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Thread: Payoneer omg! currency exchange

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    Default Payoneer omg! currency exchange

    Hello girls!! I'm super confused with payoneer because i went to a cashier and took 200 euros and with the currency conversion i loss about 14 usd plus 2 usd payoneer charge me,after i use payoneer for buy in shops with the card and also they apply currency conversion and omg is so much,if for 200 euros i loss 16 usd what if i took 7000 euros? Is crazy!

    If any european girl have the same problem...any solution or idea with be appreciated !!

    Thanks in advance have a good camming!!!

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    Default Re: Payoneer omg! currency exchange

    As you can see at the above link, the Euro to US dollar exchange rate had hovered around the 1.37 mark for the last year or so. However, since about last June, the Euro to US dollar exchange rate has been dropping ... most recently to 1.26. Thus if your earnings are denominated in Euro, converting them to US dollars now results in ~9% fewer US dollars.

    US girls who 'export' their cam stream to European customers paying in Euos are thus experiencing a decline in earnings. However, European girls who 'import' US dollar denominated sales revenues from US customers are experiencing an increase.

    There are a number of claimed reasons for this big move in exchange rate ... from European Central Bank 'negative' interest rates, to the US Fed ending it's money printing program, to very poor economic data from Western European countries, to fears that Russia will stop natural gas supplies through Ukraine to Western Europe. Forecasts are that a reversal of this trend is not likely in the near future.
    Last edited by Melonie; 10-02-2014 at 03:40 AM.

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    Default Re: Payoneer omg! currency exchange

    Quote Originally Posted by Melonie View Post
    [url]http://chart.finance.yahoo.com/z?s=EURUSD%3dX&t=1y&q=&l=&z=l&a=v&p=s&lang=en-US®ion=US[url]


    As you can see at the above link, the Euro to US dollar exchange rate had hovered around the 1.37 mark for the last year or so. However, since about last June, the Euro to US dollar exchange rate has been dropping ... most recently to 1.26. Thus if your earnings are denominated in Euro, converting them to US dollars now results in ~9% fewer US dollars.

    US girls who 'export' their cam stream to European customers paying in Euos are thus experiencing a decline in earnings. However, European girls who 'import' US dollar denominated sales revenues from US customers are experiencing an increase.
    thanks !!!! Is a solution spend my money in U.S? Maybe buy a aparment there and just rent?

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    Default Re: Payoneer omg! currency exchange

    ^^^ if your income is in Euros, everything priced in US dollars is going to be more expensive. Thus to get more 'value' from your Euros, you need to spend them on things priced in Euros ... or in another currency which has also fallen relative to the US dollar ( like Canadian dollars ).

    Another solution is to change the nature of your income, such that it is denominated in US dollars ( for example, a US based webcam host )!

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    Default Re: Payoneer omg! currency exchange

    This was the main reason why I stopped using them. They have fee's for like everything...eventually it felt like they were eating up my money.

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    Default Re: Payoneer omg! currency exchange

    Quote Originally Posted by Blovely View Post
    This was the main reason why I stopped using them. They have fee's for like everything...eventually it felt like they were eating up my money.
    And what u use now?I have the same currency exchange problem if i do it with checks....

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    Default Re: Payoneer omg! currency exchange

    ^^^ I'll try to clarify even further. There are actually two separate issues being discussed.

    The first issue is that, after being relatively steady for a long time, over the course of the past 3 months or so the US dollar has strengthened significantly versus the Euro, the Australian Dollar, the Canadian Dollar, the UK pound, the Yen etc. Regardless of the exact method used for currency exchange, the new US dollar exchange rates are going to apply. This is bad news for girls living in the USA but whose camming earnings are denominated in Euros, UK pounds etc. ... because the same number of Euros or UK pounds is now going to translate into fewer US dollars. But this is good news for girls living in other countries whose camming earnings are denominated in US dollars ... because the same number of US Dollars is now going to translate into more Euros, more Canadian Dollars, more Australian dollars, more UK pounds, etc.

    The second issue involves 'fees' charged for financial services. One such fee is the 'spread' charged for currency exchange ... which can range from a fraction of a percent when exchanging large amounts of money via a large multinational financial institution that deals in foreign currencies on a regular basis, to several percent when exchanging small amounts of money via a small financial institution which must turn to outside resources for currency exchange. When a major credit card company performs the currency exchange, the 'spread' they charge is 1%.

