I am dissatisfied with Payoneer, today I used ATM to withdraw 70US, but the amount converted to BRL, is wrong.
The correct value is 2.38 but using ATM conversion value was 2:08, a very big difference. The conversion tool from Master Card agree with me:
1 BRL = 0.42 ,so, 1 : 0.42 = 2.38
What’s the problem?
70USD = 166 BRL (Mastercard Conversion Tool)
70USD = 150 BRL (Payoneer + Secret Fees)
@wpyslow your problem has nothing to do with Payoneer. There is no secret fee other then mentioned on Payoneer website. The bank you are using to withdraw money is giving you less conversion rate you expected. Banks always give you low rate of dollars if you compare with open market that is how they make profits. I suggest you to change the bank to withdraw money. It happened many time to me also that i get low rate then what i was expecting. Keep experimenting with banks and you will find one with comparatively good rate
im new here
Hi, I opened this topic because they do not respond to my email. I received a payment from another service that I do outside of Fiverr by paypal, and conversion rates are correct. Payoneer is not worth it.
I wonder if the cash withdrawals using the ATM, was the 1000US, loss of money would almost 100US.
1000 x 2.38 = 2.380 BRL (Master Card Conversion Tool)
1000 x 2.08 = 2080 BRL (Secret Fees From Payoneer)
2380 - 2080 = 300BRL
300 : 2.38 = 126US
This forum has nothing to do with Payoneer.
We are all just Fiverr members here like you.
So… I’m not sure what kind of answers you are expecting since none of us work for Payoneer.
Good luck… Wish someone could help. But we’re just members here. Like you.
Please contact Payoneer Support (they have LIVE CHAT as well) and they will better resolve your issue.
And note one thing, there is NO PAYMENT solutions which gives you 100% amount in your hand which you earned ONLINE. There are always some fees and stuff.
Some deduct more and some less. As for Payoneer, i am using it from last 5 years and yes it converts money into LOCAL currency so you can withdraw from local ATM. And Master Card conversion tool is not right to calculate the money you will receive.
dilshands and adeelqures thank you very much.
They Take Extra Fees
My name is Nissim, I’m Head of Community at Payoneer. I just wanted to post and provide additional information regarding this issue.
The Fiverr Revenue Card, powered, by Payoneer, is held in USD. When you use the card to make purchases in a currency other than USD, the amount is converted based on rates of up to 3% above MasterCard’s official currency conversion rates at the time of transfer.
If you make a cash withdrawal the ATM you use may apply conversion rates of its own, and not use MasterCard’s rates (which are generally among the best rates available on the market). You can confirm this with the bank that owns the ATM.
You are also more than welcome to contact us at any time for a full explanation of any transaction (and the conversion rates used): http://www.payoneer.com/ContactUs.aspx