Costs of withdrawing on ATM

I am wondering what are the exact costs of taking the money from payooner card on the local ATM machine.

 

1) The currency of the country is not using dollars, so it is converted to the local currency. How is the exchange rate calculated- by the BANK which is the owner of the machine or by the MASTERCARD global exchange rate?

 

2) For the other costs it says on the web site that payoneer is charging $3 per transaction, but what happened is that even when considering the worst case exchange rate I was charged between $6 and $10 on my transaction. If you think that these costs are from the bank or similar please be specific on what is it exactly so I can ask the support of my bank.

 

Thanks

Comments

  • Ossi BabaOssi Baba Mr.Ossi Member Posts: 89 ✭✭

    Dear Member,

    Hy

    Payoneer Card depend on your Bank Deduction , Payment detected by BANK on mastercard's of all types 
    Ask to your BANK that how much payment they detect on MASTERCARD
    and
    Second thing , Payoneer charge 1$-4$ , If your card detect more then 1$-4$ so PAYONEER not responsible for it!

    Thanks You 


  • gastorgastor VIP Member Posts: 1,699 ✭✭✭✭
    edited January 2014
    hellokatty wrote on January 30 2014, 4:54 PM: »

    I am wondering what are the exact costs of taking the money from payooner card on the local ATM machine.

     

    1) The currency of the country is not using dollars, so it is converted to the local currency. How is the exchange rate calculated- by the BANK which is the owner of the machine or by the MASTERCARD global exchange rate?

     

    2) For the other costs it says on the web site that payoneer is charging $3 per transaction, but what happened is that even when considering the worst case exchange rate I was charged between $6 and $10 on my transaction. If you think that these costs are from the bank or similar please be specific on what is it exactly so I can ask the support of my bank.

     

    Usually banks simple transfer your withdraw details into Mastercard since exchanges depend on Mastercard rates. Take into account if you withdraw money in local currency Payoneer impose fees 2-4% (depending on the country)

     

    Sometimes banks offer to perform "internal currency conversion" when you withdraw money. ATM must show proposed exchange rate when "internal conversion" is offered. In such case Payoneer impose 1.8% fee.

  • RomiRomi Community Manager Member Posts: 2,706 ✭✭✭

    Withdrawing from an ATM has a set fee (which Payoneer charges) and aside from that there are conversion fees charged by MasterCard, as well as possible fees a bank can charge off of  your card, for withdrawing from their ATM.

    Romi

    Community Manager at Payoneer


    Find us on Facebook & Twitter

  • hellokattyhellokatty Member Posts: 5

    What is set fee which Payoneer charges, strictly $3?

     

    And I read this on the website: "A rate selected by MasterCard International Incorporated from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate MasterCard International Incorporated itself receives or the government-mandated rate in effect for the applicable central processing date, in each instance. We will increase this rate additionally up to 2.2% and will retain this additional amount as a fee, for such transactions."

     

    So this effectively means that Payoneer is adding 2.2% more on the exchange rate, so this a fee from Payoneer side also.

  • RomiRomi Community Manager Member Posts: 2,706 ✭✭✭

    ATM fees vary according to type of card and partner program. You can see the full list of fees & pricing in you account.

    On top of the set fee, MasterCard can charge up to 2.2%, along with conversion fees and specific bank fees (which aren't connected to Payoneer).

    Romi

    Community Manager at Payoneer


    Find us on Facebook & Twitter

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