It pains me to write this. In the beginning, I liked Payoneer. The Payoneer Mastercard fees weren’t great. However, they also weren’t astronomical. Sadly, as of this year, I have come to loathe payoneer.
To cut straight to the chase, Payoneer is currently applying an astronomical exchange rate to transactions. Also, this is pretty new.
In the past, I used to check my Payoneer balance in US dollars. I would then convert this amount using a service like XE, and head to the nearest ATM. When withdrawing, I would then remember that Payoneer charges $3.50 per withdrawal, as well as also uses its own funky exchange rate. In this case, if I had the equivalent of €1,000 to withdraw, I’d withdraw €990.
Sadly, all this has changed.
Starting after I received a replacement Payoneer card earlier this year, I realized that my old way of calculating how much I can withdraw simply doesn’t work anymore. I’d have pre-calculated amount like €800 to withdraw (after taking into account fees and exchange rates etc). Then at the ATM, my transaction would be declined due to having insufficient funds.
Trying again, I’d attempt to withdraw a smaller amount like €790. Then this too would be declined. (Each time also resulting in a $1 fee from Payoneer.)
So today, I decided to test to see just how exorbitant Payoneer’s stealth tax-like exchange rate really is. - And I’m horrified.
This morning, I calculated that I had the equivalent of €923 in my Payoneer account. Payoneer transaction fees would reduce this to €919.50 when withdrawing. Therefore, off I went to the ATM to withdraw a nice round figure of €900.
Needless to say, I could not withdraw €900. In fact, to my horror, the maximum I could withdraw was €870. This means that Payoneer charged me almost €50 just to make a withdrawal. Of course, they say that the difference is due to international exchange rates. However, please remember. - Before I left home, I had already applied today’s exchange rate to my Payoneer balance and subtracted another €19 to make allowances for Payoneer’s own way of doing things.
As for why Payoneers fees are so astronomical, it seems that USD balances are actually representative of GBP balances due to where and how Payoneer manages its accounts. This being the case, either 2 exchange rates are applied when Payoneer users make withdrawals (GBP - USD - EUR etc), or there is something even more mindbogglingly insane going on.
In either case, I’m sorry to say it but as of now, I can no longer recommend Payoneer as a viable Fiverr payment option.