In rapidly growing affiliate marketing, eCommerce, and dropshipping businesses, international bank accounts and payment gateways play a crucial role. Freelancers, bloggers, designers, and online shop owners need effective ways to receive and send money once they start earning. That’s where payment platforms come in handy. They not only make it easy to handle your money but also help you get international bank accounts with Visa and Mastercard.
Do you have a WooCommerce store, or are you thinking about starting one? There are a number of things to consider when setting up an online store, and one of the most important is choosing a payment gateway. A payment gateway allows customers to pay for goods and services using their credit or debit card. Various payment gateways exist, yet not each one is suitable for every country. This is why it’s important to choose a payment gateway that offers international support.
These platforms are not just for managing your personal money. If you’re into selling things online, they can help you set up a smooth way for your store checkout pages. Without any coding knowledge, they facilitate smooth and secure transactions between businesses and customers buying from different countries. These digital portals authorize and process payments in multiple currencies, enabling businesses to easily expand their reach and capitalize on the global marketplace.
Understanding how crucial these tools are, it’s a smart move for anyone working online to create accounts on these platforms right from the beginning. This ensures you have a solid base for handling your money, making them a must-have for freelancers and influencers figuring out the online world.
1. Payoneer
Payoneer is a popular international payment gateway for eCommerce and dropshipping businesses that allows you to open bank accounts. It offers a convenient and secure way to send and receive payments around the world. Payoneer is available in over 200 countries and supports multiple currencies, so it’s a great choice for businesses with international customers. Streamline the checkout experience for your online store with Payoneer Checkout, which accepts Visa and Mastercard payments in 120+ currencies.
If you can’t find Payoneer Checkout on your dashboard, reach out to the Payoneer customer service team for assistance. Develop your payment page with flexible tools, giving you the freedom to personalize the appearance of your online store checkout page. Enhance the shopping experience for your customers by utilizing smart features like supporting local languages on the payment page and customized payment methods based on the customer’s country.
Paypal and Payoneer are alternatives to each other. However, Payoneer is a better choice if you need a payment gateway. Payoneer works everywhere, but PayPal doesn’t work in some countries. Payoneer gives you a bank account, whereas PayPal does not provide a bank account. So, if you’re working online, I suggest using Payoneer instead of PayPal.
You can get money from another Payoneer user for free. Famous platforms like Fiverr, Amazon, PeoplePerHour, Templatemonster, and over 2500 other top places work with Payoneer. The fees depend on each platform, so you should check with them to know the exact rates.
Bank Account
Payoneer provides the option to open a virtual bank account. This account is not a traditional physical bank account but serves as a virtual representation. It allows users to receive and manage funds in multiple currencies, facilitating international transactions. This feature is particularly beneficial for individuals and businesses engaged in global activities, providing a convenient way to handle cross-border payments and streamline financial transactions. Keep in mind that, while it functions similarly to a bank account, it may not offer all the services provided by a traditional bank. Setting up a Payoneer bank account doesn’t cost anything. However, if you don’t receive $2000 in payments within 12 months, Payoneer will charge you an account fee of $29.95.
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Payoneer offers the convenience of receiving money in US, UK, and European bank accounts through a single Payoneer account. While you can open unlimited bank accounts, it’s essential to have a valid reason for doing so. Before opening an account, you must provide Payoneer with your business details. Users can hold and manage multiple foreign currencies in their Payoneer account. Payoneer provides you with a bank name, routing number, sort code, account number, account type, and even a bank address. It’s like having a local bank account for USD, EUR, GBP, and other currencies. Payoneer offers very competitive foreign exchange rates. This can save you a significant amount of money if you are receiving payments in a currency other than your home currency.
Support Wire Transfers
Payoneer also supports SWIFT (wire) payments to keep everything in one place. By default, Payoneer doesn’t allow wire transfers. But if you want it, just ask Payoneer customer service when you’re setting up a new bank account, and they can make one that supports wire transfers for you.
With Payoneer, you can receive payments from major marketplaces and companies around the world, including Amazon, Alibaba, Shareasale, and more. You can also use Payoneer to pay your dropshipping suppliers. It provides easy integration with popular e-commerce platforms like Shopify, WooCommerce, and OpenCart, enabling sellers to manage their revenue and streamline the payment process.
