Why should I use this instead of PayPal?
Many online sellers receive payment via PayPal and opt to use the platform to manage their international payments. However, managing your sales revenue and payments through PayPal does have a few disadvantages:
- Payment fees apply. When you sell something and you receive payment via PayPal, a fee applies. This fee is 2.9% + $0.30 for PayPal Wallet payments from Canada, 3.7% + $0.30 for payments from the US or 3.9% + a fixed fee for payments from other countries.
- Currency conversion fees apply. If you’re paid in a foreign currency that you want to convert into Canadian dollars so you can withdraw the money to your linked bank account, PayPal’s conversion rate is 3.5% above its base exchange rate.
- Poor exchange rates. If you want to send an international payment from your PayPal account, the exchange rates offered typically can’t match those offered by dedicated money transfer services.
By comparison, Payoneer’s fees and exchange rates could potentially help you save money when managing your international payments.