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Problem with Payoneer

# Account Support
January 30, 2014
krishleyp Author Level X5

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Hi everyone,
I've recently requested 2 withdrawals (on 2 separate dates) to my Payoneer account. Payoneer then automatically transfers these payments directly to my bank account. To make this transfer i have to pay a fee of $15 per transfer. This fee varies for each country. But on both transfers i noticed that they took an additional $5. For example if i transferred $400, i should have received $385 but i got only $380.

I contacted Payoneer and they said that maybe my bank is charging additional fees. That's not the case because the original amount received by bank before they take any fees is $380 only.

Has anybody else noticed this during a Payoneer transfer?

Regards,
Krishley
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Comments 4

April 1, 2014
Payoneer
Hi Krishley,

I'm sorry for missing this post and for the late response. I just wanted to follow up with some information regarding your post and also our Global Bank Transfer Service.

When choosing to receive payments from Payoneer to your bank account, you are given the option to select your currency. Payoneer provides local bank transfers to more than 80 countries - this means that we send funds from a local bank in your country, in your local currency. For the remaining 120+ countries we provide international wire transfers (SWIFT).

The cost per transfer to your bank account is $3.00 for local currency transfers, and $15.00 for USD wire transfers. In general we suggest choosing local currency transfers are they are much quicker and lower cost. In addition, Payoneer converts the funds from USD to your local currency using rates of only 2-2.75% above the official mid-market rate, and so you are receiving a very competitive conversion rate.

In your case, as the funds were sent via international wire transfer, an intermediate bank was used. Depending on your local banking network, intermediate banks may be used to transfer the funds from Payoneer to your bank account. Some intermediate banks apply fees of their own, and in this case a $5.00 fee was applied. This is why you received only $380, even though Payoneer sent you $385.

If you would like to check if local bank transfers are available in your country, or for further information on how you can receive your payments at a lower cost, please feel free to send me a private message with your Payoneer account e-mail address.

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April 2, 2014
krishleyp Author
Hi,
Thanks for replying and I'm glad that you provided such accurate information. I checked but local bank transfers is not available in my country.
Is it possible to disable the automatic transfer of payments to my bank account?

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Payoneer
You could have payments be funded to your Payoneer account, and access funds using the Payoneer Prepaid Debit MasterCard card (rather than having funds sent automatically to your bank account). There may also be other solutions that we can provide, however I would be unable to confirm without access to your account details.

If you'd like to send me a private message with your Payoneer account e-mail, or send an e-mail to [email protected], I'd be happy to look into that for you.

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