Enormous Payoneer exchange rate fees?

KrakaKraka Posts: 1Member
edited February 2015 in Ask The Community
Recently I pulled 250 Eur on ATM which is like 284 USD. Looking from my account statements I see I got charged 298 USD for this transaction. I know Payoneer has 3 USD ATM fee but 284 USD + 3 USD Payoneer ATM fee is 287 USD not 298 USD. Where those 11 USD are gone?

I want to know what was exact exchange rate used for my transaction and other fees. Why it isn't transparent and clear? I heard I have to pay some cross border fee because card is issued in Germany and I live in another European country. But don't you think 11$ of additional weird fees for simple ATM transaction after I pay 3$ to Payoneer is a little too much? I used different VISA and MasterCard in different countries and never ever got charged that much for some cross border fee. I tried to contact Nissim from Payoneer support through PM, but he didn't answer me.

Comments

  • RossRossRossRoss Posts: 2Member
    Based on my experience with their customer support, I doubt you will get a clear answer from Payoneer but you can find out their exchange rate yourself if you search Google for "XE Travel Expense Calculator" - I can't post this message if I put the direct link to it.

    on the Expense Calculator page click the blue calculator button with the name "Use the Credit and Debit Card Charges Calculator to determine your fees" .
    In the top half "Invoice or Receipt" enter the date and 250 Euro. in the bottom half "Card Statement" enter 295 US Dollars which is what they charged you $298 - $3 ATM fee. Choose Master Card and for Bank choose Others, then make the calculation to see their exchange rate.
    Please let me know what it is, I'm also trying to find out what they charge.

    you can also use the same website by scrolling to the bottom and from the Tools choose Historical Rates to check the mid-market exchange rates historically on any date:
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