How Payoneer calculates withdrawal fees
We know how important it is for you to have low-cost ways to access your international payments. At Payoneer, you can easily withdraw funds to your local bank account in your local currency, at outstanding rates.
To understand exactly how Payoneer calculates withdrawal fees, let’s look at a real life example…
Meet Sandra, a freelance writer in the Philippines.
Sandra has a big customer in the United States who pays her Payoneer account in US Dollars. Once a month, Sandra withdraws her US Dollar earnings from her Payoneer account to her local Philippine Pesos bank account in the Philippines.
When withdrawing to a local bank account in a different currency, the fee applied for this transaction will be up to 2%.
Sandra can determine the conversion rate from the currency in her Payoneer account (USD) to the currency in her local bank account (Philippine Peso) based on the mid-market rate.
What is mid-market rate?
Mid-market rate is a currency exchange rate, which is the mid-point of a currency’s ‘Buy’ and ‘Sell’ rate. It’s considered the most transparent and accurate exchange rate because it’s directly linked to the real supply and demand of a currency at any given moment. Mid-market rates are no secret. You can look them up easily on many independent sources like Yahoo and XE.
Withdrawing funds to a same-currency bank account
If you were paid in USD, EUR or GBP and you want to withdraw your money to a bank account of the same currency, the withdrawal fees are fixed:
US – $1.50
EUR – €1.50
GBP – £1.50
Withdrawing funds to a same-currency bank account has 2 restrictions:
- The bank account must be in a country where the official currency is the same as the bank account’s currency. For example, a US Dollar bank account in the United States is eligible for this type of withdrawal, but a US Dollar bank account in Germany is not.
- The country where your billing address is registered is key. For example, if your billing address is located in the UK or EU and you want to withdraw euro to an European country, or GBP in the UK, you are eligible for this type of withdrawal. But if your billing address is in the UK and you want to withdraw USD to a US Dollar bank account, you are not eligible, and your fee will be up to 2%.
Bank fees you should know about
It’s also important to keep in mind that additional fees may be charged by your bank. Processing fees, landing fees, or intermediary fees may be deducted from the withdrawn amount by your bank or any other payment provider not directly associated with Payoneer.
So now that you know what our withdrawal fees are, you can be confident that your hard-earned money will arrive to your local bank account for one of the best rates around. You’ll be able to enjoy your earnings in your local currency without paying the hefty conversion fees that so many other payment options charge.
For more information about how we calculate our rates, check out our fees page. Please note that this service is subject to availability. To check if the service is supported for your country, please click here.