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Microstock Photography Forum - General => General Stock Discussion => Topic started by: Justanotherphotographer on May 24, 2021, 05:09

Title: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on May 24, 2021, 05:09
EDIT: PLEASE SEE LATER POSTS IN THREAD!!!!

At least for GBP from USD, until agencies offer payment methods from providers doing conversions at mid market rates.

I finally got round to opening an account, switching some of my payments and doing a comparison.

So far rates have been roughly .80-2% better than Paypal (sadly they don't allow withdrawals of USD without a big fee unless you are a US resident so similar to Paypal in that respect)

Anyway, I've been wondering for a while and thought someone else might find it useful. I would highly recommend switching. I will continue doing the comparison for a few months at least and update if this stops being the case.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Visualab on May 24, 2021, 06:58
from my experience i can say that payoneer sucks...no customer service,if you have any problem it's almost impossible to contact them...at the beginning of this year i had to send them documents to prove my residence,it took 2 months and many attemps to get this documents approved...not to mention the issue with their card holder last year when they blocked all the cards...
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on May 24, 2021, 08:21
from my experience i can say that payoneer sucks...no customer service,if you have any problem it's almost impossible to contact them...at the beginning of this year i had to send them documents to prove my residence,it took 2 months and many attemps to get this documents approved...not to mention the issue with their card holder last year when they blocked all the cards...
Sounds rough, but I have heard similar about Paypal too if you are unlucky enough to have to deal with them outside of basic transfers. I haven't had any major problems in that regard (just hate their crazy fees and not allowing foreign currency transfers out). I am transferring to a bank account. Could I ask roughly where in the world you are based?

Anyone else had similar problems with Payoneer? This worries me...
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Visualab on May 24, 2021, 08:52
from my experience i can say that payoneer sucks...no customer service,if you have any problem it's almost impossible to contact them...at the beginning of this year i had to send them documents to prove my residence,it took 2 months and many attemps to get this documents approved...not to mention the issue with their card holder last year when they blocked all the cards...
Sounds rough, but I have heard similar about Paypal too if you are unlucky enough to have to deal with them outside of basic transfers. I haven't had any major problems in that regard (just hate their crazy fees and not allowing foreign currency transfers out). I am transferring to a bank account. Could I ask roughly where in the world you are based?

Anyone else had similar problems with Payoneer? This worries me...

italy...if you google payoneer card issue or payoneer rejected document card approval you will find lots of posts even if they delete most of them in their forum...
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on May 24, 2021, 09:24
Thanks I appreciate the feedback and will let the forum know if I get any similar problems.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: leremy on May 25, 2021, 07:41
I love Payoneer more than PayPal due to he 1-2% cheaper transaction fee.

If anyone need referral link, please PM me so that we can both can get a reward of $25 USD from Payoneer.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Orchidpoet on May 25, 2021, 11:01
I have not used Payoneer for a few years.

The reason I left was because of their hidden "cross-border" transaction fee. Since it is located in Belize, it was highly unlikely that anyone could skip this fee.

I hope they no longer charge this hidden fee.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on May 26, 2021, 06:26
I have not used Payoneer for a few years.

The reason I left was because of their hidden "cross-border" transaction fee. Since it is located in Belize, it was highly unlikely that anyone could skip this fee.

I hope they no longer charge this hidden fee.
They still charge a big fee for transferring out USD if you aren't in the US. Transferring out USD to my bank account in my local currency (GBP) has much better conversion fees than Paypal though.

Still c**p compared to other solutions like Revolut and Wise (was Transferwise) but until the agencies start offering these Payoneer seems to be much better fee wise than Paypal.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: fotoVoyager on May 26, 2021, 14:00
How complicated was Payoneer to set up in the UK?
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on May 27, 2021, 03:36
How complicated was Payoneer to set up in the UK?
Super easy. I needed a passport number and that was it if I remember correctly. I know they didn't need document scans like Paypal did.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: alexandersr on May 27, 2021, 16:03
I have read with Payoneer you can have a prepaid credit card, do you know haow many dollars you have in Payoneer account for this?
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on May 28, 2021, 06:16
I have read with Payoneer you can have a prepaid credit card, do you know haow many dollars you have in Payoneer account for this?

