Question Regarding USD to EUR Withdrawal Fees

Jay27Jay27 Member Posts: 2
Dear Community,

I have a question about which fees apply for my personal situation.

Current Situation:

I currently receive USD cheques from Amazon's affiliate program. I cash these with my Dutch bank which holds EUR. My bank applies a 4.5% conversion rate fee, which I consider too high.

I want to use Payoneer to lower conversion rate fees in getting paid out.

If I use Payoneer, I will receive USD payments from the Amazon affiliate program. I want to withdraw these to my Dutch bank account in EUR.

If I understand it correctly from the fee page in my account, there is a 2% fee for converting USD to EUR and withdrawing it:

https : //myaccount.payoneer.com/MainPage/Fees.aspx (can't post links yet, so remove spaces, and you gotta be logged in to see it)

I have sent support an email about it. After many days, I got a very confusing reply:

"If your bank account has the same currency as your Payoneer card or currency balance, from which you are making the withdrawal, there will be a fee of up to 2% of the requested amount.
If the currencies are different, a currency exchange rate will apply in addition to the 2% fee.
For every withdrawal request you will receive an automated email with information regarding the amount that was transferred after the deduction of the fees."

The 2% fee already pertains to the conversion rate. The above reply states that there will be *another* conversion rate related fee, the details of which remain unspecified.

It doesn't make sense to me that there would be a conversion rate fee applied twice. I am trying to find out if my withdrawn USD funds will arrive at my bank in EUR. If they do, then my bank won't apply a conversion rate fee of 4.5%. This would make Payoneer an attractive alternative to cashing cheques.

Payoneer email support is taking a very long time to get back to me. I was hoping the community can shed some light on the fees that I will face in my situation, should I choose to use Payoneer for my Amazon payments.

Thanks in advance for your feedback.

Sincerely,

Jay

Comments

  • Adam_PayoneerAdam_Payoneer Administrator Posts: 1,105 ✭✭✭✭✭✭✭
    Depending on the method used to receive payments, different fees may apply. When talking about receiving payments through the banking detials we provide, the following fees may apply:

    Receiving payments through the US collection banking details: 1% fee.
    Receiving payments through the EUR, UK and Japanese paymnent service details: 0% fee.

    You can check out all fees associated to receiving direct payments through Payoneer on our blog by clicking here
    If you are working with a company that facilitates a direct payout option through Payoneer, different fees will apply depending on the agreements with the payout company. 


    Withdrawing the money to your local bank account fees are taken off as part of the conversion fee. In cases you receive and withdraw in the same currency supported in your country (Euro to Euro for example), a flat fee will apply. You can learn more about currency conversion and withdrawal fees that may apply on our blog by clicking here

    Happy and willing to answer general questions.

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

  • Jay27Jay27 Member Posts: 2
    It's still not clear to me. But since my funds on Payoneer are useless to me if I don't withdraw them, I simply decided to withdraw them.

    I have withdrew ~$250 from my account. It asked for (among other info) the last 4 digits of my bank account. I provided those and the withdrawal request was successful.

    When the withdrawal has successfully completed, support says I will get an email that lists all the details. Guess I'll have to learn it from experience.

    What bothers me... I only added my bank account a few days ago. I don't recall that bank account ever being approved. I can't find any bank account info in my Payoneer account. How can I be certain my bank account is added and verified?
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