digital_carver Posted August 18, 2013 Share Posted August 18, 2013 I was researching this issue to decide between Paypal and the local bank transfer option, and found that:Paypal does not charge withdrawal fees for transfers to Indian banks (I’m not clear on why), and automatically sends the money to your bank account every day.The local bank transfer option on Fiverr is done via Payoneer, who charge $5.95 per transaction (mentioned near the end of this post: http://blog.payoneer.com/lower-fees-for-payoneers-global-bank-transfer-gbt-service/ )So, obviously, Paypal is the best option for Indian users right now. Just a public service announcement for Indian sellers’ convenience.PS: The above is based on some web research and my past experience with Paypal, please correct me if anything here is wrong. Link to comment Share on other sites More sharing options...
Guest matt_garry Posted August 18, 2013 Share Posted August 18, 2013 I thought fiverr didn’t do direct bank transfers… Link to comment Share on other sites More sharing options...
swappy007 Posted May 4, 2014 Share Posted May 4, 2014 i think the charge on payoneer is $3 as per the information provided on their website.https://payouts.payoneer.com/WebApps/MethodRegistration/Fees.aspx?country=INSo basically i think if you are transferring money in INR the fixed charge will be just 3$ and the conversion rate is 3%.I am just quoting it from their website.Can you tell me in how many days was your payment received from fiverr to your bank?Also did they ask for any specific documents thereafter? Link to comment Share on other sites More sharing options...
visual360 Posted October 24, 2015 Share Posted October 24, 2015 thanks mate. Link to comment Share on other sites More sharing options...
kay2809 Posted October 25, 2015 Share Posted October 25, 2015 That’s right. $6 gets me dominos pizza combo which I can eat all by myself 😃I mean, not all at once. Link to comment Share on other sites More sharing options...
ilovenish Posted October 25, 2015 Share Posted October 25, 2015 It is not true at all. Payoneer is completely free when you use fiverr “Bank Account” withdrawal option. Paypal charges maximum $1 above $50 withdrawals and they have very less conversion rates.Take my example: When i used to withdraw $100 via Paypal, i received $99 in my paypal account and 5800 INR (59/ $ )in my bank account after 4-5 days.And when i used Payoneer to withdraw same amount then i received 6300 INR. in my local bank account within 1 day.P.S- When you initiate withdrawal on Monday, Tuesday, Wednesday and Thursday you will receive funds within 24 hours in your local bank account. And when you withdraw on Friday, Saturday or Sunday then you will received on Monday or Tuesday.So Bank Transfer via Payoneer is best for Indian users right now because-1- It’s completely free2- Best conversion rates. Link to comment Share on other sites More sharing options...
melvokip Posted October 25, 2015 Share Posted October 25, 2015 This is Same for other Countries too, Kenya for my case.I found the Bank Transfer to be rather expensive, for about $56 i withdrew , on top of the $3 fiverr withdrawal , a further $13 was mysteriously withdraw , so i ended up with around $40 in my local accountCompared to Paypal, for $56, I would have ended up with about $53 in my local bank accountObviously Payoneer is extremely expensive and I will never use it again , in fact am looking for a way to disable it on my account (Customer support said to talk to Payoneer about this)For Sellers, my advice would be to stick to PayPal because of the low transaction charges and transparency Link to comment Share on other sites More sharing options...
shinuikha8 Posted October 25, 2015 Share Posted October 25, 2015 Is it easy to setup Payoneer ? I’ve no idea how to do it !Using paypal now but from what you’ve the conversation rates… ! there is a huge difference is it true ? Link to comment Share on other sites More sharing options...
ilovenish Posted October 26, 2015 Share Posted October 26, 2015 It’s very easy, just need to provide your name and bank account number. No need to provide PAN number as such.There is significant difference in conversion rates.Today’s standard conversion rate is- 64.92/US Dollar, Paypal will give you 59/USD and Payoneer will give you 63/ US Dollar. Link to comment Share on other sites More sharing options...
ilovenish Posted October 26, 2015 Share Posted October 26, 2015 It’s completely free for Indian Customers. Link to comment Share on other sites More sharing options...
