Fiverr Forum

Fiverr to PayPal USD/EUR Exchange Rate

Hello guys,

I’ve been wondering about this for a while and since I’ve started to use the forum regularly, I decided it would be ok to ask for it directly. Do you live in a EUR country? And if so, what’s your experience with using the automatic currency exchange on Fiverr?

To be quite honest, I have absolutely nothing against Fiverr, but the one thing that I really can’t comprehend is why they would force the currency exchange on you. It makes it hard to understand how much money you are making and where that money is going.

For example, here’s a picture of my Fiverr availability in Euros:

44

And here’s my availability in USD:

59

Of the two, the second number is actually representative of how much I have in my account. The first one is only an automatic exchange rate that Fiverr applies (either not correctly or not in real-time, I’ll explain why).

Now, if I go on XE.com, which is widely known as THE currency exchange website, here’s what I get:

So, XE says I would be making less money (which I already knew, but it’s constantly changing).
I trust XE better than I trust Fiverr’s automatic exchange rate because the number I see on Fiverr in Euros is NEVER representative of what I get on PayPal after.

Now I withdraw my funds and …

26

… I only get 323€.

So, who’s at fault for not letting me understand how much money I should be making? Fiverr’s automatic system is WAY off (25€ is not nothing), XE seems to be right instead. And yet why is it that I’m still losing 10€ on the way? If there were fees applied from PayPal, shouldn’t they tell me?

I understand that currency exchange fluctuates every single day and that the value of dollars could tank one day compared to any other (hopefully not), but for us Europeans, or at least for me, it’s frustrating to have to think about this financial mismatch that’s so obvious and so not clear. After all, I could have 25€ more in my pocket which doubled or tripled by bigger amounts would start to be quite a substantial amount (I withdraw every two weeks).

Anyway, what do you guys think? Have you tried using Payoneer? Is it any better? Should I get one of those Fiverr cards? What’s the best way to minimise my losses?

Kind regards,
Arrigo

What a mess. receiving an amount that is less than what Fiverr says, and what XE says is a mess.
Well, I only use Payoneer, and since payoneer takes only 2% + 3 I always know how much would I receive in my currency. For example, as per XE.com US 1.00 = 3.67 AED
Payoneer’s rate has never changed since 2 years, US$ 1.00 = 3.599 AED (2%)

I always receive the amount I expect.

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Hi. Are you talking about the exchange rate from PayPal to your bank account?
I’m in a European country and I receive the money I withdraw from Fiverr to my PP account in US$. The money PP then takes for the conversion and the currency exchange rate when I send money from my PP to my bank doesn’t have anything to do with Fiverr.

PP take 2.5% currently from me (you can find their rate for your country in their ToS though I think it’s probably the same throughout Europe) and they display the conversion rate as well when I send money.

I’m not sure if we (non US people) would save money if Fiverr would enable us to withdraw in our own currency directly to our bank accounts, depends on the exchange rate they’d apply,
but currently, I can’t see a way to withdraw € from Fiverr, only US$.
This might change with Fiverr having opened their first 2 local offices in Berlin and London recently, I guess, but I’m not sure about that. The notice I see on the login screen only mentioned additional payment methods but didn’t say anything about additional methods for withdrawing. Curious to see if that will be coming.

Fiverr used to take 1$ per withdrawal from Fiverr to PP BTW, but they waived that fee a while ago!

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Hmmmm, so the $3 that is taken from me when I withdraw is Fiverr’s commission? not Payoneer’s?

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Payoneer isn’t very popular in my country (Italy), so that’s why I don’t use it.
However, I did try it in the beginning and then switched to PayPal thinking it would have been better.
I might need to go back and see if I make more money using Payoneer or not.

Thank you for your reply!

-Arrigo

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It looks like you withdrawn your money to PayPal.

And as @miiila said PayPal has different conversion rates from “online converters”. And it’s usually visibly smaller. You can check how it works on their website.

Fiverr might show and estimate but I think it’s paypal that converted them to eur

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I never used Payoneer but the link from the Help Center info for Payoneer leads to a payoneer page, so I assume it’s a Payoneer fee. $3 seem to be for “immediate” withdrawal (2 hours), while it would be $1 for 2 days:

https://payouts.payoneer.com/partners/Default/fees.aspx?pid=100010650

My PP withdrawals are immediately and without any fee from Fiverr to PP anymore. Back then, I received the withdrawn US$ amount - US$1, now the exact US$ amount.

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Yes but, don’t you think they should at least give you a number that’s closer to what you are going to actually get? 25 Euros is not a small number! If you only look at Fiverr’s exchange rate while working and then withdraw your money, then it obviously strikes you that it’s completely off!

I will try Payoneer next month and see how that goes.
Thank you for the reply.

-Arrigo

Thanks.
Well, it is always $3 and always took 2-4 days. but I am so happy with Payoneer. :slightly_smiling_face:

Yes, I’m aware of this obviously.

The only thing that makes me uncomfortable is the fact that everyone gives me a VERY different number. It’s not like I’m losing 0.5 cents on it, I’m losing 25 Euros on what Fiverr is saying (which I know is completely wrong) and 10 Euros on what XE is saying. I think they should update their automatic exchange rate to at least match XE or any other industry standard.

Cheers.

Hm, seems weird that it’s 2-4 days then, maybe you could ask Payoneer why they take $3 then instead of $1 if you don’t get your money within the advertised 2 hours but main thing is you’re happy.
I need PP for other things and I prefer keeping the number of accounts I have at bay, else I’d compare the rates more closely.


I have my account set to US$, else it’s too confusing because it still didn’t display € everywhere on the page. I just think in US$ as far as Fiverr is concerned. The rest is between PP and my bank. I also always keep US$ in my PP account, so I can pay for anything online where I can pay with US$ without losing money for conversion for those things.

They could display the source of where they get the rate they display for you though, yes, unless it’s mentioned somewhere in the ToS or Help Center anyway, I don’t think I noticed any mention yet.

When I withdraw, I receive an email within few hours like the below image:

image

So I guess they do the transferring immediately (for this $3), but it still takes days to arrive to my local bank account.

Edit: by the way, this is a second email after I click the withdraw button, first one is within 2 minutes, saying that I received payment from Fiverr.

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I get the notification from PP that I received money from Fiverr literally seconds after withdrawing and can use it then. PP claim it usually takes 1-2 business days to the bank account which is more or less correct, I think it took 3 or 4 days once with a weekend in between, so as far as “money on your bank account” is concerned, it seems about the same.
Newer regulations tend to favour consumers, the money institutions don’t get to keep your money in limbo as long as they used to, so probably times will reduce.
I noticed that one bank here now offers “direct transfer” to other banks, which really means immediately, for 10 cents or so more than normal transfer … which means they can do it, technically. :wink:

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