Everything you need to know about conversion rates
Payoneer provides services to more than 200 countries, and we work hard to provide quick, innovative, and low cost solutions that will empower your business. We support over 80 currencies and various local withdrawal methods, and offer competitive conversion rates that are among the best in the industry.
Below is everything you need to know about conversion rates:
What is a conversion rate?
If working in a global industry, you are likely receiving and withdrawing funds in multiple currencies. In these cases, you’ll need to convert from the paid currency to your local currency using the latest conversion rate: a pre-set rate to calculate the relative amount.
What conversion rates does Payoneer use for withdrawing funds to my local bank account?
While many companies set their own internal rates, Payoneer bases conversion rates on the official mid-market rate at the time of transfer. A mid-market rate is the middle point between the currency’s official “buy” and “sell” rate, and is considered to be one of the best rates available. There are many popular online tools you can use to estimate a mid-market rate, such as Xe.com.
In addition to the mid-market rate, Payoneer applies a currency conversion charge of 2%.
What conversion rates does Payoneer apply for purchases with the Payoneer Prepaid Mastercard?
The Payoneer card is a Prepaid Mastercard® card, and can be used worldwide at millions of online sites, in stores, and ATM locations that accept Mastercard. When using the Payoneer card to make a purchase with a currency other than the card’s listed currency, the conversion is based on Mastercard’s official currency conversion rates. These can be estimated using Mastercard’s official conversion tool.
In addition to the conversion by Mastercard, Payoneer applies a currency conversion charge of up to 3.5%.
Are Payoneer’s rates competitive?
While we encourage you to check other payment solutions and compare them with Payoneer, we are confident that our rates are among the best available. We work hard to localize our global payment solutions in as many countries as possible, which includes offering competitive conversion rates.