PingPong Payments: US review [2024]

PingPong®¹ supports over a million businesses worldwide, with multi-currency accounts and ways to send and receive international payments conveniently and with competitive rates. PingPong Payments supports 200+ countries, 50+ currencies, and has already helped customers to move over 100 billion USD.

This guide walks through all you need to know about PingPong and PingPong Payments. We’ll also introduce Wise which offers digital multi-currency accounts for businesses and freelancers, which have easy ways to hold, send, spend and receive USD and 40+ other currencies, with low fees and the mid-market rate.

PingPong Payments: key features in the US

PingPong was founded in 2015, with a mission to help small and medium-sized enterprises to grow², particularly looking at international services for overseas expansion.

The features you can access with PingPong depend on your business type, but can include:

Virtual accounts in 11 currencies to get paid by customers and marketplaces Checkout services you can integrate into your ecommerce store Invoicing and payment request options Easy ways to pay others, including mass payments Simple solutions for paying tax and VAT Foreign exchange services Integration with cloud based accounting services like QuickBooks PingPong cards for yourself and your team to spend conveniently

Ease of use

On Trustpilot®, which aggregates live customer reviews and ratings, PingPong has a 3.8 star out of 5 star rating at the time of writing³.

However, there are only a small number of ratings live at the moment, so it’s well worth checking back before you sign up to see the latest reviews that are available.

Positive reviews on Trustpilot state that PingPong has been easy to use and offered good value for their specific business needs.

There are also frequent mentions of named individuals from customer service, where people have helped resolve customer complaints and issues successfully.

However, as you might expect, it’s not all positive. At the moment, 21% of listed reviews give only 1 star out of 5.

Some negative reviews from Trustpilot mention issues arising where accounts or payments have been blocked by PingPong, causing cash flow and operational problems.

Issues such as these may be caused when a financial service provider needs to verify a customer identity, source of funds, or other important information - but this can certainly be a very frustrating experience for business owners.

Customer service

You may be offered additional ways to contact PingPong once you’ve registered an account - online you’ll need to navigate to the Contact page in the PingPong help section and complete the query form.

You can also get in touch through the PingPong social media channels.

PingPong Payments fees and costs

PingPong doesn’t publish all of their fee information online - you’ll need to get in touch with your account manager or the PingPong customer service team in some cases, to check how the fees would work in your specific case.

Some fees are available for anyone to view:
There’s no monthly fee for a PingPong account There are no ongoing fees for a PingPong card There’s no fee to send a same currency payment (USD to USD for example) Fees for international transfer vary, but are not more than 1% of the amount sent

Bear in mind, other service fees may apply - and the exchange rate you get when transacting internationally with PingPong may include a markup.

A markup is a fee, but as it’s added to the exchange rate used to convert your dollars to whichever currency you need, it’s not always easy to spot.

Compare the PingPong exchange rate you’re quoted for any transaction you make, against the mid-market exchange rate which you can get online, to see what variable markup is added in your specific case.

Make low cost international transfers with Wise

A smart option if you’re sending money overseas: meet Wise.

Register a Wise account online or in the Wise app, and send money to 70+ countries, with the mid-market exchange rate and low, transparent fees.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site.

If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.

Get started with Wise

See how Wise compares with international bank transfers in our full guide

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

PingPong Payment: pros and cons

Let's take a look at PinPong's advantages and disadvantages.

What are the benefits of PingPong in the US?

PingPong is a widely available business account and payment solution, which offers a good range of services in the US.

You can get paid in 11 currencies to PingPong, and send international payments with a headline fee of 1% or less. This could be more competitive than the fees you’d get with a bank.

What are the disadvantages of PingPong?

PingPong isn’t available everywhere in the US, and their fees aren’t the most transparent.

Some charges are only available on a customized basis which means you can’t see them without registering an account or talking to the PingPong customer support team.

To work out whether PingPong is good value for your business, you’ll need to review any costs that are likely to apply based on how you’d use your account, against alternative providers to see which works best.

Conclusion: is PingPong the best choice for sending US dollars?

PingPong offers quite a good range of business services for US account holders, including ways to pay and get paid in a selection of currencies.

PingPong has competitive exchange rates and a pricing strategy they describe as aggressive - which means you’ll not pay more than 1% of the transfer value for an international payment.

One of PingPong’s main drawbacks is that you may not be able to see all the service fees that may apply to your account without registering or talking to a customer service agent. Once you’ve got all the relevant details for your specific business type, it’s worth comparing the fees against a simple online alternative like Wise.

Wise is proud to offer transparent fees which are available online, with or without a registered account - you can even model a payment you may want to make, and see if any competitors are cheaper. If there’s a better deal from the provider's Wise tracks, they’ll let you know, so you save no matter what.

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Sources:

1. PingPong Payments
2. PingPong - about
3. Trustpilot PingPong

Sources checked on 03.20.2024