How to manage currencies to simplify your global payments
Editor’s note: This service is currently not available in India and Korea.
When doing business internationally, you need easy access to funds in major foreign currencies at all times.
At Payoneer, you can easily manage your currencies to ensure that you have the currency you need for your payments. Simply transfer between your different Payoneer currency balances to get the currency you need, and then make your payment.
And, managing currencies is affordable! We use the current market rate and our low fee of 0.5% of the amount to transfer is automatically deducted so you’ll always know exactly how much money you’re going to receive.
Why Would I Want to Manage Currencies by Transferring Funds Between My Currency Balances?
Transferring between balances enables you to have funds available in a specific currency to:
- Make payments to your suppliers, contractors and business partners, whether they have a Payoneer account or not.
- Make VAT payments
- Access funds in a specific currency you’re being billed in, if your service provider uses the Pay with Payoneer API to debit your account.
How it Works
- Sign in to your Payoneer account and click Activity > Manage Currencies. The Manage Currencies page opens.
- Select a balance for the currency you want to transfer.
- Select a balance for the currency you want to receive.
- Enter an amount. You can select whether to enter amount to transfer or amount to receive.
- Click Get Rate and review the amount, rate, and fee. The rate will be held for a short time period.
- Click SUBMIT to submit the request and transfer the money between your balances.
That’s it! You’ll receive your requested currency in just minutes.*
Keep in Mind
- From the moment the request is submitted, funds are generally transferred to the receiving balance within minutes.*
- Periods of unavailability and periodic limits may sometimes be in effect for certain currencies. In such cases, we’ll let you know before completing the request.
- We currently support the following currencies: USD, EUR, GBP, CAD, AUD and JPY. The list of supported currencies may change from time to time and differ from region to region
- You need at least two supported currencies to manage currencies. If you need additional currencies, contact us.
For more information check out our FAQ page.
Editor’s Note: The original post was updated on 17.12.19 for accuracy and comprehensiveness.
*In some cases, it may take several hours for funds to appear in your balance.
**Services are subject to limitations and eligibility requirements.