If you are an online seller selling on Amazon or other marketplaces, OR an affiliate Marketer dealing with multiple platforms like CJ, or viglink, you need a local bank Account.

BUT,

Opening a bank account in another country, say the United States or the UK, might be difficult and expensive, especially if you’re not a resident of that country.

Luckily, there are other alternatives.

Use World First and Payoneer to get paid by online marketplaces. Both of them are cheap and reliable. In this guide, we are going to help you compare their services and costs, to find one that suits your needs.

World First Review

Founded in 2004, this UK based company is officially recommended by Amazon, providing global payment services for e-commerce, freelancers, affiliate marketers and more. With World First, you can get your funds back home in your local currency cheap, and fast. Read more

Fees and Exchange Rate

World First doesn’t charge any receiving or withdrawing fees as it aims to offer clients the lowest possible costs. The exchange rate markup ranges from 1.0% to 2.5%, depending on the amount you withdraw. For instance, the rate tends to be much better for withdrawing $50,000, versus $5,000. If the accumulation of withdrawal reaches $100,000, you can qualify to get the lowest markup at 1.0%.

Website: www.worldfirst.com

Payoneer Review

Founded in 2005 in New York city, Payoneer is an innovative online money transfer provider. It focuses on helping people receive payouts from online marketplaces like Amazon and Airbnb, as well as affiliate networks such as CJ, Google and Upwork. Read more

Fees and Exchange Rate

Unlike Paypal, sending money from a Payoneer account to another, is completely free. However, Payoneer charges receiving fees which vary depending on currencies.

USD: Each time you receive a payment, Payoneer charges 1% of the total amount.

AUD/CAD/EUR/GBP/JPY: No fees.

Besides its receiving fees, Payoneer also charges withdrawal fees. You have 2 options to withdraw your funds.

Local bank account: If you withdraw your funds to a local bank account in a different currency, say USD to SGD, then the fee applied is up to 2%. This fee is the actual exchange rate margin based on the mid-market rate. You can negotiate with Payoneer for a better price when your transfer amount grows. While withdrawing your money to a local bank account in identical currency, there is a flat fee regardless of the amount, with an exception of JPY (no fees).

• USD – $1.5
• EUR – €1.5
• GBP – £1.5

Payoneer Prepaid MasterCard: In case you don’t want to withdraw your money, the other option is order a Payoneer Prepaid MasterCard, which allows you to withdraw cash at ATMs, purchase goods in stores, shop online and more. Be aware of some fixed fees,

• Annual fee – $29.95
• Card replacement fee – $12.95 / €9.95 / £9.85
• Shop online or in store – $0
• ATM decline –  $1.0 / €0.8 / £0.65
• ATM balance inquiry – $1.0 / €0.8 / £0.65
• ATM withdrawal – $3.15

Website: www.payoneer.com

Online Sellers Account Comparison Table