Fees and Exchange Rate
Unlike Paypal, sending money from a Payoneer account to another, is completely free. However, Payoneer charges receiving fees which vary depending on currencies.
USD: Each time you receive a payment, Payoneer charges 1% of the total amount.
AUD/CAD/EUR/GBP/JPY: No fees.
Besides its receiving fees, Payoneer also charges withdrawal fees. You have 2 options to withdraw your funds.
Local bank account: If you withdraw your funds to a local bank account in a different currency, say USD to SGD, then the fee applied is up to 2%. This fee is the actual exchange rate margin based on the mid-market rate. You can negotiate with Payoneer for a better price when your transfer amount grows. While withdrawing your money to a local bank account in identical currency, there is a flat fee regardless of the amount, with an exception of JPY (no fees).
- USD – $1.5
- EUR – €1.5
- GBP – £1.5
Payoneer Prepaid MasterCard: In case you don’t want to withdraw your money, the other option is order a Payoneer Prepaid MasterCard, which allows you to withdraw cash at ATMs, purchase goods in stores, shop online and more. Be aware of some fixed fees,
- Annual fee – $29.95
- Card replacement fee – $12.95 / €9.95 / £9.85
- Shop online or in store – $0
- ATM decline – $1.0 / €0.8 / £0.65
- ATM balance inquiry – $1.0 / €0.8 / £0.65
- ATM withdrawal – $3.15