I’m a bit concern about the commissions PayPal charges me when I change the currency from Dollar to Euro, it’s pretty abusive, about a 3% and also it’s kind of “undercover”, they just apply a different exchange rate, pretty far from the actual rate, about 3-4 cents per dollar (but they don’t say nothing about the gap they use). Also Paypal doesn’t let me transfer the funds directly in dollars to an Spanish account, even though this one does let me recieve and convert those dollars at a really reduced cost (less than 0,5%).
So I’m trying to find a solution to this, but the Payoneer Card doesn’t seem a good solution either, if you are in USA it’s ok but here if you want to withdraw in a ATM they charge you more than 3 dollars and a 3% for the currency change so it’s more or less the same story. Is it possible to do a international wire transfer in dollars from a payoneer card to my spanish bank acount? This would be a good solution even if they charged me $40, because right now I have $5000 in paypal and the %3 of that is $150…
I’m looking a long term solution as Fiverr has become a great income and I would like to keep it for me and not share it with the banks…Another solution I’ve thought is to create a bank account in USA, but that seems difficult.
Any other ideas? How do you withdraw your money from Fiverr?
I think your best bet is to open up a US bank account and deal with the currency conversion after. If you are having trouble trying to get an US account in your country from you local bank try going to an investment bank that deals with trading accounts usually they have better options when it comes to currency.
Slightly confused by your post. I have a paypal account in UK pounds. If I transfer Fiverr earnings to that, are they automatically converted to pounds (-3% charge) or do dollars stay in their own separate account or something? Should I set up a separate paypal account for dollars?
I haven’t put any money into paypal yet but will be able to soon, i also want to avoid the three percent charge! opening a US bank account from overseas is an option I will investigate for sure.
I agree that Paypal do take large bites, at each stage of the process…but then you also have to think about the fact that all businesses have overheads and expenses with which to operate.
If anyone does find a better method - please let us know (UK).
Else to be honest… Its a business cost and you have to just lump it!
I guess 3% means that roughly one fiverrr gig out of every 25 is for the benefit of paypal Ay well, so be it. . .
Hi, Thank you all for the commetns,
jbadrawings, when I recieve the payment from fiverr, it’s in dollars, I have to convert it before withdrawn it to my local bank account.
I’m doing some reserch to creat a US bank account but is not very easy. I will look in forex traders or something similar.
I’ll let you know if I find something interesting.
I looked at opening a US account from the UK. It seems possible but they charge a fee(£100) which makes it less than worthwhile. . .
They charge that fee for opening I guess? Or for the wire transfers?
that was for opening the account. There may be cheaper options, I’ll research some more when i have enough money in my account for it to be an issue.
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Hey guys, do you know how much is the fee when withdrawing from the payoneer card,
And how does this Bank transfer work?
I am in the UK and I use paypal. Also because I am a long time customer I was invited to have a paypal debit card which means I can spend my earnings anywhere and also draw it out as cash (for a fee)
It seems to be the best option here for the moment and I personally prefer this to bank transfer
PayPal works. None of the options are very attractive, admittedly, but I guess that’s the price of doing international business.
How do you withdraw money from Paypal outside US?
I think using Tranferwise is the best option.
- Send money from paypal to transfer-wise account.
- Use your borderless account in tranferwise to send money in multiple currencies.
I have not yet tried above method but have been using Tranferwise. …
I know it’s been a while but I thought I’d share. As fiverr unfortunately still doesn’t accept direct withdrawals into transferwise accounts it is still a bit complicated.
But, here is how I do it and it’s a little cheaper than converting in Paypal.
For reference, I live in the UK.
So I withdraw to paypal into my US account (you need to set that up, which is fairly easy). From there I transfer the balance to my transferwise account. Then I convert it into £. And then I send it to my UK Bank account. Don’t make the mistake of sending it back to paypal because that costs a lot as far as I remember.
I withdrew $276 to Paypal. To convert in paypal would’ve been £206.13
I instead sent to TW (free), converted to £213.71 (£1.24 fee) and then to my bank account £213.11 (£0.60 fee). I saved £6.98, which isn’t a huge amount, but every little helps right?
Found this really helpful. Thank you!
I’m in the same position being a UK seller on Fiverr and being hammered by the conversion fees.
If possible could you go in to more detail about the type of TransferWise account you have? (personal/business/freelancer?) I’m new to this site but would love to make any savings possible. It seems im on around the same level of income as yourself and over a year those kinds of saving could make a big difference.
Any further info and advice would be hugely appreciated
p.s I previously had my fiverr currency settings for withdrawals set to GBP for ease but i just noticed that i already saved myself £3 by switching it back to USD and transferring the dollar amount in to my PayPal dollar account. So now if i were to send to my bank account from PayPal and let the conversion happen at that point rather than between Fiverr and my GBP Paypal account id save £3 (if that makes any sense at all haha)
I am in asia and it works well with payoneer and via paypal!