Why is the Payoneer exchange rate very different to the actual MasterCard rate?

serstisersti Member Posts: 3
I get paid by an agency in USD and this is converted to EUR by Payoneer.

The Payoneer website says "the currency conversion rate is based on the rates used by MasterCard; you can use the MasterCard Currency Conversion Tool for an estimate".

So why was the rate currently quoted by the MasterCard Currency Conversion Tool USD 1 = EUR 0.9357 and the actual rate I received only USD 1 = 0.9043 EUR?

The difference in exchange rate resulted in a reduction of approx. EUR 20 on the last payment (USD 630) which I received.

Answers

  • Jason_PayoneerJason_Payoneer Administrator Posts: 106 ✭✭

    Currency conversion rates are constantly changing. They fluctuate based on the market, so checking the rate today may not yield the same result as when the transfer was made.

  • serstisersti Member Posts: 3
    I checked the Mastercard exchange rate within seconds of receiving the e-mail notification with the subject line "Payment Transferred to Your Bank Account".
    If these notifications aren't sent when the payment is made, why do they have that subject line?
    If the notification was sent when the payment was made, it would reflect the true exchange rate rather than show a random figure as the exchange rate.
    This doesn't help Payoneer's credibility - if recipients don't know when the transfer was actually made, they can't check if the exchange rate is correct.
  • WpfreelancerWpfreelancer Member Posts: 22 ✭✭

    Payoneer Applied Currency Conversion fee on a Given Amount

  • serstisersti Member Posts: 3
    According to the Payoneer website, the fee is "up to 2%". The difference was 3.47%
Sign In or Register to comment.