Payoneer currency conversion?
Does anyone here that uses Payoneer and lives outside of US-Dollar territory?? Does your pay get converted to the right amount with Payoneer when you withdraw money?
I used to use Epassporte and the money would get converted- say I make $20USD, I would be able to withdraw about $32NZD.
Now with Payoneer I swear im only withdrawing the same amount as im getting paid.
I hope you guys can understand what im saying lol!
Re: Payoneer currency conversion?
ummmm no idea what are you talking about really :) but i am not getting what i have earned. i havent been able to calculate what are the exchange rates (its defo different than the one stated by the local banks), what is the % payoneer takes and what is the % the local cash machine/bank takes. every time i really lose quite a lot when i withdraw money. yet if i use payoneer in shops, everything seems to be ok. i didnt have those issues with epassporte.
Re: Payoneer currency conversion?
You should do a conversion before on mastercard currency conversion tool
https://www.mastercard.com/global/cu...ion/index.html
then remember that you have to pay transaction fees too when you withraw money from ATM
Re: Payoneer currency conversion?
My cards always ends up charging more than the register receipt and I am in the US. It's frustrating cause I never really know exactly what my damn balance is. Like this morning went to an ATM I know that the fee for pulling out cash at that same ATM was $4.59 so I have $125 in my account (I checked right before I left the house), and go to pull out $120, nope insufficient funds. So they of course charge me for that too! If it wasn't the fastest way to get my money I wouldn't use it.
Re: Payoneer currency conversion?
I asked them about this and they said it was a cross border fee. It's something like 3% of every single transaction. It's because their home office is not in the US.
Between the cross border fees, the load fee, the atm fee and all that I'm doing my best to get ahead enough so I can switch everything to checks.
Re: Payoneer currency conversion?
I live outside the US territory. The amount of money loaded into my account in US dollars is always correct and I calculate what I can take from the ATM based on the 3% cross border fee and the $3 ATM withdrawal fee - I never noticed anything lacking.
Eliana, if you had $125 on your account, you can't take $120 from your account. The way I know how much I can withdraw is (125-3*=122x0.97**=118.34)
* 3 is the ATM fee (2.75 USD, but I always round it to 3 when calculating)
** 0.97 is the percentage of the money you get after the cross border fee
If your ATM charges 4.95, then you should use that number instead of 3.
I then convert the amount to my currency and know exactly how much I can withdraw and I never had issues.
Of course, I DO wish Payoneer fees are smaller, but considering where I live I would have to pay fees to the banks to cash my checks etc, I'm happy to pay (well, not HAPPY, just at peace with the fact) Payoneer's fees, as long as they are accurate and Payoneer remains reliable and convenient. The day Payoneer shows signs of shadiness, I will be looking for other ways of getting my money, but that won't be because of the fees (seeing I would pay those anywhere).
Re: Payoneer currency conversion?
I don't know about conversion rates since I have only gotten my pay on Payoneer from iFriends and that is in US dollars.
What I do know, is why you couldn't pull out $120. First off, you have to pay the fee at the ATM you are using; then, you have to pay Payoneer a fee of $3.15 to take the money out of an ATM!
I swear, Payoneer gets you coming and going with their fees! I loved when iFriends used their WebFx card for our payments. All I had to pay was the ATM fee (and I could find cheap ones that would only charge $1.50) and the $1.50 to withdraw money off the card. You also had a daily cash ATM withdrawl limit of 2k! (I never had that much money on there, but, I am sure that was great for the girls who made a ton on iFriends) So, it only cost me $3 to get my money when they had the old card/system. With Payoneer, my gosh, I am paying more than 3x that! About $11 a week!
Re: Payoneer currency conversion?
Ahah! Thank you so much ladies for the explanation. It seriously is so frustrating to try and figure that one out. I wasn't think it was the ATM fee plus the cross border fee. I was thinking it was just the flat fee, big ole duh here! I had read it was $3 and then I was confused why it was higher when I pulled from a transfund atm that's free. Now it makes sense.
Re: Payoneer currency conversion?
So do the Payoneer cards work on any ATMs? I'm in Romania...
Thank you
Re: Payoneer currency conversion?
What is 0,97 ?
you said cross border fees are 3% so it would be 125 x 3 /100 = 3,75$
if it is 3% of 122 : 122 x3/100 = 3,66$
Quote:
Originally Posted by
MistyRose
I live outside the US territory. The amount of money loaded into my account in US dollars is always correct and I calculate what I can take from the ATM based on the 3% cross border fee and the $3 ATM withdrawal fee - I never noticed anything lacking.
Eliana, if you had $125 on your account, you can't take $120 from your account. The way I know how much I can withdraw is (125-3*=122x0.97**=118.34)
* 3 is the ATM fee (2.75 USD, but I always round it to 3 when calculating)
** 0.97 is the percentage of the money you get after the cross border fee
If your ATM charges 4.95, then you should use that number instead of 3.
I then convert the amount to my currency and know exactly how much I can withdraw and I never had issues.
Of course, I DO wish Payoneer fees are smaller, but considering where I live I would have to pay fees to the banks to cash my checks etc, I'm happy to pay (well, not HAPPY, just at peace with the fact) Payoneer's fees, as long as they are accurate and Payoneer remains reliable and convenient. The day Payoneer shows signs of shadiness, I will be looking for other ways of getting my money, but that won't be because of the fees (seeing I would pay those anywhere).
Re: Payoneer currency conversion?
Quote:
Originally Posted by
naughtycamgirl
What is 0,97 ?
you said cross border fees are 3% so it would be 125 x 3 /100 = 3,75$
if it is 3% of 122 : 122 x3/100 = 3,66$
Multiplying it by 0.97 is the same way of finding the amount after the 3% is taken off. You're multiplying the amount by the fraction of a dollar you would receive, figuring out the amount you will have rather than the amount that's being taken.
Re: Payoneer currency conversion?
Quote:
Originally Posted by
Helenabb
So do the Payoneer cards work on any ATMs? I'm in Romania...
Thank you
The short answer is yes, they do, I get my DP payments to my Payoneer card and I never had problems. I sent you a PM:)