Payoneer Master Card
Payoneer also offers a Mastercard. You can get a Payoneer Mastercard in USD, EUR, GBP, or CAD and use it to pay for ads, subscriptions, and purchase items online. You can also take out money using the Payoneer Mastercard at your local ATM. The yearly fee for the Payoneer Mastercard is $29.95.
Is Payoneer Safe?
Payoneer is a licensed and regulated financial institution that provides online money transfers and digital payment services. Freelancers and sellers worldwide highly recommend Payoneer, as evidenced by the positive reviews on reputable sites like Trustpilot, Sitejabber, and FinancesOnline.
2. Wise
Wise, previously known as TransferWise, established its online platform in 2011 with the goal of facilitating cost-effective and streamlined international money transfers. The platform enables users to send, receive, and manage funds across borders with minimal fees. Wise stands out because it gives good exchange rates, making it a great choice for businesses sending money abroad. Additionally, Wise extends its services to include international bank accounts, enabling businesses to efficiently hold and manage funds in multiple currencies. This feature proves valuable for freelancers who need international bank accounts and payment gateways for selling products or services in different countries.
Free International Virtual Bank Accounts
Wise gives you free virtual bank accounts for the UK, Eurozone, US, Australia, and New Zealand, all without needing a local address. Wise provides you with Swift/BIC codes, an IBAN number, and other bank details. Users can use these details to receive payments. Share these details with clients and companies for smooth international payments. Link your Wise account with Upwork and Fiverr to seamlessly receive payments from your gigs. If you are a blogger and earn money with AdSense, then you can receive dollars from AdSense to your Wise bank account. Similarly, if you join any affiliate program, you can also use Wise bank details to receive funds.
While Wise does not offer a standalone payment gateway service, it allows integration with other payment gateway providers like Stripe for receiving international payments into your Wise bank account. Wise stands out as a cost-effective solution, being up to 8 times more economical than local banks and PayPal for international money transfers. Regulated by multiple authorities globally, Wise maintains a high level of security through HTTPS encryption, 2-step verification, and round-the-clock customer service. As an innovative and trusted fintech company, Wise is committed to realizing the vision of borderless money transactions for everyone.
Wise Debit Card
Wise offers a comprehensive financial solution with both physical and virtual Visa debit cards and Mastercards, providing users with the capability to spend their Wise funds globally. When you use it, you get the real exchange rate with no secret extra charges. You can check the fees and rates before making any transactions. The card lets you take out up to £200 in cash per month for free from ATMs around the world. After that, there’s a small fee of 0.5 GBP plus 1.75% on withdrawals.
You have some handy options with this card. You can freeze and unfreeze it from the app. Also, you can create digital cards for more security. It supports over 40 currencies, and switching between them is easy using the app. Ordering the card costs £7, but getting a digital card is free. Replacing an expired card is also free.
Virtual cards are like hidden cards that stay safe inside your Wise account, which you can only see from your phone or laptop. Your secret virtual card number is different from your real card number, making your purchases extra safe. You have the option to own up to three virtual cards simultaneously, using each one for various types of expenses. If you ever think someone has gotten into your account, you can quickly replace the active card details for extra safety.
Both the Wise and Payoneer cards are the most innovative debit cards in the world, and they have won many awards and recognitions. Overall, Wise is a good choice for businesses that need to send money internationally. They offer competitive rates and low fees, and their borderless account can be helpful for businesses that operate in multiple countries.
Wise Personal vs Business Account
Choose Wise personal account if you’re an individual who occasionally needs to send or receive money internationally. You’re on a budget and don’t need all the bells and whistles of a business account. Both accounts provide a unique international debit card for spending in various currencies.
Choose a Wise business account if you’re a freelancer, business owner, or entrepreneur who regularly receives international payments. You need features like local bank accounts, platform integrations, and tax-ready reports. You’re willing to pay a monthly fee for additional features and transaction limits.
These features are exclusive to the business account and not accessible in the personal account: Wise open API, receipt of Stripe and Amazon payouts, multi-user access controls, batch payments, and connection to accounting software.
