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…
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?
Payoneer bases exchange rates on wholesale currency market rates obtained at the time of transaction from a range of financial institutions.
In addition to applying the market rate, Payoneer charges a currency conversion fee.
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.
If you’re a business looking for a fast and secure way to receive international payments, at great rates, look no further than our flexible payment solution. Payoneer makes it easy for businesses of any size to pay and get paid worldwide, so you can focus on what you do best – growing your business.
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Disclaimer
Nothing herein should be construed as if Payoneer Inc. or its affiliates are soliciting or inviting any person outside the jurisdiction where it operates/is licensed to engage in payment services provided by Payoneer Inc. or its affiliates, unless permitted by applicable laws. Any products/services availability are subject to customer’s eligibility. Not all products/services are available in all jurisdictions in the same manner. Depending on your eligibility, you may be offered with the Corporate Purchasing Mastercard, issued by First Century Bank, N.A., under a license by Mastercard® and provided to you by Payoneer Inc., or the Payoneer Business Premium Debit Mastercard®, issued and provided from Ireland by Payoneer Europe Limited under a license by Mastercard. The Payoneer Business Premium Debit Mastercard® cannot be used at merchants or ATMs in Hong Kong or for HKD payments. If you are located in the EEA, all Payoneer Services will be provided to you by Payoneer Europe Limited, trading as Payoneer and regulated by the Central Bank of Ireland.
The information in this document is intended to be of a general nature and does not constitute legal advice. While we have endeavored to ensure that the information is up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability or suitability of the information. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever incurred in connection with the information provided.
