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10.53% Fees with Payoneer

CristianaD
CristianaD Member Posts: 2
Hi,

I m living in Romania. I'm using Payoneer since january. Each time I withdraw money at ATM with payoneer mastecard, I am charged with 10% Fee.

For example : today, I loaded 316.65$ on my card.

Immediate load : 5$
Maintenance Fee March 2016 : 3$

Amount available on my card : 316.65 - 5 - 3 = 308.65$

Today, Mastercard cross rate was 1 USD = 4.103500 RON

I withdraw at ATM 1100 RON. Payoneer make it appear as a 296.30$ debit on my transaction list.

1100/ 4.1035 = 268.06$

Fee is :
296.30 - 268.08 = 28.24$

28.24 / 268.06 = 10.53%

10.53% Fees? It's way too much. Nowhere you are announcing this. Each time I withdraw money, each time I'm charged with 10% fees.

Please Payoneer, I'm waiting for your answer to explain this.

Comments

  • Coder_Dz
    Coder_Dz Member Posts: 98 ✭✭
    %10 is really too much, but it's from Payoneer, ask your ATM's Bank, it's their fees for withdrawing and exchanging your money from $ to RON.

    If I were you, I'd change the ATM to another Bank's.
  • CristianaD
    CristianaD Member Posts: 2
    Hi Coder_Dz,

    Thank you for your help. Yes I will go at another ATM. But still, never I heard about someone who is charged with so much fees, so I'd like to know what says Payoneer about that.
  • Coder_Dz
    Coder_Dz Member Posts: 98 ✭✭
    Oh  sorry, I meant to say it isn't from Payoneer, but I was writing in a hurry.

    It is indeed from your ATM's Bank, and there are several similar cases who reported the same, especially when the bank uses a 2nd intermediate bank to cash out any such cards! In that case, you will be paying two banks for the fees and that is really too much. Sorry for the typo.
  • Adam_Payoneer
    Adam_Payoneer Administrator Posts: 1,021 ✭✭✭✭✭✭✭
    Hi,

    I m living in Romania. I'm using Payoneer since january. Each time I withdraw money at ATM with payoneer mastecard, I am charged with 10% Fee.

    For example : today, I loaded 316.65$ on my card.

    Immediate load : 5$
    Maintenance Fee March 2016 : 3$

    Amount available on my card : 316.65 - 5 - 3 = 308.65$

    Today, Mastercard cross rate was 1 USD = 4.103500 RON

    I withdraw at ATM 1100 RON. Payoneer make it appear as a 296.30$ debit on my transaction list.

    1100/ 4.1035 = 268.06$

    Fee is :
    296.30 - 268.08 = 28.24$

    28.24 / 268.06 = 10.53%

    10.53% Fees? It's way too much. Nowhere you are announcing this. Each time I withdraw money, each time I'm charged with 10% fees.

    Please Payoneer, I'm waiting for your answer to explain this.
    Hi there,

    10% does seem like a lot. In general when performing an ATM transactions, there are three fees that you should keep in mind that may apply:

    1. Payoneer ATM fee (listed on your Payoneer account).
    2. The ATM operator's ATM fees.
    3. Currency Conversion (Click here to learn more about the rates).
    The best way to avoid paying multiple withdraw fees is by withdrawing the maximum amount at any ATM station. You are better off paying the ATM fees once per large transaction rather than several for smaller transactions. In addition, there is a currency conversion that is done by some merchants that is known as Dynamic Currency Conversion (DCC). 

    Some merchants capitalize on the fact that many travelers are intimidated by unusual currencies. While you per say are not a traveler, the card we provide can resemble the traveler situation.
    What the merchant in this case will do is offer you to pay for your transaction in the currency your card is supporting. Dynamic currency conversion may seem like a nice perk, but you’ll actually end up paying more. The dollar price is usually based on an exchange rate set by the merchant resulting in higher than normal exchange rates.

    Independent ATMs that are not owned by the bank may also try to offer DCC in misleading terms. It is always recommended to opt for local currency withdraws to avoid paying the higher fees. 


    If you are following all the steps we have mentioned and you still feel like you are paying higher than normal fees, contact our support center so they can investigate this issue for you. 

    Happy and willing to answer general questions.

    For any inquiries directly associated to your Payoneer account, please contact Payoneer's Customer Care Support Center.