How Payoneer Calculates Withdrawal Fees
We know how important it is for you to have low-cost ways to access your international payments. At Payoneer, you can easily withdraw funds to your local bank account in your local currency, at outstanding rates. To understand exactly how Payoneer calculates withdrawal fees, let’s look at a real life example… Meet Sandra, a freelance…
We know how important it is for you to have low-cost ways to access your international payments. At Payoneer, you can easily withdraw funds to your local bank account in your local currency, at outstanding rates.
To understand exactly how Payoneer calculates withdrawal fees, let’s look at a real life example…
Meet Sandra, a freelance writer in the Philippines…
Sandra has a big customer in the United States who pays her Payoneer account in US Dollars. Once a month, Sandra withdraws her US Dollar earnings from her Payoneer account to her local Philippine Pesos bank account in the Philippines.
When withdrawing to a local bank account in a different currency, the fee applied for this transaction will be up to 2%. Sandra can determine the conversion rate from the currency in her Payoneer account (USD) to the currency in her local bank account (Philippine Peso) based on the market rate.
Withdrawing Funds to a Same-Currency Bank Account
If you were paid in USD, EUR or GBP and you want to withdraw your money to a bank account of the same currency, the withdrawal fees are fixed:
EUR – €1.50
GBP – £1.50
Withdrawing Funds to a Same-Currency Bank Account has 2 Restrictions
- The bank account must be in a country where the official currency is the same as the bank account’s currency. For example, a US Dollar bank account in the United States is eligible for this type of withdrawal, but a US Dollar bank account in Germany is not.
- The country where your billing address is registered is key. For example, if your billing address is located in the UK or EU and you want to withdraw euro to an European country, or GBP in the UK, you are eligible for this type of withdrawal. But if your billing address is in the UK and you want to withdraw USD to a US Dollar bank account, you are not eligible, and your fee will be up to 2%.
Bank Fees You Should Know About
It’s also important to keep in mind that additional fees may be charged by your bank. Processing fees, landing fees, or intermediary fees may be deducted from the withdrawn amount by your bank or any other payment provider not directly associated with Payoneer.
So now that you know what our withdrawal fees are, you can be confident that your hard-earned money will arrive to your local bank account for one of the best rates around. You’ll be able to enjoy your earnings in your local currency without paying the hefty conversion fees that so many other payment options charge.
For more information about how we calculate our rates, check out our fees page.
Please note that this service is subject to availability. To check if the service is supported for your country, please click here.
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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.