Sorry I only use them to transfer out to my bank account so donít know.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Fairplay on May 28, 2021, 07:49
I stopped using my Payoneer card because of their inactivity fee.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: alexandersr on May 28, 2021, 10:37
I stopped using my Payoneer card because of their inactivity fee.
What is it ?
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Fairplay on May 28, 2021, 12:27
https://www.microstockgroup.com/payoneer/payoneer-charged-me-85-usd-and-they-don't-know-why/ (https://www.microstockgroup.com/payoneer/payoneer-charged-me-85-usd-and-they-don't-know-why/)
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: alexandersr on May 28, 2021, 16:44
https://www.microstockgroup.com/payoneer/payoneer-charged-me-85-usd-and-they-don't-know-why/ (https://www.microstockgroup.com/payoneer/payoneer-charged-me-85-usd-and-they-don't-know-why/)
Thanks!
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on June 17, 2021, 02:15
Okay, an update as it has been exactly one month and I have received several big payments via Payoneer by mass pay from the sites now.

The conversion this morning was over 2% (!!!!) better than Paypal. Rates have consitently been over 1% better at all times and usually 1.5%, apart from that first conversion which was 0.8% better.

I can't see any legitiamte reason for me to ever use paypal where payoneer is an option, it has saved me around £100 already, and I haven't even switched all my payments yet.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on July 10, 2021, 10:35
Thought I should keep you updated as I may have influenced some people to sign up with Payoneer. I had them request additional documents (I guess I passed some kind of payments threshold?).

A bit worried given Visualab's comments earlier, and also because they are showing their "date of request" as being being on the 17th May (it wasn't, I got the nptofication on the 7th of July).
They are holding my payments until they verify the documents.

I remember going through a similar thing with Paypal at the $10,000 mark I think.

Anyway, I sent them three days ago as soon as they asked for them and will keep the forum informed.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: shutterview on July 11, 2021, 03:27
Thought I should keep you updated as I may have influenced some people to sign up with Payoneer. I had them request additional documents (I guess I passed some kind of payments threshold?).

A bit worried given Visualab's comments earlier, and also because they are showing their "date of request" as being being on the 17th May (it wasn't, I got the nptofication on the 7th of July).
They are holding my payments until they verify the documents.

I remember going through a similar thing with Paypal at the $10,000 mark I think.

Anyway, I sent them three days ago as soon as they asked for them and will keep the forum informed.
What additional documents? Utility bill? If so, it is just an usual procedure, nothing to be worried about. There are plenty FB Payoneer groups, look for one for your country, there are daily posts, very useful.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on July 11, 2021, 05:55
They just approved my documents, and on a Sunday no less!

Yes it was a utility bill, passport (had to upload again?) and a questionnaire about the nature of my business.

I was expecting it as I know they need to run extra checks to comply with oversight laws when you pass a certain amount of money but was worried given what was said earlier in the thread about delays.

So no problems to report!
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: shutterview on July 11, 2021, 07:03
They just approved my documents, and on a Sunday no less!

Yes it was a utility bill, passport (had to upload again?) and a questionnaire about the nature of my business.

I was expecting it as I know they need to run extra checks to comply with oversight laws when you pass a certain amount of money but was worried given what was said earlier in the thread about delays.

So no problems to report!
That 's good news!
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on September 01, 2021, 05:09
Okay, an update.

Looks like Payoneer selectively (read randomly?) charges "payout loading fees" or "a standard loading fee". They will start charging me an additional $3 per payment from Adobe and it sounds like they can start doing this with any payment from any "marketplaces and companies" whenever they like.

So watch out people! A huge fee for those sites that let you cash out at $100.

Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on September 15, 2021, 04:04
Okay, looks like it isn't random, they will be applying a $3 fee to every payment from sites.

