Author Topic: New Payoneer 3% Fee withdrawal to european bank account (Read 5266 times)

flywing · « **Reply #25 on:** January 15, 2024, 20:09 »

Quote from: pixdeluxe on January 02, 2024, 06:15

Correct me if I'm wrong but you should be able to set up a USD account in your own bank and transfer to your own bank with no conversion that doesn't incur the 3% transactional fee.

As per the email it states is only on USD to EUR transfers

Hope what I'm saying is right and that it helps

Looks like they have updated it to fix the loophole of opening a local bank account in foreign currency to avoid the currency conversion. Now, even, for example, USD to USD will be charged 3% if the bank is not located in the US.

https://www.payoneer.com/about/pricing/

"Withdraw to Your Bank Account:

Withdraw in non-local currency

Example:
USD balance > USD bank account, bank is in EU
EUR balance > USD bank account, bank is in Hong Kong

UP TO 3% of transaction amount"

To be eligible to pay the minimum fee, your Payoneer account must be registered in the same country of your bank account.

"Example: Payoneer account registered in USA -> USD balance -> USD bank account, where the bank is in the USA"

stoker2014 · « **Reply #26 on:** January 16, 2024, 03:52 »

Everyone has a Payoneer card, you don’t have to withdraw money and pay in stores with this card.
You can also withdraw money from your card at a local ATM in local currency.

flywing · « **Reply #27 on:** January 16, 2024, 07:51 »

Quote from: stoker2014 on January 16, 2024, 03:52

Everyone has a Payoneer card, you don’t have to withdraw money and pay in stores with this card.
You can also withdraw money from your card at a local ATM in local currency.

Are you in the US? If so, have you tried withdrawing through an ATM in another country with it?

This method has its own drawbacks.

Bad conversion rate + Payoneer $3 fee per transaction + ATM access fee (around $5-$6 per transaction) + international transfer fee.
The withdrawal limit of ATM (maximum cash per time) in each country determines the number of transactions you have to make.

stoker2014 · « **Reply #28 on:** January 16, 2024, 10:36 »

Quote from: flywing on January 16, 2024, 07:51

Quote from: stoker2014 on January 16, 2024, 03:52
Everyone has a Payoneer card, you don’t have to withdraw money and pay in stores with this card.
You can also withdraw money from your card at a local ATM in local currency.

Are you in the US? If so, have you tried withdrawing through an ATM in another country with it?

This method has its own drawbacks.

Bad conversion rate + Payoneer $3 fee per transaction + ATM access fee (around $5-$6 per transaction) + international transfer fee.
The withdrawal limit of ATM (maximum cash per time) in each country determines the number of transactions you have to make.

I don't live in the USA. But many of the commissions you write about do not exist, or they exist, but not in all countries. Yes, every bank in every country has its own limits on issuing banknotes through an ATM. But, all these questions can be clarified, for example, by withdrawing money from an ATM.
If you pay by card, there are very few (if any) fees.

everest · « **Reply #29 on:** January 16, 2024, 13:44 »

If you pay with your card something that has the price in dollars you don't have fees but if you do so in any other currency you get a "Transactions involving currency conversion up to 3.5% fee.

This new 3% transfer fee + 2%exchange fee of a mediocre exchange rate will cost me a few thousand dollars this year.

I really hope WISE becomes more popular among stock sites.

Quote from: stoker2014 on January 16, 2024, 10:36

Quote from: flywing on January 16, 2024, 07:51
Quote from: stoker2014 on January 16, 2024, 03:52
Everyone has a Payoneer card, you don’t have to withdraw money and pay in stores with this card.
You can also withdraw money from your card at a local ATM in local currency.

Are you in the US? If so, have you tried withdrawing through an ATM in another country with it?

This method has its own drawbacks.

Bad conversion rate + Payoneer $3 fee per transaction + ATM access fee (around $5-$6 per transaction) + international transfer fee.
The withdrawal limit of ATM (maximum cash per time) in each country determines the number of transactions you have to make.
I don't live in the USA. But many of the commissions you write about do not exist, or they exist, but not in all countries. Yes, every bank in every country has its own limits on issuing banknotes through an ATM. But, all these questions can be clarified, for example, by withdrawing money from an ATM.
If you pay by card, there are very few (if any) fees.

ikostudio · « **Reply #30 on:** January 17, 2024, 06:27 »

Hi

I am European and I like all of european contributors I recveive in USD on my PayPal account. So This is what i do.
I opened an account on a FX broker (that suport Paypal), inside the Broker I create an MT4 USD account and another MT4 account in EUR.

Then I send my money in USD from PayPal to the brooke. It’s like an instant payment (literaly take a new seconds) in USD to my MT4 USD account. And then I convert my money from the MT4 USD to the MT4 EUR account. That way i have a much better rate conversion rates then PayPal. And even better if involved more money. The only issue is that I have to send it back again to PayPal but in EUR that time, (you have to withdraw from the broker to the same way you deposit the money) And finally withdraw from PayPal to my Wise account in Euros or another EUR Bank account, ias free.

Is seems a lot of work, but it’s really easy, sometime I do a small FX trade to justify having an account on a Broker and that’s it.

