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Payoneer currency conversion
Do any of the fellow international girls who recieve payment via payoneer, notice that their currency exchange system is out of whack? When I put the amount I have in my account, into several different currency converters, they always show higher amounts than what payoneer has converted it to. I cant help but wonder if theyre purposely trying to rip people off?
These screenshots were taken at the same time of my payoneer balance in its normal usd amount and then converted to nzd amount and being converted in 2 different converters.
Re: Payoneer currency conversion
Basically, yes, they shave off a couple of percent over the "mid-market rate" you see on the converters. They're quite upfront about it, so it's not so much a rip-off as making use of a relatively captive market. Getting paid in foreign currency sucks.
Your bank probably does the same.
When I was thinking about whether to open a Payoneer account, I called my bank and asked, "If somebody sent me $100 today, how much, after all fees and exchanges, would end up in my account in GBP?" And then I asked a Payoneer rep on this forum the same question. The answers were within a few pence of each other, give or take.
Re: Payoneer currency conversion
I get a better exchange rate from Payoneer than my bank, so it was a no brainier for me when signing up. They can take their cut, I know I'll profit if I let them convert my money :)
Re: Payoneer currency conversion
^^^ indeed banks, credit card companies etc. do charge a percentage when performing currency conversions. This is just a 'fact of life'. The percentage may be a fixed amount tacked onto the 'official' daily exchange rate, or it may work on a sliding scale based on the total amount of currency being exchanged in a single transaction.