This changes it from a no brainer to a terrible deal for low cash outs. Anything less than a few hundred dollars and you could be paying more for Payoneer than you would be with paypal. I will still use Payoneer for SS or AS for example as it is still a much better deal for those. Definitely will not be using them for lower paying sites I cash out a t the $100 mark though.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: dook1000 on September 15, 2021, 12:02
Okay, looks like it isn't random, they will be applying a $3 fee to every payment from sites.

This changes it from a no brainer to a terrible deal for low cash outs. Anything less than a few hundred dollars and you could be paying more for Payoneer than you would be with paypal. I will still use Payoneer for SS or AS for example as it is still a much better deal for those. Definitely will not be using them for lower paying sites I cash out a t the $100 mark though.
I'm not charged any additional fee from Payoneer when receiving payments from Shutterstock. Where did you see this fee?
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: k_t_g on September 15, 2021, 22:42
I think I seen it in the FAQ recently when I was doing a bit of personal research. So far nothing is better then PayPal. ☹️

Still figuring out my situation regarding this new policy in PayPal. Looks like the internet is becoming more and more unaccessible to those who are not well off. A total opposite to what was to happen.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on September 16, 2021, 02:35
Okay, looks like it isn't random, they will be applying a $3 fee to every payment from sites.

This changes it from a no brainer to a terrible deal for low cash outs. Anything less than a few hundred dollars and you could be paying more for Payoneer than you would be with paypal. I will still use Payoneer for SS or AS for example as it is still a much better deal for those. Definitely will not be using them for lower paying sites I cash out a t the $100 mark though.
I'm not charged any additional fee from Payoneer when receiving payments from Shutterstock. Where did you see this fee?

They sent me a message saying they are going to start charging it for one of the sites, then a couple of weeks later a series of messages which I think cover all of the remaining sites I have switched. They give a date a couple of months in the furture and say that it isn't retroactive. If you haven't got the message alert on your dashboard you shouldn't be charged (I assume). I will keep using them until that date then switch back to Paypal for smaller payments. At least they gave me plenty of warning!
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: Justanotherphotographer on September 16, 2021, 02:38
I think I seen it in the FAQ recently when I was doing a bit of personal research. So far nothing is better then PayPal. ☹️

Still figuring out my situation regarding this new policy in PayPal. Looks like the internet is becoming more and more unaccessible to those who are not well off. A total opposite to what was to happen.

Payoneer is still much better for me for larger payments thanks to the much better exchange rate. Just not for smaller payments when the charges start, as $3 is a massive chunk of $100 (but next to nothing of $3000-$5000). Either way I have saved a good few hundred dollars switching but people need to know what they are getting into.

I look forward to when the new wave of fintech providers has a bigger slice of the market and all these legacy providers can be ditched.
Title: Re: Payoneer offers better exchange rates than Paypal and is just as easy to use
Post by: dook1000 on September 16, 2021, 06:06
Okay, looks like it isn't random, they will be applying a $3 fee to every payment from sites.

This changes it from a no brainer to a terrible deal for low cash outs. Anything less than a few hundred dollars and you could be paying more for Payoneer than you would be with paypal. I will still use Payoneer for SS or AS for example as it is still a much better deal for those. Definitely will not be using them for lower paying sites I cash out a t the $100 mark though.
I'm not charged any additional fee from Payoneer when receiving payments from Shutterstock. Where did you see this fee?

They sent me a message saying they are going to start charging it for one of the sites, then a couple of weeks later a series of messages which I think cover all of the remaining sites I have switched. They give a date a couple of months in the furture and say that it isn't retroactive. If you haven't got the message alert on your dashboard you shouldn't be charged (I assume). I will keep using them until that date then switch back to Paypal for smaller payments. At least they gave me plenty of warning!
Thank you for the info. I haven't received these emails yet. But only agencies that send payments without asking your permission (once a month) are SS and 123RF. All the other send it on your request. Assuming that SS is not the problematic one for small payouts, on123RF there is an option to set minimum payout to 500$. So 3$ would be 0.6%