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Payoneer ? Questions If you have experience with it?

Discussion in 'BlackHat Lounge' started by JesterJoker, Feb 20, 2009.

  1. JesterJoker

    JesterJoker Regular Member

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    So I was looking at payoneer as a way to withdraw funds from being paid online.

    BUT>.. I have some recent new canadian Paypal Accounts, and I have heard that you can get a bank account (like a virtual bank account through them) account number to activate canadian paypal accounts from payoneer.


    So I want to try to disable restrictions on my paypal by adding payoneer account number and then transfer money to payoneer account number and withdraw off my payoneer card?

    Is that do-able or am I CRAZY? for thinking it.
     
  2. Tomer

    Tomer Newbie

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    Yes, it's possible.
    But you need to have a Payoneer card and then apply for the Virtual Account, it's a closed pilot.
     
  3. JesterJoker

    JesterJoker Regular Member

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    so are you saying as long as i can get a payoneer card I can get a virtual account.

    or its closed and it was a test at one point?
     
  4. Tomer

    Tomer Newbie

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    You have to get the card and get at least 1 payment to it, you can then apply to get the Virtual Account.
     
  5. cunningstunts

    cunningstunts Registered Member

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    Their rates are shocking.

    1000 Baht withdrawl = $42.41.
    Currency converter lists it as $33.32.

    That includes Thai bank fee and payoneer fee.
    Plus they charge Monthly maintenance fee (= BS) - $3

    [email protected]
     
  6. ThunderC

    ThunderC Power Member

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    yeah their fees are pretty high, and they charge you quite a lot on incoming payments

    i like cashx/paxum better
     
  7. cunningstunts

    cunningstunts Registered Member

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    Thanks for the heads up. I like PP Top Up card but was looking for other methods of payment. Cheers.
     
  8. LucKY_13

    LucKY_13 Registered Member

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    can you explain a little bit more? i have a payoneer virtual us bank account so need to know more before using it.

    thanks in advance
     
  9. cunningstunts

    cunningstunts Registered Member

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    I inquired as to why this was, they replied:

    Thank you for contacting us.
    Anytime money crosses borders or currencies, MasterCard and the issuing bank apply processing fees to the transaction. This is true of both POS (Point-of-Sale) and ATM transactions.
    When the Payoneer card is used for non-USD transactions, a currency conversion fee takes place based on MasterCard®'s exchange rate, which is adjusted regularly based on market conditions.
    A similar fee is applied when your MasterCard card is used in USD but in a country other than that of the issuing bank. The combined processing fee charged with the Payoneer card, including MasterCard® and bank charges, can be up to 3%. Please note that currency conversion fees and cross border fees are charged by all banks and by MasterCard, and the fees charged with Payoneer cards are among the lowest in the market.

    Please feel free to contact us if you have any additional questions.

    Sincerely,
    Lucas



    They state: "combined processing fee charged with the Payoneer card, including MasterCard® and bank charges, can be up to 3%"


    In this case it was 25% if you go on CConverter as the correct exchange rate.
     
    Last edited: Dec 7, 2010