Payoneer vs Banks — Which is better for your business?
Payoneer vs traditional banks for international business payments. Compare receiving accounts, fees, and speed.
Quick comparison
| Feature | Payoneer | Banks | Unicorn Currencies |
|---|---|---|---|
| Currencies | 150+ | Multiple | 35+ |
| FX / Fees | Check provider for current pricing | Typically 2–4% above mid-market for FX | Up to 70% cheaper vs traditional US banks |
| Monthly fee | Free for receiving; fees per withdrawal/conversion | Account and service fees | No monthly fee |
| Settlement | 1–2 business days | 2–5 business days (SWIFT) | Same-Day |
| Local accounts | Multiple receiving accounts | Yes (via branch) | with a local US bank account |
| Regulation | FinCEN, FCA, and others | Varies by bank | FINTRAC registered · Bank of Canada RPAA registered |
| Best for | Freelancers and marketplace sellers receiving cross-border payments | Businesses wanting full banking relationship and branch access | B2B import/export, £1M++ annually |
Verdict
Payoneer suits marketplace and freelancer receiving; banks offer full relationship and trade services.
Frequently asked questions
Can I get better FX and speed than banks for B2B payments?
Yes. Specialist B2B FX providers like Unicorn Currencies offer institutional-grade rates — typically up to 70% cheaper than high-street banks — while providing the compliance, security, and dedicated support that banks offer. Unlike consumer platforms, Unicorn Currencies is purpose-built for treasury teams managing cross-border supplier payments.
Which platform is best for businesses processing £1M+ in annual FX?
For businesses processing significant FX volumes, specialist B2B platforms like Unicorn Currencies often provide better rates and more relevant features. Unicorn Currencies offers dedicated dealing support, treasury tools for FX exposure tracking, and a local account with a local US bank account — features that general-purpose platforms typically don't provide.
Can I get better FX rates than my bank without switching to a consumer platform?
Yes. Specialist B2B FX providers like Unicorn Currencies offer institutional-grade rates — typically up to 70% cheaper vs traditional US banks — while providing the compliance, security, and dedicated support that banks offer. Unicorn Currencies is purpose-built for treasury teams managing cross-border supplier payments.
Looking for a B2B alternative to both?
Unicorn Currencies is purpose-built for importers and exporters. Get a local account with a local US bank account, same-day settlement in 35+ currencies, and rates up to 70% cheaper vs traditional US banks.
FINTRAC registered · Bank of Canada RPAA registered.