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Thread: Payoneer - Getting paid in USD, what about exchange rates?

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    Default Payoneer - Getting paid in USD, what about exchange rates?

    So I'm pretty new at this. I am Canadian. On MFC and Chaturbate, I get paid in USD. I receive my payments through Payoneer and I have their prepaid Mastercard.

    As far as I can tell, if I use their Mastercard locally in Canada, it gets deducted at a 1:1 ratio. Meaning, if I have $100 USD in my payoneer and I buy $10 worth of stuff in Canadian dollars, my balance is $90 USD in my payoneer.

    But if I use their withdrawal to local bank option, I should be able to get a higher rate via exchange rates. Is that correct?

    I'm just confused. The other day, I took out $100 at a local ATM. But my payoneer balance only went down by about $55. Obviously, that's a good thing and no, I'm not complaining. But I can't figure out the math that came to that. The exchange rate is no where near that high and that's not even taking into account the ATM fee.

    But basically, it looks like I shouldn't be making purchases using the card and I should be withdrawing completely either through ATM or to bank account.

    I don't know if any of you are experiencing this. Are you non-US payoneer users experiencing withdrawals in USD using the mastercard?


    and yes, I know I can ask Payoneer support but it's saturday and their phone support is not opened today.

    Thank you

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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    You need to get set up with global bank transfer with as many sites that are on that program.

    The exchange rate will automatically change to whatever rate we are getting in Canada on that day the minute you take money off your card or the minute the money is in your account from payoneer sending you a direct deposit from their system to your bank account.

    Sometimes days are wonderful others look like you didn't even get a bonus from having the exchange rate in our favor.

    You need to contact payoneer and ask for global bank transfer on your card they will sent it up , now if your new signign up on payoneer it offers it to you automatically.
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    Quote Originally Posted by maylee View Post
    As far as I can tell, if I use their Mastercard locally in Canada, it gets deducted at a 1:1 ratio. Meaning, if I have $100 USD in my payoneer and I buy $10 worth of stuff in Canadian dollars, my balance is $90 USD in my payoneer.
    No. The exchange rate is still in place. If I have $100 usd in my account, I spend $100 cad at the store, I'll check the balance again and see I have $20 or so still remaining. It definitely shouldn't be deducted at a 1:1 ratio, that would be robbery lol.

    I make purchases and pay bills with the card all the time.

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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    I personally have global bank transfer from Payoneer to my personal checking account. It's convenient for me, but then again I have credit cards and such with that bank, so I can't keep my funds in Payoneer for long.

    Keep in mind that there's a $3 fee for the transfer from Payoneer to your personal bank in your local currency. Should you decide to transfer it in USD thay charge like $30, so it's too much. I don't know, however, how they calculate currency conversion.
    Last edited by KarinaGiselle; 06-06-2015 at 08:00 PM. Reason: Error on the fee value
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    Quote Originally Posted by KarinaGiselle View Post
    I personally have global bank transfer from Payoneer to my personal checking account. It's convenient for me, but then again I have credit cards and such with that bank, so I can't keep my funds in Payoneer for long.

    Keep in mind that there's a $3 fee for the transfer from Payoneer to your personal bank in your local currency. Should you decide to transfer it in USD thay charge like $35, so it's too much. I don't know, however, how they calculate currency conversion.
    My bank doesn't charge me $35 to convert my money into Canadian currency, and the $3 fee payoneer takes to send me my money via global bank transfer I don't even notice is because the rate as long as it's not at part makes up for it.

    it is payoneer $3 to transfer the money, and my bank just sees it as a regular deposit into my account the bigger they get the more my bank wants to offer me some wonderful bank product.
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    It was Payoneer who wanted to charge me $30 to get my money from them to my bank account. It's ridiculous!
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    The Payoneer app for Android has a currency conversion button in-app so you can see how much you have CAD.

    Though personally, I find it to be inaccurate, especially if you have a few hundred+ in there. Like right now, I have $98 USD in my Payoneer account. The Canadian conversion rate right now is 1.24 on the US dollar. So I *should* have $121-$122 in there, but I have $118 CAD (as per what the app shows). At even higher amounts, it gets worse. Last month around rent time the CAD was hovering around $1.25 per USD. I had 500 bucks American in there, so as per conversion rate I should have had $625 or so Canadian. Yeah... it was like $575. Fucking brutal. I've been tempted to contact Payoneer support over it.
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    ^^^ I have to assume that this discrepancy represents a an imputed charge for currency exchange. But rather than applying a separate line item charge, the banks often just 'tweak' the exchange rate they use versus the official exchange rate.

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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    Thanks! That would make a lot of sense. I wish they were more up front/consistent about the fees though. Like if I have $20 USD, I usually get the currency conversion that google says I will within a few cents.
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    Quote Originally Posted by SaraLaughs View Post
    Thanks! That would make a lot of sense. I wish they were more up front/consistent about the fees though. Like if I have $20 USD, I usually get the currency conversion that google says I will within a few cents.
    their fees are consistent, the exchange rate is not depending on when payoneer gets an exchange rate it could be before the stock market closing time or after. so it will fluctuate.

    Even when you go to a bank and ask them what exchange rate they have then go to a check cashing place and ask them what exchange rate they have then run over to a currency exchange rate they will also have a different rate. All three places will have a different rate so add in payoneer they will also have a different rate.

    * sorry about that i talked with my Financial planner she said that the dollar exchange never closes on the start market so it fluctuates constantly. Banks have a closing date of when they will send out transactions so it can change from the bank gets it to when it actually shows up in your account.
    Last edited by minniesoporno; 06-18-2015 at 04:53 AM.
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    Makes sense! I'm glad to know they aren't nickel and diming our hard earned cash.

    I've noticed occasionally I get a small refund on Payoneer a day or two after my money is spent. Usually between $2 and $10. So I know they're reliable for correcting their mistakes. Still, it drives me a little crazy to punch it into the Google currency converter, only to realise I'm 25-50 bucks 'short'. Like WHERE'S MY DAMN MONEY. Still loving how low the CAD has been for last few months though.
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    I'm playing with the Payoneer app for Android. On what part is exactly the currency converter?
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    It's not really nickel and diming. They make huge money off it. All banks do.

    I believe Payoneer charge 2-5% above base plus fees. Though I have never got a straight answer from them and it does fluctuate.

    There is a base currency exchange rate that the banks use then whenever a visa/mastercard is used for a foreign transaction the bank can choose to add a percentage on top of the exchange along with fee.

    I travel all over and my Aussie banks ends up costing the same as the payoneer card after all conversions and percentages when out of the country. The nature of being paid in foreign currency!
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    Quote Originally Posted by KarinaGiselle View Post
    I'm playing with the Payoneer app for Android. On what part is exactly the currency converter?
    When you log into the app there's a box that shows your income. Bottom right of that box is a little box that says USD (currency). Click it and it'll give you the option to convert into many different currency.
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    Default Re: Payoneer - Getting paid in USD, what about exchange rates?

    I only get paid through mfc which is paid directly into my bank account via payoneer! Which I love! $3 fee is all,its fast too yay. If you take your earnings x 1.2 its usually pretty close to what gets deposited. Kinda nice making that little extra. One good thing about our dollar sucking is we get paid in american lol. I believe its different if you use the card? never have as of yet.

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