kay2809 Posted October 26, 2015 Share Posted October 26, 2015 The conversion part is not true. Paypal just cuts ~2 rs from the actual exchange rate which is what payoneer takes.Source: I have just withdrawn some days ago to paypal and verified the exchange rate vs the paypal rate.Although I’ve been withdrawing since years and know that Paypal only takes ~2 rs per dollar conversion. Link to comment Share on other sites More sharing options...
coolmit Posted October 26, 2015 Share Posted October 26, 2015 Well Paypal is NOT offering 59Rs=1$, not since 6 months at least. Its been above 60 for many months. Link to comment Share on other sites More sharing options...
coolmit Posted October 26, 2015 Share Posted October 26, 2015 I am not a seller here but I have been using PayPal since 7 years and no matter how complicated they are, there isn’t any better substitute. PayPal gives you best conversion rate with peace of mind. I don’t like PayPal for their heavy transaction charges but this is the price of security and I pay it. Link to comment Share on other sites More sharing options...
ilovenish Posted October 26, 2015 Share Posted October 26, 2015 I don’t understand logic behind the 2 rs per dollar conersion ? You can ready anywhere on internet that Paypal’s conversion is much less than actual rate.I used Paypal for 4 months when Bank Transfer was not an option on fiverr. Now Payoneer/Bank transfer is much better for me. Link to comment Share on other sites More sharing options...
shinuikha8 Posted October 26, 2015 Share Posted October 26, 2015 Not sure whether payoneer is a better option but paypal’s ex rate is 62.xx something !and as ilovenish says payoneer gives 64rs per $ + no Fees ! Faster transaction too.So isn’t it a better option ? Link to comment Share on other sites More sharing options...
shinuikha8 Posted October 26, 2015 Share Posted October 26, 2015 Is there any verification and things like that ?How long will it take ! ? 🙂 Link to comment Share on other sites More sharing options...
ilovenish Posted October 27, 2015 Share Posted October 27, 2015 Yesterday i initiated withdrawal ($307) and today (within 22 hours) i received 19545 INR in my bank account.Bank Transfer is best option for me now because-1- It is free.2- Best Conversion Rate (63.66/$ today)3- Fastest process.And there is no verification process. You just need a Fiverr account and Bank Account. Your application will be accepted within 48 hours. Link to comment Share on other sites More sharing options...
ilovenish Posted October 27, 2015 Share Posted October 27, 2015 It was 57-59/$ when i used Paypal till August. Link to comment Share on other sites More sharing options...
ilovenish Posted October 27, 2015 Share Posted October 27, 2015 I wanted to upload screenshot but it’s not working. Link to comment Share on other sites More sharing options...
kay2809 Posted October 27, 2015 Share Posted October 27, 2015 This was withdrawn last week. http://i.imgur.com/phThyGS.png Link to comment Share on other sites More sharing options...
ilovenish Posted October 27, 2015 Share Posted October 27, 2015 Withdrawn yesterday and got today in account (63.66/$). Much better rate and process time. You must try it once. Link to comment Share on other sites More sharing options...
ilovenish Posted October 27, 2015 Share Posted October 27, 2015 I don’t know why screenshot is not uploading. Link to comment Share on other sites More sharing options...
kay2809 Posted October 28, 2015 Share Posted October 28, 2015 The exchange rate changes everyday. So it’s not that paypal takes more than payoneer.Although I signed up for payoneer after your message and was approved within an hour of submission.Also checked their fees and it says free. But earlier I had checked some months ago, it always said $5 something. So I never used it.But now this seems to be a better option.Thanks for the confirmation and suggestion. Link to comment Share on other sites More sharing options...
ilovenish Posted October 28, 2015 Share Posted October 28, 2015 Yes it is completely free and better option for Indian Sellers.Now I think there is very small difference in conversion rates but you know how it matters to US 🙂 Link to comment Share on other sites More sharing options...
auraiyaits Posted October 28, 2015 Share Posted October 28, 2015 I will keep in mind this thing. Link to comment Share on other sites More sharing options...
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