There are several countries you are not allowed to have a full Paypal account. A full Paypal account here stands for an unlimited account with the complete features of Paypal like business account, get-paid tools, invoicing, checkout buttons, etc. For security reasons these countries have been restricted from operating full Paypal accounts as it were. Some can only make payments with Paypal but are not allowed to receive funds with their Paypal accounts.

There are two most trusted payment gateways in the world, they are Paypal and Payoneer. They are widely accepted for payments globally. So if you want to receive payment for products or services on a global scale, you will need either Paypal or Payoneer.

Payoneer versus Paypal Account

PayPal describes itself as being a “simpler, smarter way to send and receive money online”. The company was first founded by a group of well-known entrepreneurs, including Elon Musk, in 1998 in California, and saw astronomical growth in 2002 when it was acquired by eBay as their primary way of processing payments.

PayPal later became independent again in 2015, providing a convenient way for friends and family to send money to one another with just an email address, while also providing a popular payment method for online goods and services.

paypal account
Payoneer was first founded in 2005 and is a New York-based company providing online transfer services and cross-border B2B payment services. Now, Payoneer serves over 4 million customers worldwide, supporting transfers to over 200 countries.

Payoneer is perhaps slightly different from many other online transfer services in that it largely targets businesses, online retailers, and freelancers.
payoneer vs paypal account

PayPal has over 13,000 reviews on Trustpilot with an overall ‘Bad’ rating of 1.3 out of 5. It’s worth bearing in mind, however, that these reviews are not just aimed towards PayPal’s services as an international transfer provider, but directed towards PayPal’s service as a whole.

Amongst the negative reviews, users frequently refer to unfair charges, funds being paused or lost, and poor customer service.

Payoneer has 13,959 reviews on Trustpilot with an overall ‘Excellent’ rating of 4.5 out of 5. The positive comments centred on Payoneer’s responsive 24/7 customer service, easy-to-navigate platform, and faster transfers.

The 6% of customers who rated the company’s service as ‘Poor’ or ‘Bad’ were critical of their account being blocked without notice, and card shipments being made to a physical address and not postal addresses.

Overall, when comparing Paypal vs Payoneer, these two companies are best suited to different kinds of transfers. PayPal may be more suitable than Payoneer for simple transfers to friends and family, while Payoneer provides an excellent service for business transactions.

If you’re not looking for a transfer provider for sending money commercially, however, you will probably find more favourable rates with a different online money transfer provider than PayPal.

Watch the video Guide on How you can Open your Payoneer Account.


Why Do I Need a Paypal Account?

PayPal is one of the largest processors of online and peer-to-peer payments. It is accepted for checkout on many sites around the internet, and is becoming more commonly accepted at brick and mortar establishments.

  1. PayPal is easy to use – it’s very a straightforward way to send money to friends and family.
  2. Paying with PayPal gives you an extra level of security and fraud prevention. If you pay for a purchase using PayPal that ends up being fraudulent, PayPal can help get your money back.
  3. PayPal encrypts your bank or credit card information, keeping that information safe.
  4. No fees for sending money to friends and family.
  5. While it is free to use PayPal to send money to friends and family, if you are sending money via PayPal as part of a business transaction, you’ll be charged fees.
  6. PayPal also charges a 1% fee if you want instant access to your money; a free bank transfer takes several days.

PayPal has a reputation for being very aggressive with account freezes. And if they decide to freeze your account, they hold your money until you can prove that you have done nothing wrong.

Countries Where Paypal Works

However, while Payoneer is available in most countries of the world, Paypal created some restrictions in some countries like Nigeria, Antarctica, Afghanistan, Cuba, Bouvet Island, British Indian Ocean Territory, Central African Republic, Christmas Island, Equatorial Guinea, Haiti, Heard Island And McDonald Islands, Iran, Iraq, North Korea, Lao, Lebanon, Liberia, Libya, Pakistan, Serbia and Montenegro, Sudan, Syria among others.

If you are in a restricted country, to accept funds globally, you either register with Payoneer or find a way to register Paypal in your country despite the restrictions. Watch this video to learn how.

This video is the 2022 Complete Guide to Opening a Paypal Account in a restricted or limited country. Watch the step-by-step easy way to set up your own account and start receiving payments worldwide.

Receiving Fund Through PayPal

To receive money on your PayPal account, you’ll just need to provide the sender with one key piece of information: the email address your PayPal account is registered under.

That’s it the sender enters your email address into a field in their PayPal account and chooses how much they want to send, and then it will head your way. You will get an email alert when you’ve received money.

However, once you’ve received the funds, you may want to transfer it to your bank account. Here’s how to do that.

Transfering money from PayPal Acount to your bank account

  1. Log into your PayPal account .
  2. On your Summary page, click the “Transfer Money” button just beneath your PayPal balance. You can also access this option via the “Wallet” menu in the top toolbar.
  3. Click “Transfer to your bank.”
paypal account
  1. If you have multiple bank accounts or cards linked to your PayPal account, choose which one you want to transfer your money to, and click “Next.”
  2. Enter the amount of money you want to transfer to your bank, then click “Next” again.
  3. On the next page, you’ll be asked to review your transfer. If all the information shown is correct, click “Transfer [your amount here] now.” Your money will then be transferred to your account.