Fiverr Community Forum

What is the story about the payoneer exchange rate?

i just noticed payoneer, exchange rate is weird.
if i withdraw 100$ from my fiverr earning, they take like 2 or 3 $ withdraw fee which is completely fine by me.
but then instead of exchanging each dollar into 3.36 shekels (my currency)
they exchange 1 dollar into 3.28 shekel.
which means every transfer i lose 3% just for bad currency exchange…
so my only option is to use paypal and never use payoneer again, but then i have to wait like 7 days every time i transfer money from paypal to bank.

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Hmm, that is quite weird I will try to research this to find something that might help

7 days for 3% sounds like a good deal but what is the cost Paypal to your bank?

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fixed rate, like 2 dollars.
that very good i can transfer 1000$ and pay 2$

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payonner takes 2% of the total amount in terms of dropped conversion rate, thats all

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no its not.
they also exchange currency causing big loss for sellers.
please don’t talk about what you don’t know or understand
1 dollar is 3.36 shekels as for right now.
payoneer gave me 3.28 shekels for each of my dollars, which means i pay the fixed 2% rate + 3% loss from terrible coin exchange

all coin exchanges charge amounts and even at physical currency exchanges you dont get the rate you find on google, so instead of bashing be patient and do good

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3.36 to 3.28 is way more then any physical exchange store i have ever used.
it’s usally 3.36 into 3.33 or 3.31 top

Payoneer’s fee is indeed just 2%, however there might be additional fees depending on the bank that actually sends you the money as you are basically getting a SWIFT transfer. There’s no way to know this in advance.
Payoneer operates through different banks. For example, if I am lucky to get a payment from a local bank (also meaning I have to chose local currency) it might be free, but if the bank is located in US the flat fee can go up to $25-30.

i’m not talking about bank fee, but that the currency exchange is too high

Does it say anywhere that this is actually the exchange rate they use? From your posts I got the impression that you found it out by using math and not by seeing that number as their currency exhange rate upon withdrawal.
Sorry if I misunderstood.

in the main they clearly say 1 dollar = 3.28
when the global currency is 3.36

Are you sure about your numbers re PayPal? As they are usually (by far) the most expensive way to receive and convert foreign currency.

In fact, I just checked their rates, and unless I’m mistaken, that’s even worse than Payoneer.

i don’t do any exchange in paypal, i transfer my money as dollars and my bank has normal exchange rate, but payoneer force me to exchange to shekels

I’m confused then, because originally you said

And when asked about PayPal fees, you said;

All I was saying is that, if your bank deals in Shekels, and you’re receiving USD via PayPal, you’d be subject to an even worse rate than Payoneer.

I think my opinion will be a quite different from others. I would love to work with payoneer because the 3$ is charged by fiverr and not by payoneer but at the same time you cannot keep your money in paypal longer than one day when it comes to my country (India) they automatically transfer that amount to my linked bank but payoneer rate of exchange the currency is quite lower than that of PayPal. and if you are transferring a large sum of money say $500 or something than I think you should go for Payoneer on the other hand if you are withdrawing a small sum say $50 you should go for paypal because then you will save that extra 3 bucks.
Hope this help,