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Author Topic: Great new payoneer feature - Payout goes directly in your bank account  (Read 13407 times)

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velocicarpo

« on: June 09, 2011, 12:35 »
0
Hi all,

Payoneer launches a great new feature. Agencies working with them can now deposit your money directly in your local bank account! Finally a serious payout method! Currently the list of countries supported is still small, but growing steady. Please read here:
http://www.payoneer.com/LocalBankTransfer.aspx

FOTOLIA AND SHUTTERSTOCK PLEASE BRING PAYONEER!!!


« Reply #1 on: June 09, 2011, 13:22 »
0
"The price per transfer is $5.95 or $9.95 depending on the bank account country*."  We have to pay that?  :-\

velocicarpo

« Reply #2 on: June 09, 2011, 14:09 »
0
"The price per transfer is $5.95 or $9.95 depending on the bank account country*."  We have to pay that?  :-\

I usually transfer in the hundreds or thousands. Even if I have to pay that fee I couldn`t care less.
I prefer to have a fast and reliable transaction rather than having to deal with anything like paypal or moneybookers in the middle which just cost time and patience....beyond that, with the conversion Paypal offers it is almost guaranteed that the transfer costs me more than just 6 or 10 bucks...
« Last Edit: June 09, 2011, 14:11 by velocicarpo »

« Reply #3 on: June 09, 2011, 14:43 »
+1
sounds like a great feature.  I guess I'll have to crunch some numbers.  I will simply use whichever method gives me more $$ in my bank account in the end.

« Reply #4 on: June 09, 2011, 20:28 »
0
"The price per transfer is $5.95 or $9.95 depending on the bank account country*."  We have to pay that?  :-\

I usually transfer in the hundreds or thousands. Even if I have to pay that fee I couldn`t care less.
I prefer to have a fast and reliable transaction rather than having to deal with anything like paypal or moneybookers in the middle which just cost time and patience....beyond that, with the conversion Paypal offers it is almost guaranteed that the transfer costs me more than just 6 or 10 bucks...

Currency conversion will apply same thing as paypal with this. If it's not paypal doing the conversion, it's your bank unless you own an account with that currency?

In my case (Canada withdrawing US funds):

If less that 150$ withdrawal: 50 cents.
+150$ = Free
or USD bank account = Free

I prefer the Free method over the 6-10$ method. Paypal as a minimum ammount for all country for it to be free withdrawal, better check how you withdraw don't see how you can get those charges.

See: https://www.paypal.com/cgi-bin/webscr?cmd=_display-withdrawal-fees-outside

« Reply #5 on: June 10, 2011, 10:14 »
0
Morphart, that's a transaction fee.  Paypal charges currencey exchange fees as well.

Edit to add
I was at the bank this morning and when I glanced at the big screen their current cost to exchange US to CDN was .99__ something.  Paypal is giving .95 this morning, so that is over 4% above what the bank charges you - I'm not sure what the other 4 decimal points were, so it could be close to 5%.

And unless you have an American based bank account, Paypal won't deposit in U.S. funds.  Not even into my U.S. $ bank account in Canada.  This is where they make their money, unless you turn around and buy something in U.S. $ from a merchant.
« Last Edit: June 10, 2011, 10:23 by Pixart »

« Reply #6 on: June 10, 2011, 10:31 »
0
Sorry - read it wrong - you knew that.   ;)  Payoneer's page says in small print * Currency conversion applies to local currency transfers - but can't find where they hide what today's exchange rate is.

« Reply #7 on: June 10, 2011, 10:50 »
0
I like this feature, I also prefer to get money in my bank account!

« Reply #8 on: June 10, 2011, 12:42 »
0
Sorry - read it wrong - you knew that.   ;)  Payoneer's page says in small print * Currency conversion applies to local currency transfers - but can't find where they hide what today's exchange rate is.

