Microstock Photography Forum - General > Payoneer
Great new payoneer feature - Payout goes directly in your bank account
Pixart:
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.
Megastock:
--- Quote from: Pixart on June 10, 2011, 10:31 ---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.
--- End quote ---
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 $250. I'm interested in that you seem to save on larger amounts, it goes right to the back, and you aren't dealing with PayPal. With PayPal I have had numerous occasions where they locked my account after I used PayPal when not at home and making a purchase (i.e. buying an e-book on the road), and that meant a few weeks before I could get home, make the required phone call and get my account restored. All that time they had my money and I couldn't access it.
sweetgirll:
virtual banking account? I doubt. Paypal is getting more strict than you'd think
I had problems with Paypal so I actually prefer to get a real check, or a deposit into my bank account.....
:)
--- Quote from: Morphart on June 10, 2011, 12:42 ---
--- Quote from: Pixart on June 10, 2011, 10:31 ---Sorry - read it wrong - you knew that. ;) Payoneer's page says in small print * Currency conversion applies to local currency transfers - but can't find where they hide what today's exchange rate is.
--- End quote ---
Yeah with conversion fee you are "screwed" any ways. The currency that are shown is never the currency you get. Will it be payonneer, paypal or you bank that those the conversion, each keeps a few cents for themselves. The only disadvantage payoneer has that I see over paypal is direct transfer to you bank account, where paypal you wait a few days before having it in you bank account, but paypal transaction fees are way less. Also I like the advantage of paypal and it's "Virtual banking account", it's like an invisible swiss bank ;p
If you don't want to get screwed by currency exchange you need to creat a US bank account and withdraw US money (or currency you get paid into).
--- End quote ---
travelstock:
Its the awful exchange rate with Paypal that's my problem at the moment:
US$ 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.
Morphart:
--- Quote from: Megastock on June 10, 2011, 14:54 ---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.
--- End quote ---
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?
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