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Let’s Talk Payments: Payoneer Top Choice for Cross-border Business Payments into Philippines

Richard ClaytonRichard Clayton
July 13, 2016

Sending and receiving cross-border payments is one of the most costly and complicated challenges for SMEs. Aside from the fees involved in moving money from one place to another, businesses often incur high exchange rates and suffer delays when receiving funds from abroad.

In the Philippines, where SMEs represent a whopping 99% of all businesses, a solid international payment solution is crucial for the health of the local economy. In the last year alone, business-to-business payments in the Philippines were estimated at 31.9 billion USD, or roughly 1.51 trillion PHP.

Let’s Talk Payments (LTP), an international FinTech content and research firm, recently conducted an independent analysis comparing the different methods and costs of transferring B2B payments to the Philippines from the United States.

 Download the Report Now! 

Methodology

Let’s Talk Payments tested two scenarios for receiving payments in the Philippines:

1) Direct Transfer from International Client

LTP tested transferring the same sum of money from a US business to a business or professional in Philippines via the 3 most popular options:

  • US Bank > PHL Bank
  • PayPal
  • US Bank > Payoneer

Compared factors: fees, processing time, fees, currency conversion fees and ease of use.

2) Payment from Freelance Marketplace

As before, LTP investigated the 3 most popular methods for withdrawing earnings from a freelance marketplace:

  • Freelancer Marketplace > PHL Bank
  • Freelancer Marketplace > PayPal
  • Freelancer Marketplace > Payoneer

Landing fees and conversion costs were compared to reveal which option provided the Filipino business with the most PHP at the end of the process.

Findings

Payoneer was found to offer the lowest fees, reducing costs for Filipino businesses by up to 58%. Payoneer was found to be the most affordable option for both direct and marketplace fund transfers.

 

Lets Talk Payments Philippines Payoneer Infographic

Conclusion

Based on Let’s Talk Payments’ findings, the Payoneer platform has:

  • Lowest fees
  • Lowest conversion rates
  • Low total processing time
  • Market-standard ease of payment flow

The final sum received on the Filipino side was much higher when using Payoneer, compared to PayPal and bank transfers.

To learn more, download the full report.

 

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The content provided in this article including any information relating to pricing, fees, and other charges is accurate and valid only as of the date it was published. In addition, changes in applicable regulations, policies, market conditions, or other relevant factors may impact the accuracy of the mentioned pricing and fees and other associated details. Accordingly, it is further clarified that any information regarding pricing, fees and other charges is subject to changes, and it is your responsibility to ensure you are viewing the most up to date content applicable to you. Payoneer will provide the most up to date and accurate information relating to pricing and fees as part of the account registration process. Registered customers can view this information via their online account.

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