Yeah with conversion fee you are "screwed" any ways. The currency that are shown is never the currency you get. Will it be payonneer, paypal or you bank that those the conversion, each keeps a few cents for themselves. The only disadvantage payoneer has that I see over paypal is direct transfer to you bank account, where paypal you wait a few days before having it in you bank account, but paypal transaction fees are way less. Also I like the advantage of paypal and it's "Virtual banking account", it's like an invisible swiss bank ;p

If you don't want to get screwed by currency exchange you need to creat a US bank account and withdraw US money (or currency you get paid into).

« Reply #9 on: June 10, 2011, 12:53 »
0
Morphart, that's a transaction fee.  Paypal charges currencey exchange fees as well.

no they dont.. I never had a transaction fee.. the thing we get is the low conversion.. like $ to EUR 0.71$ on the market, on paypal 0.69$ (example)

payoneer dont?

« Reply #10 on: June 10, 2011, 13:31 »
0
It's different in every country.  I remember at one time the U.S. had no service fee.  In Canada they charge to transfer to bank if under $150. 

« Reply #11 on: June 10, 2011, 14:54 »
0
Sorry - read it wrong - you knew that.   ;)  Payoneer's page says in small print * Currency conversion applies to local currency transfers - but can't find where they hide what today's exchange rate is.

When I asked them they said that exchange rates were according to Mastercard, which is what the card is.  Using the Mastercard current conversion tool which gives the rates according to date, they show the Canadian rate as:

0.9725

Paypal, on the same date, charged me this rate on a withdrawal into Canadian:

0.944526

I'm unclear so far if the Mastercard rate is what Payoneer will charge directly, but assuming the 6.95 is the only fee, then you make up the $6.95 fee difference as long as you are withdrawing over $250.  That said, you are just breaking even at that point.  Paypal seems better for the $150 transfers, while Payoneer seems to win after you get above $250.  I'm interested in that you seem to save on larger amounts, it goes right to the back, and you aren't dealing with PayPal.  With PayPal I have had numerous occasions where they locked my account after I used PayPal when not at home and making a purchase (i.e. buying an e-book on the road), and that meant a few weeks before I could get home, make the required phone call and get my account restored.  All that time they had my money and I couldn't access it.

« Reply #12 on: June 11, 2011, 00:30 »
0
virtual banking account?  I doubt. Paypal is getting more strict than you'd think
I had problems with Paypal so I actually prefer to get a real check, or a deposit into my bank account.....

 :)

Sorry - read it wrong - you knew that.   ;)  Payoneer's page says in small print * Currency conversion applies to local currency transfers - but can't find where they hide what today's exchange rate is.

Yeah with conversion fee you are "screwed" any ways. The currency that are shown is never the currency you get. Will it be payonneer, paypal or you bank that those the conversion, each keeps a few cents for themselves. The only disadvantage payoneer has that I see over paypal is direct transfer to you bank account, where paypal you wait a few days before having it in you bank account, but paypal transaction fees are way less. Also I like the advantage of paypal and it's "Virtual banking account", it's like an invisible swiss bank ;p

If you don't want to get screwed by currency exchange you need to creat a US bank account and withdraw US money (or currency you get paid into).

« Reply #13 on: June 11, 2011, 01:07 »
+1
Its the awful exchange rate with Paypal that's my problem at the moment:

US$ to AUD: 0.922894
Whereas the official rate is: 0.94895

So its about 2.6% of every transaction.

Does anyone know if the paypal percentage for cash withdrawals is less than this? I know they say they use the Mastercard rate, but they don't ever really show you what this is.

« Reply #14 on: June 13, 2011, 18:20 »
0
With PayPal I have had numerous occasions where they locked my account after I used PayPal when not at home and making a purchase (i.e. buying an e-book on the road), and that meant a few weeks before I could get home, make the required phone call and get my account restored.  All that time they had my money and I couldn't access it.

Wow for this I agree this must suck bad. My experience so far with Paypal is good, but if I get my account locked once for sure I won't keep any money in there.

For currency fees, I opened a US bank account (I am in Canada). This permits me to withdraw from Paypal without any currency conversion. Then, when US $ gets back on track I will withdraw from my US bank account to cash in CAN, so Paypal don't handle the currency transfer.

