What is The Best Way to Transfer Money for a Student Using PayPal vs Payoneer?
What is The Best Way to Transfer Money for a Student?
Used by people for a variety of purposes, including personal and business transactions, PayPal and Payoneer are some of the most widely-used payment platforms across the world.
While businesses that conduct international transactions prefer Payoneer, PayPal’s easy-to-navigate interface makes it a great option for users.
In general, two of these systems have various pros and cons, so today we will discuss which is better for money transfer if you are a student.
Transferring Money as a Student: PayPal or Payoneer?
Students may need to send and receive money for many reasons. Some of them are as follows:
- Receiving money from home for college expenses.
- Sending money to family.
- Receiving payments in the form of stipends for an internship, commissions, or freelance work.
- Sending gifts to loved ones.
- Making non-cash payments for products/services purchases, etc.
If you are a student who is looking to shift to a simple but advanced payment platform, both these options are great. But here’s a comprehensive article on what we think is the best way to transfer money for a student, PayPal or Payoneer, and why.
This all-in-one payment service allows its users, mostly business owners, to accept non-cash payments from customers through a digital platform.
Apart from owning Venmo, which is another very popular online payment platform, PayPal has revolutionized the e-commerce business industry with its customer and business-friendly characteristics.
The service provider allows users to download the app on their phones and maintain an amount in their wallet that they can then use to make payments in stores that accept PayPal.
Customers can make payments in various currencies, including but not limited to USD, EUR, CAD, AUD, GBP, and more. The platform deducts a small transaction fee of 2% per transaction.
Most PayPal transactions take 2–3 days to process. International users who receive payments will be deposited in their local bank accounts within 5 days of their departure from the source account.
This quick turnover time makes it very appealing for small businesses that need a constant influx of funds to conduct their everyday transactions. However, PayPal does have a fixed percentage of deductions it charges as service or transaction fees that lower the money received considerably.
Customers can now pay with more ease using the Checkout Smart Button and the latest Business Debit Mastercard. Apart from these impressive features, the service boasts a Payflow Payment Gateway that allows proprietors to accept online payments.
The international service provider is integrated with many existing platforms such as Shopify, MailChimp, and many of the best essay writing service 2023, offering students college paper writing services. You can safely use PayPal to pay for this service and get the best academic help in the business.
Payoneer’s swift domestic and international payment options make it a favorite for freelancers, global businesses, and e-commerce customers who like to use services such as Upwork, Fiverr, and Airbnb.
The only difference between this platform and others is that it doesn’t offer its users an all-in-one point-of-sale system.
Payments are received by Payoneer account holders, after which they are transferred by the business owners into their business bank accounts or withdrawn manually from ATMs.
In addition to this, merchants can make online or real-life purchases and pay using their Payoneer balance as long as the store accepts it.
For business owners conducting regular payments and financial transactions, Payoneer is a viable option since the platform’s balance can be used to make payments to wholesalers, employees, contractors, suppliers, partners, and other business associates, irrespective of whether they use Payoneer or not.
These payments can be set up automatically or manually depending on the convenience of the Payoneer account holder.
For an annual fee of $29.95, Payoneer offers its users a prepaid Mastercard. The platform also provides its customers with an easy-to-use mobile app. Additionally, users can pay EU and UK VAT through the platform.
With a platform like Payoneer, managing your money gets easier as the platform charges little or no fees for a receiver of funds as long as it’s coming from another Payoneer account holder and it is in USD, JPY, AUD, EUR, CAD, GBP, and MXN.
Sending funds is also quite cheap if it is to another Payoneer account holder, and the transaction fee varies depending on the currency. It is cheaper than most digital payment platforms in the market and boasts a variety of global payment options.
However, some customers have complained about the lack of payment features and the sudden account terminations that could happen if it suspects fraud.
Concluding Thoughts: Which One is Better – PayPal or Payoneer
While both options are just as exciting and viable for young students looking to use a digital payment platform, there’s a way to decide. PayPal is suitable for a student with a small business or regular freelance work who needs in-person payments more than online payments.
On the other hand, students that conduct a lot of international transactions, especially in USD, can opt for Payoneer as it charges lesser for these transactions and provides customers with more options.