Clarify transaction process

akovakov Posts: 21Member ✭✭
Good day. To put short: if you do a transaction today in local currency, be aware that it actually may be made few weeks later, with exchange rate that will be few weeks later.

My situation: made POS terminal transaction on 28th of February, for long time it was listed as "Pending", then it appeared on transactions list with date "12th of March". The exchange rates for my local currency differ significantly for 28th of Feb. and 12th of Mar. (this time not in my favor).

Proposition to Payoneer team to clearly point out for all users that actual day when the money are taken from card, and so exchange rate, is always unknown.

Comments

  • akovakov Posts: 21Member ✭✭
    Okay, so in other discussion on this Forum some kind people suggested that this is NOT right, and that filing a complaint to BBB (bbb.org) may help to solve the issue. So I am writing to support once again, and if nothing, then I will file a complaint.
  • MadbunnyMadbunny Posts: 37Member ✭✭
    Payoneer is not only one. Whatever service you are going to use they will always take into account exchange rate when actual exchange is occurring. When i move my money from PayPal to my bank account (not payoneer) PP and my bank will apply exchange rates at different days. For example i have on PP USD and my bank account is EUR and my second bank account is in my local currency. Once i start with transaction first PP will take exchange rate what is at the time of my order, then money will sit on my EUR bank account in 3 days and then the bank will use exchange rate what is at that time, 3 days later then PP, to convert EUR to my local currency. So even the bank saw the money is coming they will not apply exchange rates until they actually start the process.
    Btw threatening Payoneer or anyone else with this attitude will not help you at all and makes you look childish. On side note BBB never help anyone, maybe 10 years ago but now is just... whatever.
    I often come to the conclusion that my brain has too many tabs open.
  • akovakov Posts: 21Member ✭✭
    edited March 2015
    @Madbunny

    Yes, but it means that I never know what price I will pay even if I just withdraw money from ATM. This time I lost over 200$, and this is monthly salary in country where I live.

    What about this scenario? I want to purchase anything, and I have $100 on my card. The exchange rate is 10 local units=1USD. The price is 1000 in local units. Bank makes a request and gets a reply that I have enough money (100 USD = 1000 in local units). So transaction is made, I get my goods and go away.
    Then two weeks passes, exchange rate drops to 5 units=1USD, and Payoneer attempts to charge me 1000 units = 200 USD, but I have only 100 USD on my card. Does this situation look like normal? What then, I will have (-100)USD on my card?

    This time the only thing left for me is to threat Payoneer, because if this is how things are, I have no choise but to stop using it at all.
    But if something similar ever happens to me, I know what to do...
  • MadbunnyMadbunny Posts: 37Member ✭✭
    Thats why you never empty your account and its smart to leave some percentage just to be sure you will not get into any problems. I'm sure that exchange rate can go up an down but in one - two weeks what that can be? Maybe 2-3% up to 5% and in rare cases 10% but then we speak about some really bad event going on, e.g. country economic is on the verge of collapsing, economy of one country got boosted, or some other factor(s)...
    If we now keep this percentages in mind and you said you lost 200$ in currency exchange that means you pulled out of ATM how much... 10.000-15.000 USD at once (please dont tell me its just rhetorical question)? Not sure if that is possible at any ATM because of bank, ATM and Payoneer limitations.
    Maybe bank who is the owner of that ATM have high transaction fees, did you think about that?
    "This time the only thing left for me is to threat Payoneer..." - Friendly advice, change attitude because threatening anyone will not bring you closer to the solution instead can cause a lot of extra trouble for you.
    I often come to the conclusion that my brain has too many tabs open.
  • akovakov Posts: 21Member ✭✭
    edited March 2015
    @Madbunny
    Thank you for the advice. Well, it's not actually a threat, but just an attempt to get someone who has knowledge and influence to look at the case. I think I have right for this... right?

    I live in Ukraine. Did you ever hear about such country? Just as you said, because of some events going on with country economics, the exchange rate sometimes can change about 30% in 2-3 days. If Mastercard is ready to pay a good price for my dollars, why not to sell them? But it appeared that I don't decide when I exchange my money.
    No, I pulled only 500USD in two transactions (200 and 300). But after a while they appeared as 730 on my account...

