How Payoneer’s target exchange rate feature will help you save more on bank withdrawals
Boost savings with Payoneer’s target exchange rate feature.
Save more on bank withdrawals and safeguard your earnings from volatile exchange rates with Payoneer’s target exchange rate feature.
Running a global company is empowering, but it also comes with its share of challenges. For example, companies worldwide continue to face a variety of hurdles that can make it difficult for them to increase their earnings due to things like fluctuating exchange rates.
With the constant rise and fall of interest rates and other macroeconomic factors such as the repercussions of global conflict or instability, currency exchange rates can be volatile. So much so that even the smallest of changes in exchange rates can have a big impact on revenue.
We recently launched our annual SMB Ambitions Barometer, where we surveyed 3,779 SMBs across 15 countries, and saw just how significant a challenge fluctuating exchange rates can be. We found that 41-42% of respondents cited foreign exchange rates and currency fluctuations, respectively, as two of the top five obstacles when it comes to making and receiving cross-border payments.
Choose your target exchange rate with Payoneer
Payoneer is continuously seeking ways to support global companies by developing new tools and features to address their challenges. To tackle the challenge of fluctuating exchange rates, we recently launched a tool that boosts your savings and minimizes the impact of macroeconomic situations on your earnings by allowing you to set a target exchange rate for your bank withdrawals.
Choosing your target exchange rate will help you:
Capture the best rates: Take advantage of your local currency during temporary fluctuations by choosing favorable exchange rates.
Budget more efficiently: When you know which conversion amount to expect, you’ll be able to set more accurate budgeting and spending projections without last-minute fluctuations affecting your margins.
Increase efficiency: Take fewer manual steps with automated withdrawal setups that include your preferred exchange rate. This allows you quicker, easier access to your funds.
Reduce risk: Lower the chance of losing money when sudden changes in exchange rates might cut into profits or leave you short of covering costs.
Protect against short-term volatility: Many currencies change unpredictably every day; this feature offers protection over time for predictable needs so you can know what to expect and plan accordingly.
How to set a target exchange rate in your Payoneer account
When making a withdrawal from funds in your Payoneer account to your bank account, you’ll have the option to choose your target exchange rate when setting up the withdrawal. If the exchange rate aligns with the target rate you’ve chosen, a withdrawal will automatically be triggered.
To do this from your Payoneer account:
- Go to Withdraw & Transfer and select Withdraw to bank
- Select Withdraw at a target exchange rate
- Choose your target exchange rate and set an expiry date for the withdrawal
- Review the withdrawal details and click Set up withdrawal
- That’s it – your withdrawal setup is ready!
Still have questions about setting target exchange rate? Check out our detailed FAQs.
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