USD to Local Currency conversion rate

spanhawkspanhawk Posts: 4Member
Hello
I have been receiving payments from my payoneer account to my local bank account. My Local bank currency is INR.
I read on payoneer terms and conditions that for every transaction payoneer charges a fees of $3. I am unable to find out any related information about the local currency conversion rate.
I am not at all happy with the currency conversion rate applied to all my transactions.
For Ex: The current USD - INR rate is 61.74 and it was 61.76 on last trading day.
But to my transaction it is around 60.

Comments

  • NissimNissim Head of Community Posts: 4,013Administrator ✭✭✭✭✭✭✭
    Hi!

    When sending funds to your bank account, Payoneer converts funds using rates of 2-2.75% above the official mid-market rate (at the time of transfer). You can estimate mid-market rates using sites like XE.com.

    For local bank transfers, such as transfers to India in INR, we provide extremely competitive exchange rates which are among the best available on the market. 
    Nissim
    Director of Community at Payoneer
  • spanhawkspanhawk Posts: 4Member
    > @Nissim said:
    > Hi!
    >
    > When sending funds to your bank account, Payoneer converts funds using rates of 2-2.75% above the official mid-market rate (at the time of transfer). You can estimate mid-market rates using sites like XE.com.
    >
    > For local bank transfers, such as transfers to India in INR, we provide extremely competitive exchange rates which are among the best available on the market. 

    This answer didn't help.

    What do mean by saying "For local bank transfers, such as transfers to India in INR, we provide extremely competitive exchange rates which are among the best available on the market. "
    I want to know actual bank transfer rates before my funds are withdrawn to local bank account.

    For Ex: Current USD-INR is 62.03. Suppose I withdraw now what would be the rate.

    Also I would like to know is there any standard on how payoneer determines rate. So that I can calculate what will be the rate, before I use payoneer services.
  • spanhawkspanhawk Posts: 4Member
    > @spanhawk said:
    > Also I would like to know is there any standard on how payoneer determines rate. So that I can calculate what will be the rate, before I use payoneer services.

    Any response ??
  • NissimNissim Head of Community Posts: 4,013Administrator ✭✭✭✭✭✭✭
    For bank transfers, we use the mid-market rate as the base rate. You can estimate it using sites like XE.com.

    We then reach our own rate by applying a conversion of up to 2.75%. So you can take 2.75% less than the mid-market rate, and that is the rate we will use.
    Nissim
    Director of Community at Payoneer
  • atulnarangatulnarang Posts: 14Member ✭✭
    > @spanhawk said:
    > Any response ??

    From what I can understand, I think some are the currency conversion charges levied by banks, I guess it is around 3.5%, some are service taxes levied by government, I guess it is 12.5 % on the currency conversion charges(not the total amount), $3 is levied by Payoneer directly and other than that, I feel these payment gateways, be it Payoneer or Paypal, they play around with the conversion rates and keep some money, they make a lot of money there. I had similar issues with the Paypal too.

    In short, they eat money in between and that's why they have opened the services.
  • spanhawkspanhawk Posts: 4Member
    Hello atul

    Yeah, I had the an issue with paypal also regarding transaction fees.

    As far as I have calculated almost 10% of earnings I was paying to paypal.

    > @atulnarang said:
    > In short, they eat money in between and that's why they have opened the services.

    Yes, sure they are eating our hard earned money, by leveeing such transaction/currency conversion rates.

    I am ok with paying such transaction charges to payoneer, but I want to know how much charges will be levied.

    This discussion is currently open for so many days and still there is no response from payoneer team.

    I tried contacting them on live chat but after waiting for almost 1 hour( during this period I was constantly receiving flash message that I am x in the queue) I got response that sorry there are no executives currently ( and I contacted them during their working hours)


    To payoneer Team
    I am seriously looking forward to your replies on the questions that I asked.
  • atulnarangatulnarang Posts: 14Member ✭✭
    edited December 2014
    Hello spanhawk,

    From what I understand, the charges we have to pay are,

    - Currency Rate*97.25/100 as the final Currency Rate.
    1. Payoneer Charges - $3
    2. Currency Conversion Charges - 3.75 %
    3. Service Tax, VAT - 12.5 % on Currency conversion charges.

    I guess you can calculate the sum while keeping into account the above charges and figure out the difference. 

    But, still, Payoneer needs to be clear about the charges and everything and should not keep the customers in dark. For a concern like this, they should provide a solution as it will not just answer you, but a lot of other Payoneer customers as well.

    I would also request the Payoneer to throw some light on the issue and tell everybody about the exact charges we have to pay. Why Payoneer is not transparent about it?
  • albanodesignalbanodesign Posts: 1Member
    Hi there

    i noticed a very bad conversation rate on Payoneer when withdraw my money, to get that option to understand the Payoneer exchangerate you should install the mobile app of Payoneer and in the app you will have the option to see your balance in the currency you will withdraw. And you will see that the fees taken are only the fees of 3.15$ for card withdrawal, but the rate is very low. ex. today i have 73.01$ in my account and when i select to see my balance in EUR it is just 64.49 Euro, mean rate USD-EUR is 0.88 while in the mastercard page it is 0.92. i also did a withdraw in Euro while take not of the balance in EUR before and after the withdraw and the difference in EUR was only the equivalent of 3.15 $, couse the ATM i use don't charge extra for mastercard withdraws (most ATM-s around the world don't take extra for withdraws cause they have a rule that the issuer bank will take the fees, in this case is Payoneer).

    Hope this helps someone
    Albano
  • yowchuanyowchuan Posts: 4Member
    Just show the exact exchange rate before fund is withdrawn. Why is that so difficult?
  • yowchuanyowchuan Posts: 4Member
    Just show the exact exchange rate before fund is withdrawn. Why is that so hard?
  • yowchuanyowchuan Posts: 4Member
    Just show the exact exchange rate before fund is withdrawn. Why is that so difficult?
  • yowchuanyowchuan Posts: 4Member
    Just show the exact exchange rate before fund is withdrawn. Why is that so hard?
  • daniel89daniel89 Posts: 1Member
    edited January 2017
    > @yowchuan said:
    > Just show the exact exchange rate before fund is withdrawn. Why is that so hard?

    Fully agree.
    I really thought I had found an alternative to Paypal, but there are so many hidden fees that I'm reconsidering that. I've just paid an "immediate load fee", which Payoneer does not inform anywhere.

    Specifically in regard to the withdrawals, there's an estimate on the app, but I haven't tested it yet.
    Does someone know if this app estimate is accurate?
    If not, I'll just keep using PayPal.
  • hassanejaz22hassanejaz22 Posts: 1Member
    If payoneer takes 2.75% is on currency conversion rate then why it also take 2.5-3.0% when we make a request to our client. He is also pay 2.5-3.0% more of actual amount.

    So if we calculate total percentage it would be 5-6% that is too much high.

    Anyone can suggest a good service like payoneer?
  • ianparkianpark Posts: 2Member
    I don't know what the conversions are, but I know that I have a USD account on Payoneer and when I withdrew Pesos in Mexico at the ATM it was only 10 pesos to the dollar but the REAL exchange rate set by the international bank is 20 pesos to the dollar. So basically, Payoneer is only giving their account holders half of the value of their money. I was shocked. I basically paid a 100% service fee hahaha I will do much better to withdraw in dollars and then sell them at the bank for their actual value. I learned my lesson :)
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