Word of Caution. Take notice of Payoneer fees.
They are about to increase their fees and yet here’s an example even BEFORE the 1st of January 2023 increases.
They get you on the withdrawals.
Getting money into Payoneer is cheap, for example they’ll take 1% when you receive money via US ACH.
Where they get you is in the withdrawals.
Moving money to your own bank account will set you back in almost 6%, that’s right. 6%. So in essence, they get 7% of what you put in there. And that is if you received money via ACH, if it was a card payment, then they get 3% when the money comes in, making the whole ordeal cost you 9% of whatever you get paid vua Payonner. I was using ACH tho, and wasn’t aware of the withdrawal robbery, so I thought Payoneer was a great thing!! arghhhh I was os wrong…
And that is if you don’t need currency conversion, because if you do, then you’re fk’ed twice. They’l make the currency at the rate they decide, not the market rate. And you know what that means.
Even PayPal is cheaper. Sure, they get more of the money when you charge someone via PayPal (particularly international card transactions) but then the withdrawals are cheap when not free.
I wish my business partners/supplier/etc had Payoneer, but I guess they were all smarter than me… I should slap myself into sleep.
Yep, and unfortunately I have a good chunk of money stuck in there.
My best case scenario would be to use it to pay someone in the US that have a payoneer account, because they would pay near to nothing to deposit the money into their local bank account. And zero to get it from me.
if my wife gets to know how much money I’ll have to pay Payoneer to get the money, I will be hearing about this for years to come. It’s a good chunk… fk me…
They will still charge you a cross-border to send to an ACH account.
The low fee would apply only if the bank account “is in the same country that you have listed in your Payoneer profile”.
Low fees and no hidden costs - Payoneer Fees It will be classified as “Withdraw in non-local currency” (non-local meaning different currency than what the country on your profile officially uses).
Hmmm but I paid 1% for every ACH sent to my account.
All of the ACH were from US banks.
The money I have there is all in USD too so there would be no conversion. But I also wouldn’t be surprised if they tink otherwise despite of the above.
I’ve asked them to explain to me the intermediary fees, so that I could have a prevision of what I would pay in my next transfer to my bank account. Their reply?
" "Additional fees such as bank processing fees, landing fees, or other intermediary fees may be charged by your bank, a correspondent bank or other third-party provider involved in the transaction". Please note that unfortunately Payoneer has no control over the additional fees that are deducted by the other banks and we cannot predict them."!
My bank, as explained to them earlier, did not charge any fees. The intermediary bank Payonner resorts to, did. The intermediary fees were actually higher than the Payonner fees. My bank told me I should ask Payonner about what constitutes those fees (like is it a x% or a fixed-fee + x%?), as my bank couldn’t assess it. Payonner doesn’t seem to keen to explain it to me.