Also, I don't remember but don'T paypal offer to convert the currency OR leave it to bank to convert it?

velocicarpo

« Reply #15 on: June 15, 2011, 09:38 »
0
virtual banking account?  I doubt. Paypal is getting more strict than you'd think
I had problems with Paypal so I actually prefer to get a real check, or a deposit into my bank account.....

 :)

Sorry - read it wrong - you knew that.   ;)  Payoneer's page says in small print * Currency conversion applies to local currency transfers - but can't find where they hide what today's exchange rate is.

Yeah with conversion fee you are "screwed" any ways. The currency that are shown is never the currency you get. Will it be payonneer, paypal or you bank that those the conversion, each keeps a few cents for themselves. The only disadvantage payoneer has that I see over paypal is direct transfer to you bank account, where paypal you wait a few days before having it in you bank account, but paypal transaction fees are way less. Also I like the advantage of paypal and it's "Virtual banking account", it's like an invisible swiss bank ;p

If you don't want to get screwed by currency exchange you need to creat a US bank account and withdraw US money (or currency you get paid into).

Paypal is well known for hijacking their clients money and refusing to payout for whatever reason. It always feels like gambling for me using them. I just hope we get a different payout system like payoneer soon on the Agencies which haven`t made the switch already.

Istock, Dreamstime, Veer are already offering payoneer. The biggest missing ones are Shutterstock and Fotolia.

« Reply #16 on: June 15, 2011, 09:43 »
0
Paypal is well known for hijacking their clients money and refusing to payout for whatever reason. It always feels like gambling for me using them. I just hope we get a different payout system like payoneer soon on the Agencies which haven`t made the switch already.

Istock, Dreamstime, Veer are already offering payoneer. The biggest missing ones are Shutterstock and Fotolia.

Wow thanks for the information. I have been using Paypal for more than 5 years and never ran into any issue. Anyone else came to same conclusion as Velociarpo with Paypal "hijacking their money"?

I was planning to keep some $ in there while US currency picks up...

michealo

« Reply #17 on: June 15, 2011, 09:53 »
0
Paypal is well known for hijacking their clients money and refusing to payout for whatever reason. It always feels like gambling for me using them. I just hope we get a different payout system like payoneer soon on the Agencies which haven`t made the switch already.

Istock, Dreamstime, Veer are already offering payoneer. The biggest missing ones are Shutterstock and Fotolia.

Wow thanks for the information. I have been using Paypal for more than 5 years and never ran into any issue. Anyone else came to same conclusion as Velociarpo with Paypal "hijacking their money"?

I was planning to keep some $ in there while US currency picks up...

PIMCO the largest holder of US Treasuries doesn't share your optimism

velocicarpo

« Reply #18 on: June 15, 2011, 10:01 »
0
Paypal is well known for hijacking their clients money and refusing to payout for whatever reason. It always feels like gambling for me using them. I just hope we get a different payout system like payoneer soon on the Agencies which haven`t made the switch already.

Istock, Dreamstime, Veer are already offering payoneer. The biggest missing ones are Shutterstock and Fotolia.

Wow thanks for the information. I have been using Paypal for more than 5 years and never ran into any issue. Anyone else came to same conclusion as Velociarpo with Paypal "hijacking their money"?

I was planning to keep some $ in there while US currency picks up...

When you do mostly small transactions, stay within your country, login from the same computer, do not use it on ebay or similar services, your chances are very good that you will never have a problem with them. The Problem occurs when you do anything what gives them an excuse to block your account for "security" reasons. E.G. when you suddently login from a different area, different IP. OR when you suddently want to transfer money in the thousands instead of the usual 10 to 100 bucks. OR when you had been involved on ebay with someone who had suspicious activity they may lock your account too.

Since I am oftenly travelling and using the liberty Microstock is giving me I, for example, login sometimes from other countries, just to transfer the payouts to my bank account. They ALWAYS used to lock then my account and I had to undergo a ridiculous process, providing them the same papers again and again, until they paid me my money. You may argue that this is for security but for me this sounds like BS since I transfer my moeny since Years to the same account lol. I just stopped using them. I have no need to argue for weeks with a company that my money is my money.

