debit card, or transferring via or PayPal account. You can select for your recipient to receive the funds either by bank transfer or by PayPal account transfer
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Transferring to and from PayPal accounts will be much faster while PayPal is easy and reliable payment solution
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but it is not the most cost-effective option for transferring funds. Payneur's payment options include paying by credit card, e-check, or bank transfer
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However, Payneur differ slightly from a conventional money transfer service. You can use Payneur's platform to withdraw money from your payneur's
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account to your bank account or to pay funds directly to a supplier's bank account, you can also
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load money onto your payneur prepaid master card to then withdraw at local ATMs, physical stores
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or when shopping online for yourself. So in this case, I would say PayPal would be better because if you're sending money internationally
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to a freelancer or a business, Payneur may provide more transfer and payment options suitable to you
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However, if you are sending money purely to friends and family, PayPal may suit you better
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Obviously, most people send things to friends and family. So, yeah, in that case, I would say this option would be better
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Then also, let's also keep users in, you know, other users in our repertoire
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You know, let's actually consider what other users have to save for these brands. Okay
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So when it comes to other users, PayPal has over 25,000 reviews on TrustPilot with an average rating of 1.3
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And amongst the negative reviews, users frequently refer to unfair charges, funds being paused or lost, and poor customer service
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Pionneur has over 51,000 reviews, and average rating of 4.2, positive comments centered on
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PNuers, responsive 24-7 customer support, service, easy-to-navigate platforms, and fast transfers. So obviously, in this case, I would say Pionneur stands out as a trusted, reputable transfer provider
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When we compare Pannier versus PayPal user reviews with overall excellent reviews from repeat customers however it necessary to keep in mind that PayPal offers a number of services beyond purely international money transfers and the reviews don accurately reflect public opinion on these services only
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Then, moving on, which brand has ease of use, accessibility, and transparency and security better
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So PayPal is accessible to a wide range of countries supporting 17 different languages
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The app is available on iOS and Android, allowing you to view your balance
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and you can add and withdraw money and actually send money. The app receives good reviews for its convenience and ease of views to keep account secure
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PayPal uses advanced encryption technology in order to protect every transaction it processes
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It also has security questions in place that you can use if you forget or lose your password
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although you can also contact customer service. Pioneer, on the other hand, has 300 customer service representatives able to offer support to clients
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in over 70 languages through live chat, email, and telephone. In addition, the website can be translated into eight other languages to make sending money more accessible
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The Pioneer app has generally positive reviews, giving users the ability to manage currencies, request payments, and withdrawal payments to bank accounts
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And for Security Pioneer is a registered U.S. Money Service business, and it is a certified at a PSI or PCI, Level 1 Data Security Standard
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So pretty amazing. And in this case, when it comes to ease of use, Pioneer would be better
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So while Payneur supports more languages for customer support, both companies ensure a high level of security
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Then moving on to additional features, I would say in addition to payments for friends and family, PayPal's
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main territory is an e-commerce and PayPal mass payment is also a good option to pay
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It is mostly widely used as a method to pay merchants for goods online and to do this
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you can authorize a seller to use your PayPal account or designate a monthly payment for a subscription service
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And Paynear, on the other hand, is designed specifically to provide a more
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convenient way for business professionals to connect and grow through cross-border payments
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This is unique to most other online transfer services whose main function is to provide
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online transfers to anyone who seeks to send money abroad, whether that's to a family member
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or to pay for foreign purchases or something like that. But yeah, that's pretty much about it for
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this video. Uh, you know, let me know in the comments what you prefer. Drop down like
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subscribe to the channel, and I'll see all of you next time. Goodbye
#Banking
#Financial Planning & Management
#Internet & Telecom
#Money Transfer & Wire Services