Hi, I'm just trying to understand the fees and everything involved with setting up and using Payoneer.
I'm from the UK and wanting to receive payments from Amazon US.
Questions -
1. Since I'll be making withdrawals in pounds sterling from a US dollar account. Besides the $3.15 per transaction fee, are there any currency conversion fees on top of this? If so, how much will this bump the transaction fee up by?
When using your Payoneer card in a non-USD currency, funds are converted using rates of up to 3% above MasterCard's official currency conversion rates.
When withdrawing funds to your local bank account, we convert funds using rates of up to 2.75% above the mid-market rate at the time of transfer. For GBP in specific, it's only 2% (for the Withdrawal to Bank Account option).
2. I understand there's also an annual account maintenance fee of $29.95, are there any other fees involved in setting up or using an account?
There are no fees or charges when signing up for your account. All fees are deducted from your available account balance, once you begin receiving payments - this means that you can sign up and receive your card without paying anything. There is also no obligation so if you choose not to use your account at that point we wouldn't charge you anything.
The annual fee is the only maintenance fee for the account. Additional charges (such as cash withdrawal and replacement cards) would be listed in the "Pricing and Fees" section of your Payoneer account (displayed during sign up and then at any time via your online account).
3. Lastly, if I choose to withdraw money from the ATM, are there any limits to how much I can withdraw using your card? Basically, if I wanted to withdraw the full balance of my Payoneer account, would I need to make several withdrawals all incurring separate transaction / currency conversion fees?
What's the maximum cash i can take from ATM at once?
The Payoneer card has a daily cash withdrawal limit of $2,500.00 and a separate online/in store purchase limit of $2,500.00 (total daily limit of $5,000.00)
Hello Nissim,
I'm from Morocco, it's a big hustle to start a business online, so I signed up with Payoneer because it offers good services.
The only problem is .. Well, to start making money you need to spend money !
And I just can't do that because of the new policy : I must recieve payments from Payoneer partners (Which are for the most freelance websites, not appealing to me) to enable the private loading service. Not just that, but to be considered as an active member, I have to recieve at least 150$ in payments, which is a lot of money for me.
This is really frustrating, can you suggest something for me to avoid begging people to hire me on Fiverr ?
If your clients are US companies, they can send you direct payments, via US ACH/Direct Deposit, to your US Payment Service. You can begin receiving US Payment Service payments as soon as your account is approved, with no limit.
Note that the clients must be US companies, and must send the bank transfer from a US company bank account.
