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Wise vs. Payoneer: Which is Best for Your New US LLC?

Choosing Your Financial Partner

Once your US LLC is formed and you have your EIN, the next crucial step is setting up a business bank account. For non-US residents, the easiest and most effective options are fintech platforms like Wise (formerly TransferWise) and Payoneer. Both are excellent, but they have key differences.

Wise Business

Wise excels in its transparency and low fees for international transfers. Its core strength is the multi-currency account, which allows you to hold and convert money in dozens of currencies with the real mid-market exchange rate. You get local bank details for the US (ACH and wire routing numbers), UK, Eurozone, and more, making it feel like you have a local bank account in multiple countries.

  • Best for: Businesses that frequently deal with multiple currencies, freelancers, and e-commerce stores that need to pay international suppliers.
  • Pros: Extremely low currency conversion fees, transparent pricing, powerful multi-currency features.
  • Cons: The debit card isn't available in all countries.

Payoneer

Payoneer is a powerhouse for receiving payments from US and international marketplaces like Amazon, Upwork, and Airbnb. It's designed to make it easy for businesses to get paid by other businesses. They also offer features like paying VAT and managing multiple store payments in one place.

  • Best for: E-commerce sellers on major platforms, freelancers working with US companies, and businesses that need to make mass payouts.
  • Pros: Excellent integration with marketplaces, strong B2B payment features, widely accepted.
  • Cons: Fees can be less transparent than Wise, especially for currency conversion and withdrawals to your local bank.

The Verdict

For most new LLCs focused on general international business, **Wise** is often the more flexible and cost-effective starting point due to its superior multi-currency account and transparent fees. However, if your primary business model involves selling on platforms like Amazon or receiving payments from specific US corporations, **Payoneer** might be the more streamlined choice. We help you navigate this decision and set up the account that best fits your unique business model.