Everything you need to know about conversion rates
Understand how currency conversion rates work and how they impact the money you receive from international clients.
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
The information in this article/on this page is intended for marketing and informational purposes only and does not constitute legal, financial, tax, or professional advice in any context. Payoneer and Payoneer Workforce Management are not liable for the accuracy, completeness or reliability of the information provided herein. Any opinions expressed are those of the individual author and may not reflect the views of Payoneer or Payoneer Workforce Management. All representations and warranties regarding the information presented are disclaimed. The information in this article/on this page reflects the details available at the time of publication. For the most up-to-date information, please consult a Payoneer and/or Payoneer Workforce Management representative or account executive.
Availability of cards and other products is subject to customer’s eligibility. Not all products are available in all jurisdictions in the same manner. Nothing herein should be understood as solicitation outside the jurisdiction where Payoneer Inc. or its affiliates is licensed to engage in payment services, unless permitted by applicable laws. Depending on or your eligibility, you may be offered 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®.
Skuad Pte Limited (a Payoneer group company) and its affiliates & subsidiaries provide EoR, AoR, and contractor management services.