    Another such fee is the recently imposed 'cross-border' fee by the major credit card companies. These fees are imposed whether or not a currency exchange transaction is also performed. The supposed basis for these fees are to cover the costs of collating cross-border financial data and reporting it to the IRS ( and other countries tax agencies ). These fees begin at a 0.4% level. If the person's source of income is outside their home country, any use of a major credit card company backed debit card to move those funds into their home country is going to trigger these 'cross-border' fees. Alternatively, if a major credit card company is not involved, and funds are directly transferred from a foreign bank to a home country bank, the home country bank will most likely impose a similar 'cross-border' fee for the same reason ( to cover their costs of cross-border transaction reporting to the IRS ( or other countries tax agencies ).

    Beyond that, yet another 'fee' structure is imposed by 3rd party payment processors themselves such as Payoneer.

    However, without understanding all of these different 'cost' components, it's very easy to lay all of the 'blame' on 3rd party payment processors.
    Last edited by Melonie; 10-03-2014 at 11:02 AM.

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    Default Re: Payoneer omg! currency exchange

    Quote Originally Posted by Bambola View Post
    And what u use now?I have the same currency exchange problem if i do it with checks....
    I switched back to checks.

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    Default Re: Payoneer omg! currency exchange

    You might want to open a bank account where you live and then set up a payoneer global transfer account to go there. Thats what i have done.
    I just got paid an amount and ive literally paid like 0.3% in fees. And the exchange rate (USD-GBP) worked out at like 1.62 which is very good.

    I would just advise you to aim for an amount that you need in your own currency (say 500Euro per week) and just work out how much you earnt in euros and try to forget about the USD value. Its a bit depressing to think "Oh yay i earnt $1000" when in reality thats like £500. I dunno what the exchange is for GBP-EURO, but just saying that ive found the fees and exchange rate using the global transfer very good.

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    Default Re: Payoneer omg! currency exchange

    ^^^ I would only add that the 'spread' you just paid ... a 1.62 effective exchange rate versus a 1.60 official exchange rate ... actually constitutes a ~1.25% additional 'fee'. That's pretty typical i.e. the credit card companies charge 1%. For better or worse, the cost of the 'spread' is almost never itemized separately ... it's merely embedded in the effective exchange rate. However, it is still a 'fee' which absorbs part of your earnings.

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    Default Re: Payoneer omg! currency exchange

    Before for make 100 euros i have to make exaclty 150 usd and now if i make 150 usd is 119 euros!! I hope continue like this,i love it all your explication Melonie u are very smart!! Im not worry about this the the thing that really pisses me off is the cashier or bank have always his exchange rate so they charge a lot more so that is why i take 200 usd and i loss like 17 usd this is crazy....every 200 usd loss 17? I wish i can live in U.S.A !

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    Default Re: Payoneer omg! currency exchange

    ^^^ it sounds like the 'spread' being charged on your USD to Euro currency exchanges is ridiculously high. As I implied earlier, this 'spread' between the official exchange rate and the 'effective' exchange rate actually used by the financial institution performing the currency exchange has the potential for the financial institution to assess high de-facto currency conversion fees in a very 'stealthy' manner.

    I'm not sure where you are physically located, but if a significant amount of money is being exchanged on a regular basis, you may want to look at the multi-currency account offerings by major international banks, such as HSBC or Chase. See for example . There is a tab at the top of that web page which leads to multi-currency banking service availability in a bunch of different countries ... and a branch may be located in your country. It's guaranteed that the 'spread' charged by these international banks will be far lower than the 'spread' you are currently being charged. The international bank option is also the 'simplest', since it should be possible for your webcam host to direct deposit USD camming earnings to your account via a US branch of HSBC, and for you to withdraw converted Euros via a branch of HSBC located in your country. However, banking laws may limit who is eligible to open new accounts.

    Also, TD Ameritrade offers online money market / investment accounts in multiple currencies which might provide an 'end run' around banking laws ... see . Theoretically, you could have your USD webcam host payments transferred directly into a TD multi-currency money market account based in the USA, have those USD converted to Euros via the same TD multi-currency account, and then transfer those Euros out to your local bank without the need for your local bank to perform ( and charge you for ) a currency conversion. The downside, of course, is that you'll get hit with 'cross-border' fees.


    Before for make 100 euros i have to make exaclty 150 usd and now if i make 150 usd is 119 euros!! I hope continue like this,i love it all
    Indeed, camgirls living in Canada, Australia, and western European countries who work for US based webcam hosts are all benefitting from the 'improved' exchange rates ... for the moment at least. But on the 'flip side', camgirls living in the USA who work for webcam hosts based in the UK, in Cyprus etc. are ( directly or indirectly ) being hit with 'worsening' exchange rates. Welcome to the 'global' economy !!!
    Last edited by Melonie; 10-04-2014 at 04:27 AM.

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