TL;DR: Payoneer is cheaper than PayPal for sellers that need to convert USD to their local currency, switching to a different method of withdraw can save up to 2% on all withdraws.
The only purpose of this post is to help sellers save money. This is not a sponsored post or any form of advertisement, and I will not be including a referral link or anything else that would give me any economic intensive to promote this service.
A problem a lot of us faces is that PayPal’s exchange rate from USD to our local currencies is often up to 4% worse than the actual market rate (even though PayPal like to say they have no fees). Don’t trust the fees PayPal says they charge you, instead compare the rate you get from PayPal with the true rate easily found by googling “USD to X” (replace your X with your local currency).
Payoneer is also a option for withdrawing from Fiverr and charges only a 2% fee for converting USD to any other currency and is therefore always cheaper than PayPal for this purpose. I am from Norway and therefore have to convert all of my earned USD to NOK. Currently PayPal gives me 9.61 NOK for per 1 USD while Payoneer gives me 9.80 for per 1 USD. This is a pretty big difference when exchanging a lot of money.
I always knew that Payoneer had a lot more favorable currency conversion rate than PayPal, but I always used PayPal instead because of this article https://sellers.fiverr.com/en/article/withdrawing-funds and multiple other official Fiverr statements saying that there is a $3 withdraw fee per withdraw using the Payoneer method. A few months ago I figured out that this was just another case of Fiverr misleading its customers with inaccurate information. Turns out there was never a $3 fee, and over the years I have lost literally hundreds of dollars because of this misinformation causing me to choose the less favorable method of withdrawal. Effectively saving 2% on every withdraw will really add up quickly for active sellers. I have used Payoneer for a few months now and can confirm that it is just as convenient as PayPal, and there is no hidden fees. The only fee you pay for using Payoneer to withdraw to your bank is the 2% when changing between currencies.
So if you currently use PayPal to withdraw and convert your earnings to your local currency you should definitely look into using Payoneer instead. It is the option named “Bank Transfer” with the orange logo with a “y” shape in the middle.
And one last tip that I unfortunately did not know about when signing up for Payoneer is that if you use a referral link to sign up you will get $25 for free after you use Payoneer to receive $1000. You should definitely use someones link to make sure you get that free money, but to make sure this post wont be falsely seen as self promotion or spam I will not include my own link here. Please google for a referral link to make sure you get that free money if you are going to sign up anyways, you might even be able to find a promotion giving more than $25 if you dig around a little.
I will try to answer any questions you guys might have since I have some experience with using both PayPal and Payoneer for Fiverr withdrawals. Let me know if something was not clear.