« Reply #19 on: June 15, 2011, 10:27 »
0
Could someone please explain Pioneer to me.

You get a card with one agency and it works with those others mentioned.

-Agencies deposit money onto the card.
-You can withdraw cash from the card (paying MasterCards currency exchange rate)
-You can make purchases with the card like a real credit card.
-You can transfer money to your own bank account.

Any surprises?

Annual fees?

Can you use it like a real credit card :  i.e. make purchases and get a bill?

Any other fees, like a transaction fees (other than currency exchange) when you withdraw cash or make purchase?

I import low $K from U.S. in goods each year, these vendors don't take Paypal so really I have to convert my U.S. earnings to Cdn. and pay Paypal exchange, then purchase on my MC and pay exchange going the other way.

velocicarpo

« Reply #20 on: June 15, 2011, 11:25 »
0
Could someone please explain Pioneer to me.

You get a card with one agency and it works with those others mentioned.

-Agencies deposit money onto the card.
-You can withdraw cash from the card (paying MasterCards currency exchange rate)
-You can make purchases with the card like a real credit card.
-You can transfer money to your own bank account.

Any surprises?

Annual fees?

Can you use it like a real credit card :  i.e. make purchases and get a bill?

Any other fees, like a transaction fees (other than currency exchange) when you withdraw cash or make purchase?

I import low $K from U.S. in goods each year, these vendors don't take Paypal so really I have to convert my U.S. earnings to Cdn. and pay Paypal exchange, then purchase on my MC and pay exchange going the other way.

I hope I can answer some questions...

To make it short, what you get is a fully functional (debit) MasterCard.

-Agencies deposit money onto the card.
Yes. You sign up. Get a card. Get a login to their site. Agencies can load this card. When you login to your account you see the balance, transactions etc. You can have one card and associate it with more agencies, e.g. I have one which gets loaded by Dreamstime and Veer.

-You can withdraw cash from the card (paying MasterCards currency exchange rate)
Yes. I withdraw from many different places around the world and always was VERY satisfied with the rate. 

-You can make purchases with the card like a real credit card.
Yes.

-You can transfer money to your own bank account.
This is the upcoming feature. Until now: no. You just have it on your card and can withdraw it from any ATM around the world, but you cannot transfer from the card to your account as of now (correct me if I am wrong).

- Annual fees?
When a Agency loads your card you have to wait like 2 days until the money is available. If you do not want to wait there is a immediate load fee of 3 or 5 US (?). There is a monthly mainentance fee if you use the card. If you do not use your card there is no fee at all. Please check their site for the rates...

Beyond that, no surprises .... Every now and then they exchange your card and you get a new one send...

« Reply #21 on: June 15, 2011, 12:46 »
0
Thanks so much for the in-depth response!  One more question

-You can make purchases with the card like a real credit card.
Yes.


Agency pays me $100 I spend $250 and get a bill with a due date for $150?  Or can I only spend $100?

velocicarpo

« Reply #22 on: June 15, 2011, 13:34 »
0
Thanks so much for the in-depth response!  One more question

-You can make purchases with the card like a real credit card.
Yes.


Agency pays me $100 I spend $250 and get a bill with a due date for $150?  Or can I only spend $100?

You can only spend the $100, that is the concept of a prepaid debit card.
« Last Edit: June 15, 2011, 13:40 by velocicarpo »


« Reply #24 on: October 26, 2012, 05:37 »
0
Hi,

I know this is an old thread but I wanted to update you guys and let you know that Payoneer's Local Bank Transfer (LBT) Service is now available to over 200 countries worldwide.

To view the list of countries you can visit our site http://www.payoneer.com/localBankTransfer-Avail.aspx.

As always, if you have questions regarding Payoneer and any of our services feel free to ask or contact me via PM.


Thank you so much David!!!


 

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