Best regards to you all

Reply

LizC · « **Reply #31 on:** January 17, 2024, 09:12 »

That's interesting, I wonder if something like that is available in Canada. Was there any fee to put the money back into paypal?

thx9000 · « **Reply #32 on:** January 17, 2024, 10:39 »

Quote from: ikostudio on January 17, 2024, 06:27

Hi

I am European and I like all of european contributors I recveive in USD on my PayPal account. So This is what i do.
I opened an account on a FX broker (that suport Paypal), inside the Broker I create an MT4 USD account and another MT4 account in EUR.

Then I send my money in USD from PayPal to the brooke. It’s like an instant payment (literaly take a new seconds) in USD to my MT4 USD account. And then I convert my money from the MT4 USD to the MT4 EUR account. That way i have a much better rate conversion rates then PayPal. And even better if involved more money. The only issue is that I have to send it back again to PayPal but in EUR that time, (you have to withdraw from the broker to the same way you deposit the money) And finally withdraw from PayPal to my Wise account in Euros or another EUR Bank account, ias free.

Is seems a lot of work, but it’s really easy, sometime I do a small FX trade to justify having an account on a Broker and that’s it.

Best regards to you all

Reply

Sounds interesting. Which fx broker in particular?

everest · « **Reply #33 on:** January 17, 2024, 14:19 »

Hello. Also interested to know. I work with DEGIRO broker. Unfortunately they only accept funds from a bank account. Already researching brokers where double account in € and US $ are possible and that accept Paypal money incoming and outgoing transfers.

This is a good way to work. I don'tr care to need a little more time if I can save a lot of money at years end. Thanks for your contribution.

**** So far I have found that this is possible with XTB and eToro. XTB is looking good.

Quote from: ikostudio on January 17, 2024, 06:27

Hi

I am European and I like all of european contributors I recveive in USD on my PayPal account. So This is what i do.
I opened an account on a FX broker (that suport Paypal), inside the Broker I create an MT4 USD account and another MT4 account in EUR.

Then I send my money in USD from PayPal to the brooke. It’s like an instant payment (literaly take a new seconds) in USD to my MT4 USD account. And then I convert my money from the MT4 USD to the MT4 EUR account. That way i have a much better rate conversion rates then PayPal. And even better if involved more money. The only issue is that I have to send it back again to PayPal but in EUR that time, (you have to withdraw from the broker to the same way you deposit the money) And finally withdraw from PayPal to my Wise account in Euros or another EUR Bank account, ias free.

Is seems a lot of work, but it’s really easy, sometime I do a small FX trade to justify having an account on a Broker and that’s it.

Best regards to you all

Reply

LizC · « **Reply #34 on:** January 17, 2024, 18:56 »

But don't brokers cost money?

everest · « **Reply #35 on:** January 18, 2024, 02:20 »

I finally opened an acount in XTB with close to 0 maintenance fees but an exchange fee of 0.5%. I think you have to make 1 operation a year at least of buying selling stock. As I al already doing that with another broker this will be no problem for me. I think if you are doing less than 1000$ month it is more hassle than benefit but for me paying 0.5% instead of 5% with Payoneer will save me thousands of $ in fees every year.

This is really a bridge solution until stock site will begin accepting WISE instead of the much more expensive Paypal/Payoneer or Skrill that are only good if you are in the US.

Quote from: LizC on January 17, 2024, 18:56

But don't brokers cost money?

ikostudio · « **Reply #36 on:** February 06, 2024, 11:46 »

Hi

Degiro won't work with the methode I explain.
I work with ICmarkets, https://icmarkets.com/?camp=75827 there are others but this one accept PayPal and its considered a very safe brooker with great reputation. Its a Forex Brooker, and that's why that they have very good spread for conversions from USD to EUR.
When we open the account, we have to create an internal account to trade in the currency we want general USD, and another on in EUR.

1 - Open an account.

2 - Choose the type of account and plataform you want to use to genociate. (I choose CTrader)

3 - Choose the main currency for the 1º Trade account. (USD)

4 - Create another interna account (Ctrader, but this on in EUR or on other currency, depending where you live.

5 - Deposit with PayPal from USD to USD (free and instant transfer)

6 - Internal tranfer on from the IC Markets website from the 1º account (USD account) to the 2º account (EUR account). - Wait a favourable USD conversion rate, start looking the charts

The spread is the cost from converting USD to EU, and sometimes is less then 0.3%. (better if you convert when you have a total of at least 1000USD.

7 - Then you can Withdrawal on the ICmarkts website from the EUR account to your Paypal account.
(you need to withdrawal to the same methode you made the deposit) usualy only takes less than 12 hours to have your money back on PayPal.
You have to aprove this withdrawal on your email.

8 - And final... sometimes just trade a micro Lot (0.01) = 1000$ just to justify have a trading account and mantain that accounts active.

I use this since 2018, and works very good for me. Save me a Lot of Money on the stupid conversion rates from PayPal and Payonner.

Good luck, and say someting if you having any dificult.

MicrostockGroup Sponsors

Author Topic: New Payoneer 3% Fee withdrawal to european bank account (Read 5266 times)

flywing

stoker2014

flywing

stoker2014

everest

ikostudio

LizC

thx9000

everest

LizC

everest

ikostudio

Related Topics

Sponsors

Microstock Poll Results

Sponsors