Payoneer vs Wise for Freelancers
Payoneer is an online financial services provider that supports global commerce. It also provides a Mastercard that you can use to withdraw cash from ATMs worldwide. Payoneer is more geared towards e-commerce and business payments, as it has partnerships with many online marketplaces and platforms. It’s well-liked for collecting payments and is mainly for businesses, online sellers, and freelancers dealing with international payments. It offers working capital solutions and provides specific details for receiving money in various currencies, including bank information.
On the other hand, Wise is a platform that offers real-time exchange rates and allows you to make fast, low-cost, and transparent international money transfers. It offers both a personal and a business account to support all customers across the globe. Wise also provides local bank account details in multiple currencies and allows you to hold and convert money. Wise is a smart way to manage your money across borders, whether you need to send money to family, pay bills, travel, or work online.
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With Wise, you can get a digital Visa card, while Payoneer offers a physical debit card. Both platforms provide international bank accounts. Payoneer provides a checkout feature that enables you to receive online payments globally through your WooCommerce and Shopify stores. In contrast, Wise requires a third party, such as Stripe, to add a checkout feature. Payoneer also provides currency conversion services, but the rates may not be as favorable as Wise’s.
Both Payoneer and Wise are regulated financial institutions, implementing security measures to protect funds and information. Both are reliable and have a large user base.
Free Invoice Generator
If you are a freelancer or a business owner who needs to send invoices to your clients across the world, you may want to check out the Wise invoice generator. It’s free and easy to use, and you can use the Wise invoice generator to create an invoice online in a few moments. You just need to fill in your company and contact information, date and invoice number, line items with descriptions of billable work and agreed rates, tax and payment terms, and download your invoice as a PDF. You can also add your logo and password protection to your invoice for a more professional look.
It’s compatible with printers and mobile devices. You can send your invoice to your client by email or print it out if you prefer. Your invoice will look great on any device, and you can also access it from your Wise account anytime.
Wise Interest
Wise offers an interest feature for eligible US personal and business customers, who can opt in to earn 4.85% APY on their USD, EUR, and GBP balance. The interest feature also provides passthrough FDIC insurance up to $250,000 through Wise’s program bank. Customers can enjoy instant access to their money and the flexible international features of Wise, such as sending, spending, and receiving money in different currencies. Wise is transparent about its rates and fees and aims to create versatile and convenient ways for US customers to handle their money.
3. PayPal
PayPal functions as a mobile wallet and does not offer a bank account. Users can utilize their email addresses for both receiving and making payments on the platform. It is a widely used and trusted payment gateway for e-commerce and dropshipping. It works in more than 200 countries and supports 25 different currencies. This makes it great for online stores that sell things internationally. Almost all companies provide users with the option to withdraw funds through PayPal.
PayPal supports all major credit cards, debit cards, Venmo, and PayPal credit. Additionally, it offers options such as PayPal Payments Pro, PayPal Payments Standard, and PayPal Express Checkout, providing flexibility for vendors. Many customers are familiar with PayPal, making it a convenient and accessible payment method. With nearly 300 million customers and over 20 million active merchant accounts, PayPal is one of the most widely used payment platforms.
You can receive money on PayPal from Payoneer and Wise bank accounts. You can also send money from PayPal to Wise and Payoneer bank accounts. Users have the capability to withdraw small amounts using PayPal.
PayPal Checkout for Your eCommerce Store
Integrating PayPal into WordPress and eCommerce sites is easy to do. Online shoppers are 75% more likely to buy if PayPal is a payment option. PayPal’s widespread acceptance, familiarity with customers, and support for multiple currencies make it a strong choice for online stores, especially those with an international focus. PayPal also offers protection for both buyers and sellers, as well as customer support and fraud prevention.
PayPal is a global leader in online payments, offering a range of eCommerce checkout features for businesses. One of the great things about PayPal is that you can accept payments from customers who do not have a PayPal account. When you use PayPal services, your customers can complete their payments using a credit or debit card through the PayPal guest checkout feature without needing to create a PayPal account. They will have the option to sign up for a PayPal account after making their payment, if they wish.
