Comparing Payoneer and Grey.co
Just as the title of this article suggests, we will be comparing and doing some sort of “versus” between Grey.co and the almighty Payoneer, to figure out which you would rather use and when it is ideal to use them.
With every passing day, the world is becoming, more and more, a global village. Consequently, it is no surprise to see that many international players and stakeholders (business and individuals) have taken keenly to the opportunities offered in the global marketplace. Businesses now transcend country borders and even more individuals and more than one thousand reasons to send and receive monies across counties. What would previously have been a tedious experience have now been made so easy by the online financial institutions. Transferring monies now know no international boundaries, albeit it does come with certain ‘commissions’ and ‘rates’. However, the fact that there is now a plethora of these financial institution to choose from, the commissions and rates are reasonably set. I guess that’s what you get when there’s healthy competition.
However, for the purpose of this article, we will be comparing two of the popular online financial institutions. Today, the microscope would be on Idorenyin Obong and Femi Aghedo’s Grey.co and Yuval Tal’s Payoneer.
I am not a financial Adviser, Consultant or any of those. I am only a curious mind, and my opinions are from my personal experience using both platforms. Reader’s discretion is strongly advised.
With that being said, now let’s delve right into it.
Payoneer Vs Grey.co
Usually, when comparing two direct competitors (at least my Nigeria based audience would want to believe that they are) it is only right that we take a look at their history, albeit briefly. Payoneer, founded in 2005 by Israeli, Yuval Tal, is the older of the two internet based payment platform, with Grey.co birthed fifteen (15) years later in 2020. This means that if YEARS IN ACTIVE OPERATION is aptly measured, Payoneer does have a 15-year head start on Grey.co. One of the advantages that comes with being in a particular business for a long time would be that you would automatically assume the role of marketer controller. Haven been in the business more than fifteen years now, it is only right if Payoneer is considered as one of the top players in the business and of course go ahead to set certain indices ie exchange rates etc.
REGISTRATION AND VERIFICATION PROCESS
Let us consider the REGISTRATION AND VERIFICATION PROCESS. The process for registering to use both facilities, just like many internet-based facilities, is largely a smooth and easy one. A prospective customer could easily go on to the respective websites and proceed to register. The registration process is largely estimated to take up at least 5-10 minutes of your time. I consider this pretty smooth and easy, considering that the alternative could be actually going to the bank AKA center for frustration. The registration process for Grey.co would require that a prospective customer fills out an online bio data form, set up his login details, enter the details of his/her preferred means of identification, and very importantly, upload a snapshot of this preferred ID. This process I personally find a little cumbersome. This is against the relative ease that comes with signing up for Payoneer. In Payoneer, you would simply be asked to fill out the customary bio data form, set up your security questions and answers, and then proceed to select and detail your preferred means of identification. For the verification process, both facilities typically take 1-3 business days to checkout your application. Upon verification, the new customer would be required to apply for his ACCOUNT INFORMATION. The general idea of these kinds of institutions is that they go ahead to open bank accounts in your name in three different currency formats. The currency account on offer include; US dollar, Euros, and UK Pounds accounts. However, while these accounts are opened in your name by default in Payoneer, the Grey.co customer would have to request, via the app, for the account details. These requests are usually given a time stamp of 1-3 business days for it to be reviewed successfully. Also, for every account details you request, you would be required to fill out the form (separately) and ‘roll your head clockwise, twice’. This I do have a problem with. At the time of writing this article, Grey.co US dollar account is not available on the platform, as they are currently working to upgrade that service. So, if you need to open a US dollar account now, for one reason or the other, then Payoneer is your best bet.
APPS AND WEBSITES
Another important information to note is the means of accessing these platforms ie APPS AND WEBSITES. At the time of writing this article, both platforms are largely internet-based platforms and have websites that customers can transact on. The websites are easy to access and navigate through. However, while Grey.co is still trying to get their app to get past the test stage, Payoneer have theirs up and running at this time. So, if you would rather do your business on a mobile app (Android or IOS) rather than a website, then you can easily download the Payoneer mobile app from your device mobile app stores.
Not forgetting, one of the major differences between payoneer and grey.co is in their EXCHANGE RATES, when you decide to do a transfer to your local account. Payoneer typically exchanges for a figure similar to what your local banks would exchange for, meanwhile, grey.co exchanges for figures similar to what you would get on the black market. To break it down better, I would paint a typical scenario.
In conclusion, obviously, the exchange rates is the determining factor that tilts the balance in favor of Grey.co. And specifically for Nigerians, and Africans in general, wouldn’t you rather you made the most money from every withdrawal you make? I however, think leveraging both in tandem is the best way to go.