Payoneer is an online money transfer platform, popular with freelancers and available in more than 200 countries, including India, Pakistan, Bangladesh, the Philippines, Vietnam, Indonesia, Brazil, Australia, the United States, the United Kingdom, Canada and all of Europe and Africa.
It primarily charges charging fees, that is, a fee when you transfer money from a bank account to your Payoneer balance. As of February 2013, this is 1 percent of the amount transferred from a checking or savings account, and 3.75 percent of the amount transferred from a credit card. PayPal has a more complex fee structure.
As a general rule, there is no charge to transfer money to or from your PayPal account or to make a purchase. There is a fee for receiving money when selling through PayPal; this varies but is made up of a fixed amount plus a percentage of the payment amount. If you make or receive payments in a foreign country, the exchange rate may be adjusted in favour of PayPal, which is another fee.
How does it work?
DesignCrowd customers can pay for their design project in 1 of the 7 available currencies (GBP, AUD, USD, CAD, NZD, SGD, EUR). When DesignCrowd initiates payments to designers in different currencies, it converts the funds at a mid-market rate, borrowed from known financial institutes, at no cost.
The funds are available in the beneficiary’s Payoneer account in USD. This is a great advantage for designers, as they can receive all payments to the same balance in one place, thus saving beneficiaries time and money.
Here is a side-by-side comparison of the three payment methods offered on our platform for a payment of $ 70.00 to your local bank account:
Main benefits of Payoneer Account:
A reasonable exchange rate:
It has an exceptional exchange rate, which means that you can transfer your dollar USD very cheaply because the exchange rates are very reasonable.
Prepaid debit card:
With Payoneer, you can get a prepaid Mastercard that you can use for all your online payments.
You can pay with the Payoneer Mastercard on AliExpress, Amazon or any other platform. Plus, you can send money directly to your providers using your Payoneer account to avoid PayPal’s crazy fees.
The relationship between PayPal and Payoneer:
The problem is that PayPal and Payoneer are not working together. They are competitors!
Payoneer has no problem connecting your Payoneer account to your PayPal account. But PayPal does not allow this.
You can still follow these simple steps in order to connect your Payoneer account to your PayPal account.
Transfer fees:
- Payoneer charges a $ 0.00 transfer fee
- PayPal account transfer fee is 30 ¢ + 4.4%
- Skrill transfer fee is € 5.50 (c $ 6.50)
Currency conversion rates:
- Payoneer’s conversion fee is 2%
- PayPal conversion rate is 2.5%
- Skrill conversion rate is 3.99%
Here is a side-by-side comparison of the three payment methods offered on our platform for a payment of $ 500.00 to your local bank account:
Breakdown comparison for a designer in India receiving $ 500.00 (USD) to a local bank account:
Read Also: – How To Create Payoneer Account
How do I set up a verified Payoneer account?
Create a Payoneer account through this special URL or copy and paste the URL in your browser.
Follow the instructions to set up and verify your Payoneer account. Please verify that your account is:
- Active and able to receive funds
- Able to receive unlimited funds
- Able to receive funds in all currencies
When you have completed the full setup of your Payoneer account and receive confirmation that your account is approved (usually takes 1 to 2 hours), go to the Payment method in My account and add Payoneer as your preferred payment method.
Withdrawal options
Once the money has fallen into the beneficiary’s Payoneer account, they can use it in several ways:
- Withdraw to local bank account: Here is a video that explains how to withdraw funds to the local bank account.
- Use funds with Payoneer’s prepaid MasterCard®: recipients can use Payoneer MasterCard® to make purchases online, in-store, or withdraw money from an ATM.
- Transfer funds to another Payoneer account for free.
Payoneer fees
- There are no charging fees to receive a payment.
- Conversion Fee: If the beneficiary chooses to withdraw funds to their local bank account, a 2% conversion will apply. Note: Skrill is charging 3.99% and PayPal is charging 2.5%.
- For U.S. Beneficiaries: A $ 1.5 transaction fee will be charged upon withdrawal to the bank (no FX fee).
- MasterCard Fees: Prepaid MasterCard fees are available here on the website.
Payment processing time: DC payment is immediately available in the Payoneer / Prepaid MasterCard® account. Withdrawal to the bank can take between 1 and 5 business days, depending on the country and the beneficiary’s bank.
Payoneer / Promotions
We periodically offer limited-time registration promotions. These offers apply to new Payoneer accounts and existing Payoneer accounts not previously linked to DesignCrowd. To be eligible for bonus payments, add Payoneer to both payment preferences in your DesignCrowd account before the registration deadline specified in the promotion. Your account must receive the minimum payment before and during the promotion period according to the terms of the offer. Designer accounts that have previously received a DesignCrowd payment through Payoneer are not eligible for the offered rewards.
Loading ...