You can find many plugins for PayPal payments in WooCommerce. These plugins make it easy to connect PayPal Checkout with your WooCommerce store. You can sell on social media, charge for services, offer subscriptions, and accept donations with PayPal’s flexible payment option. Add the PayPal logo to your website and invoices to increase your customers’ trust and confidence.
Pay Later with PayPal
“Buy now, pay later” is a great choice if you want to make a big purchase but pay for it in the future. You can get what you want and split the payments over weeks or even months. To qualify for PayPal Pay Later, you need to be at least 18 years old and have a good-standing PayPal account.
Pay later is a feature that lets users split their purchases into smaller, interest-free payments over time. Users can choose between two options: pay in four or pay monthly. Pay in 4 allows users to pay for purchases between $30 and $1500 in four equal installments every two weeks, with no fees or interest. Pay Monthly allows users to pay for purchases between $199 and $10000 in monthly installments, with a fixed interest rate and no annual fee.
If you own an e-commerce store, you can include the PayPal Pay Later button on your checkout page. By adding the pay later button to your checkout page, you can offer your customers a convenient and flexible way to pay for their purchases without paying any extra fees or interest. This can help you increase your sales, conversions, and customer loyalty.
Is PayPal safe for your online store?
Another advantage of using PayPal is that it is very secure. In your online store, customers can pay safely with their PayPal email address. PayPal’s secure servers encrypt and process all transactions, ensuring that no one, not even store staff, ever has access to your customers’ credit card details. It offers a number of advantages, including low transaction fees and the ability to send invoices in multiple currencies. This can save businesses a significant amount of money. Remember, ensuring your online store’s payment setup properly connects with PayPal is crucial. This way, your customers can easily pay without any problems.
Customers can feel secure while shopping because PayPal offers a buyer protection program. If customers don’t get what they ordered or if it’s significantly different from the description, they just need to report the problem to PayPal within the timeframe. PayPal will look into it. If their claim is valid, they could get a refund. This makes shopping safer and more reassuring for customers.
PayPal integrates smoothly with popular eCommerce platforms like Shopify, Prestashop, Ecwid, Big Cartel, and BigCommerce, making it simpler for merchants to handle payments. The PayPal fraud protection program uses a number of different techniques to protect businesses from fraud. This can be a valuable tool for businesses that are concerned about fraudulent chargebacks. Whether you’re starting a new online venture or looking to expand your existing operations, PayPal provides the tools and protection necessary to grow your business with confidence.
PayPal Debit Card
PayPal also offers a debit card. Which you can use wherever Mastercard is accepted. You can even get cashback rewards on some purchases. Every month, PayPal automatically adds cash-back rewards to the user’s PayPal balance. You can use a PayPal debit card for online or in-store purchases and also for ATM withdrawals. The PayPal debit card has no monthly or annual fees, no minimum balance requirements, and no fees at the MoneyPass ATM. However, you have to pay $2.5 if you take out money from ATMs that are not MoneyPass. While there are no fees for US transactions, a 2.5% foreign transaction fee applies.
Paypal Personal vs Business Account for Freelancer
PayPal offers two types of accounts: personal and business. The main difference between them is that a personal account is for individuals who use PayPal for online shopping, sending or receiving personal payments, or managing casual selling activities. A business account is for freelancers who want to accept online payments, send invoices, set up subscription services, and access other business tools. A PayPal business account is more suitable for freelancers who want to maintain a professional image and handle high volumes of transactions.
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Both accounts have no monthly or annual fees, but both may charge higher fees for international transactions and currency conversions. A PayPal business account also has a PayPal checkout feature and customization options for invoices and payment buttons, as well as the ability to operate under a company and allow multiple users access.
Conclusion
In summary, for business owners dealing with international transactions, you must create an account on Payoneer, Wise, and PayPal. These three international bank accounts and payment gateways are essential for freelancers. The fact that signing up is entirely free makes it even more beneficial for freelancers. Therefore, if you work online, it’s wise to start using these tools right away. Whether you need bank accounts, savings accounts, or payment gateways for e-commerce checkouts, these platforms simplify the process of managing money online.
Author: Asif
Asif is a freelance writer who shares his knowledge and experience on how to build and run a successful online business. Whether you are a beginner or a pro, you will find valuable tips and resources on his blog » NewOfferSee Digital Time »
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