    You say, its smart to keep some money on my account in case anyone wants to take more than I have, and more than I agree to pay? Don't think so. Other folks already reported cases on this forum when they had negative balance. What, Payoneer is ready to give loans to people? And if I don't return the loan, will it sue me?
  • MadbunnyMadbunny Posts: 37Member ✭✭
    akov said:
    @Madbunny
    Thank you for the advice. Well, it's not actually a threat, but just an attempt to get someone who has knowledge and influence to look at the case. I think I have right for this... right?
    Open a ticket and politely ask Payoneer if they could do something to speed up a little your transactions and dont forget to explain why is this important to you. Wait few days and see what support will tell you.
    I live in Ukraine. Did you ever hear about such country? Just as you said, because of some events going on with country economics, the exchange rate sometimes can change about 30% in 2-3 days.
    Of course i know for Ukraine. Well i'm sorry but we all know right now the situation in your country is far to be good and you should know this even better than anyone else. My only advice is in case you are close to border with any other country you could go there and take your money from outside of your country. In that case you dont need to worry too much about exchange rates.
    If Mastercard is ready to pay a good price for my dollars, why not to sell them? But it appeared that I don't decide when I exchange my money.
    No, I pulled only 500USD in two transactions (200 and 300). But after a while they appeared as 730 on my account...
    Usually selling currencies is unlaful in almost any country and you just admitted you are using Payoneer for such activity (maybe i miss the point here). Like i said before, for 230USD they charged you more (your banks not Payoneer) i'm pretty sure it will cover the cost to go in other country, see different people and even visit a museum, drink a coffee and still pay less than what you lost.
    You say, its smart to keep some money on my account in case anyone wants to take more than I have, and more than I agree to pay? Don't think so. Other folks already reported cases on this forum when they had negative balance. What, Payoneer is ready to give loans to people? And if I don't return the loan, will it sue me?
    Doesnt matter what account we speak, bank, PP, CC, Payoneer, etc. if you go in minus, e.g. negative balance, you actually took the money what is not your and you must return it back. Not sure what Payonner does in situations like this but i would strongly suggest to avoid similar situations. No one is going to "take more then you have" because you were the one who took that money or gave permission to someone else for such action. So its your duty to pay attention to not bring yourself in situations what could end in problems, sometimes even big one.

    If you live in country where your local currency is extremely volatile then you should take all precautions and responsibility to secure your money and transactions. Payonner is not guilty because right now economic situation in your country is on the verge of collapsing.
    Your first post was hostile, then you try really hard to blame Payoneer but if you ask me you will not get satisfaction here on forum, at least not one set by your standards and expetations. Open a ticket and see if you can work out with Payoneer but dont forget its all bout their good will if they want to do something or not and you cant force anyone to modify they business schema because you want something. Can you imagine what would happen if Payoneer or anyone else modify their rules every time when someone ask for that.

    Good luck.

    I often come to the conclusion that my brain has too many tabs open.
  • PeruvianProPeruvianPro Posts: 59Member ✭✭
    Transaction processing time depends on the ATM/store/website you use. That has nothing to do with Payoneer. I'm using my card lately to buy groceries. I have noticed that Store A processes my payment next day, while Store B processes it two days later. Exchange rates vary but Payoneer is not the one to blame for this. If you want to complain, go straight to Mastercard. They are the ones who determine the exchange rates. https://www.mastercard.com/global/currencyconversion/
  • TristanPTristanP Posts: 62Member ✭✭
    It's a well known situation that banks and payment processors tend to delay processing in order to gain more revenue. (Not sure if that's for speculation purpose or saves money on processing though.) For that reason I personally always try to avoid currency exchange as much as possible.
    akov said:
    I live in Ukraine. Did you ever hear about such country? Just as you said, because of some events going on with country economics, the exchange rate sometimes can change about 30% in 2-3 days.
    добрі день @akov. It's the biggest country entirely on the European continent. How could we miss that? ;) Today I'm making борщ by the way. Probably not as awesome as the one I've had in Kiev, but I'm sure it will be great :)
    Personally I would suggest you to open a multi currency account at a bank of your choice. Then you can withdraw (parts of) your Payoneer balance to the corresponding bank account and exchange it at any given time to Ukrainian hryvnias, for the actual exchange rate. As a nice extra you could also deposit your money then and receive some rent.
  • akovakov Posts: 21Member ✭✭
    edited March 2015
    @TristanP hey, як ся маєте?
    Thanks for the advice, friend. I will do just that. If only I knew this earlier. And yes, I knew that there can be a day or two delay in processing, but 13 days?
    Good to know that people from developed countries are interested in other countries (and can even cook traditional food and use language!) :)
  • gastorgastor Posts: 1,679VIP Member ✭✭✭✭
    akov said:

    I recommend to visit Payoneer калькулятор web site if you haven't already done so. It contains currency calculator and knowledge base collected by members of  forum Банкоматы В Украине
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