Ask ten remote workers which payout service is cheapest and you will get ten answers. Usually they are all right, for their own country, their employer's payment rails and the month they checked. Prices change, availability differs by country, and the cheapest option on paper is often not the cheapest in practice.
So instead of a league table that will be out of date by the time you read it, here is a method for comparing them yourself on a typical $2,000 monthly payout.
The three parts of every payout's cost
Every route from your employer's bank account to money you can spend has up to three costs:
- Fixed fees. A flat charge to receive, convert or withdraw. These hurt most on small payments.
- Percentage fees. A share of the amount, often on conversion or on receiving from certain platforms.
- The exchange-rate margin. The gap between the rate you get and the mid-market rate. This is the cost people miss, because it is rarely labelled as a fee.
Add all three, and you have the real cost.
Wise
Wise is known for converting at or close to the mid-market rate and showing its fee separately before you confirm. It offers account details in several currencies, so an employer can pay you locally in USD, GBP or EUR.
The catch is availability. What you can do with Wise depends on your country of residence, and the list has changed over the years. Check Wise's current coverage for your country before planning around it.
Payoneer
Payoneer has been around for a long time in African freelancing and is accepted by many marketplaces and employers. You receive into local-style account details and withdraw to your bank.
Look closely at three things on its pricing page: any fee on incoming payments from your employer's payment method, the conversion fee when you withdraw in local currency, and any annual account fee if your account sees little activity.
Mobile money
In Kenya, Ghana, Rwanda, Uganda and many other countries, mobile money is how people actually spend. M-Pesa, MTN MoMo and Airtel Money do not usually receive pay directly from a foreign employer, but many payout services and fintechs can send to them.
Mobile money's strength is the last step: money arrives in seconds and can be spent immediately. Its costs are the transfer-in fee charged by the sending service, wallet limits, and withdrawal charges if you need cash.
Running the comparison
Take a typical month. Your employer sends $2,000. For each route you are considering, open its fee calculator on the same day, at the same time, and note:
- How much arrives in your account, in USD and in your local currency.
- The rate used, against the mid-market rate shown on Google or XE.
- How long the provider says it will take.
Here is an illustrative example of how the maths works. The figures are made up to show the method, not real prices:
- Route A charges a $5 fee and converts 0.5% below mid-market. On $2,000, that is $5 + $10 = $15.
- Route B advertises "no fees" but converts 2% below mid-market. That is $40, more than twice as much.
Run it with real quotes for your country and you will usually find one clear winner for your situation.
What else matters
- Limits. New accounts often have low monthly limits until you complete full verification. Do it before your first payday.
- Reliability. A route that is slightly more expensive but never delayed may be worth it if your rent is due on the 1st.
- Holding dollars. If you have dollar costs, or want to save in a stable currency, the ability to hold USD may matter more than conversion fees.
- Support. Try to reach support before you need them. How long they take to reply tells you a lot.
Re-run the comparison every six months. This is general information, not financial advice; our services directory lists providers with member reviews.