Multiple currencies in one account and withdrawal charges

hamzamanzoor

Hi,

I have money in 3 different currencies (USDs, Pounds and Euros) on PeoplePerHour. Since I have to withdraw a lot of money, therefore, I am looking at the cheapest option.

Can you please answer my following questions

1. How much charges will I have to pay on withdrawing from PeoplePerHour?
2. Can I withdraw from PeoplePerHour in 3 different currencies and have them in 3 currencies on Payoneer as well? Or will Payoneer convert them into one single currency?
3. If Payoneer converts them into one single currency, what will be the charges of conversion?
4. What will be charges of withdrawal of USDs? Of Euros and of Pounds?
5. What is the best way of withdrawing that money from Payoneer to Pakistan? I believe bank transfer is the way to go for the amount of money I want to withdraw.
6. What will be the charges of withdrawal from Payoneer to Pakistani bank account?
7. Can I withdraw from Payoneer in USD and let my bank do the conversion?
8. If I let Payoneer do the conversion from USD to Pakistani rupee on withdrawal, what is the fee?

I will really appreciate your help.

Thanks.

Adam_Payoneer

Hi Hamaznzoor,

1. The fees for withdrawing funds from PeoplePerHour to Payoneer are in accordance to the agreements with both companies. If the information is not available from your PeoplePerHour account, you can contact Payoneer support to get this information as the fees for each currency program may be different.
2. The balance will be loaded to the Payoneer account in the currency it is received. If you plan to receive your pay in all three currencies, then the funds will be loaded separately in each of the currency balances: USD, EUR and GBP.
3. This only happens when you perform a card transaction or initiate a withdraw of the funds to your bank. You can click here to read more about currency conversion.
4. Withdrawing funds from Payoneer to your local bank will incur a fee of up to 2% of the amount you are withdrawing. This covers both the conversion of the funds and the withdrawal fee for the service.
5. How you wish to access your funds is a matter of personal preference, however, if you plan to withdraw large amounts, directing the funds to your bank will be more cost efficient in the long run compared to performing multiple card/ATMt transactions.
6. See 4.
7. The problem with that is that when you send money in non-local currency to another country, the process involves multiple intermediate banks that may charge you additional fees even before the funds reach your bank. In this case it is best to withdraw the funds in your local currency in order to avoid the additional fees that would be charge.
8. see 4.