Fiverr Community Forum

Withdrawal fees are whack

Man, 20% just isn’t enough. I also have to pay almost 20 quid just to withdraw my funds. The exchange rate is already so bad right now, I feel like I’m getting pennies on the dollar for my work.

Yeah yeah, if I don’t like it find work somewhere else, blah blah. I’m just mad, let me have that for a sec :joy:

exchange%20rate

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There are no alternatives in my country so it’s either this way or no way. So I prefer not to look at the rates and the fees to save myself from all the heartbreak. :slight_smile:

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Well, I do think it is more to do with the payment processor than Fiverr. Like there are no charges when you withdraw with Paypal. But you have to pay $3 every time you withdraw with Payoneer and to me that is all messed up and exploitative. Because they will still charge you when you withdraw at the atms or send to your bank. It is completely ridiculous. Seriously Payoneer is a waste and am glad have been able to rant to their customer rep once how useless they are.

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Exactly as @lenasemenkova said, there is no alternative here either .
I just accept whatever Payoneer sends me (Which is good tbh).

If you are using Fiverr to convert to GBP see if allowing PayPal to convert will give a better amount. I think another thread said PayPal does give a higher figure when they tried it for their currency.

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I think it’s better to use payoneer card linked with digital wallet (Google pay, Samsung pay, Apple pay).

Remember, the rate shown on Google that @gwyneth_galvin has screen-shotted above is only ever the ‘interbank’ exchange rate. That’s the rate that governments/banks etc do business at. It’s handy for a quick approximation, but it’s never realistic for an individual to get that rate. The payment processor will always charge an exchange fee on top of that, whether that’s a bank, bureau de change, PayPal, etc.

Unfortunately currency exchange fees are just a fact of life of doing business abroad. If you want to take advantage of foreign markets, you’ll have to pay an exchange fee one way or another (whether you use Fiverr as a platform or not). The key is finding the method that results in the lowest fee, e.g. comparing rates between Pioneer/PayPal etc. As someone else mentioned, there is a discussion going on separately about Fiverr’s new ‘local currency’ feature and whether this results in a better rate or not.

As a side note - @gwyneth_galvin, We’re both withdrawing in GBP, and a silver lining of the UK’s economic woes at the moment is that a weak pound is at least getting us slightly more for our dollars earned here on Fiverr! You’ll get noticeably more pounds today than you would have done a few months back.

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Hi @gwyneth_galvin

As a fellow british seller, my prices take into account eh exchange rate and the 20% fiverr fee.

I take my pound amount and multiple the value by 1.5.

I transfer straight into paypal which doesn’t cost me a fee and you can transfer the dollar to pounds if you say within the limits it will not charge you to cost you to convert.

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It does, I tried it - about 1.7% difference. Best to withdraw as USD and have Paypal convert.

Also, it’s actually a very good time for us Brits with the exchange rate from USD.

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Indeed! I just checked what rates I used to get when I started selling on Fiverr back in 2014 - I was getting 0.6GBP to the dollar, now it’s 0.8! That’s a difference of £20 for every $100 I make on Fiverr - quite substantial!

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Is it bad to want a horrible brexit? To see the pound drop to nothing so we get even more?

I am in Canada, so I profit from US to CDN exchange and this not only cancels out the 20% loss to Fiverr, but I get about 10% profit from the exchange alone. So it doesn’t hurt me unless my business practices are poor or my work unscalable.

If I had a loss from the exchange, I wouldn’t do business here even if there was no 20% for Fiverr. I don’t get the point unless the work is extremely scalable and you can do like 10 orders an hour or something like that, then I can understand that. But you’re actually taking a loss.

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The pound falling in value will eventually result in you paying more across the board for everyday services because of inflation. In this case, you might want to be careful what you wish for. :wink:

Either way, Brexit will be horrible. Maybe get out now while you can and move somewhere more affordable in Europe?

Unfortunately it’s not that simple. Have some people in Birmingham that tell me moving to other places in Europe has gotten considerably harder especially companies since they don’t know what kind of deal will take place between Britain and the EU.

Ah thanks fam, I see I was a bit confused about the exchange rate! $$$$$$