Payoneer to Transferwise to bank account Thread poster: ceekiu
| ceekiu Canada Local time: 13:32 Mandarin Chinese to English + ...
Hi all,
Anyone here get paid through Payoneer? I get paid USD through Payoneer (no other choice other than Paypal which is even worse in fees) and am wondering what's the best way to withdraw to my bank account (CAD). I hear sending to Transferwise first before withdrawing to a local bank account is the best due to lower fees and exchange rates. But is there a fee to transfer from Payoneer to Transferwise? If so, is it still worth it cost-wise to do the extra step of transferring t... See more Hi all,
Anyone here get paid through Payoneer? I get paid USD through Payoneer (no other choice other than Paypal which is even worse in fees) and am wondering what's the best way to withdraw to my bank account (CAD). I hear sending to Transferwise first before withdrawing to a local bank account is the best due to lower fees and exchange rates. But is there a fee to transfer from Payoneer to Transferwise? If so, is it still worth it cost-wise to do the extra step of transferring to Transferwise first? I've heard that Payoneer has a 2% exchange rate fee plus there's usually an additional bank intermediary fee or something of that sort.
Thanks in advance for any input ▲ Collapse | | | Tony Bennjamin Indonesia Local time: 03:32 Indonesian to English + ... Payoneer much better than Paypal | Nov 20, 2020 |
Hi,
So far, I'm considering PayPal as the final option if the agent can't pay me through bank transfer or Payoneer. I had been using Payoneer quite fine, and it's cheaper than PayPal, also, the exchange rate is much better than PayPal. However, I'm not suggesting you to create card, as it has the administration fee that you have to pay every month.
Cheers | | | Edward Potter United States Local time: 16:32 Member (2003) Spanish to English + ... Transferwise is excellent | Nov 20, 2020 |
When exchanging money Transferwise is the best I've encountered. Their exchange rates are mid-market or better and the fees are rock bottom.
PayPal continues to ding you for obscene commissions. It is kind of useful for tiny payments. I only use it because others do. I think their days are numbered because it would be so easy for their competition to offer better rates.
I haven't tried Payoneer yet. It sounds like a good alternative. | | | Lingua 5B Bosnia and Herzegovina Local time: 22:32 Member (2009) English to Croatian + ... Hidden fees. | Nov 20, 2020 |
Always double check any hidden fees. For instance, exchange rates may be better on one system, but then you pay more in membership fees, transfer fees, or something else.
I don’t see how using a three party system (Payoneer-Transferwise-Bank account) may be cheaper than using a two party system (Payoneer-Bank account). It doesn’t make sense to me.
I haven’t used Payoneer in quite a while, but as long as I can remember there was a fixed fee or X% fee for withdrawin... See more Always double check any hidden fees. For instance, exchange rates may be better on one system, but then you pay more in membership fees, transfer fees, or something else.
I don’t see how using a three party system (Payoneer-Transferwise-Bank account) may be cheaper than using a two party system (Payoneer-Bank account). It doesn’t make sense to me.
I haven’t used Payoneer in quite a while, but as long as I can remember there was a fixed fee or X% fee for withdrawing your amount to your bank account. It was definitely more affordable than Paypal. But on Payoneer you’re paying an annual membership fee if you’re using their card (not sure if you can receive money without this card, that depends on your sender I think). I advise you to read Payoneer’s T&C on their website, and you’ll find all the answers there. As for the Transferwise, I never used it so I woudn’t know.
[Edited at 2020-11-20 15:23 GMT] ▲ Collapse | |
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Wout Van den Broeck (X) Belgium Local time: 22:32 English to Dutch + ...
Lingua 5B wrote:
I haven’t used Payoneer in quite a while
Be aware that Payoneer recently introduced a $29.95 fee for inactive accounts, i.e. if you have not had at least one transaction in your Payoneer account or on your Payoneer Card over the previous twelve months. | | | Lingua 5B Bosnia and Herzegovina Local time: 22:32 Member (2009) English to Croatian + ... I don’t think that’s recent. | Nov 21, 2020 |
Wout Van den Broeck wrote:
Lingua 5B wrote:
I haven’t used Payoneer in quite a while
Be aware that Payoneer recently introduced a $29.95 fee for inactive accounts, i.e. if you have not had at least one transaction in your Payoneer account or on your Payoneer Card over the previous twelve months.
I only used Payoneer sporadically, or on client’s request. The last time I used it, it was after a period of idleness and they immediately took down the $30 on my first payment (that’s the fee you mentioned). Since my client insisted on Payoneer, they agreed to cover the $30 fee. But that was quite some time ago, so that fee is not a recent policy. | | | Jessica Noyes United States Local time: 16:32 Member Spanish to English + ... Ask Payoneer to send CAD | Nov 22, 2020 |
Payoneer will send the funds directly in CAD if your client asks them to. | | | To report site rules violations or get help, contact a site moderator: You can also contact site staff by submitting a support request » Payoneer to Transferwise to bank account LinguaCore |
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