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Extreme(40 Times) High USD to AED Exchange Rate

mturan
mturan Member Posts: 8
Hello,
I am trying to withdraw my USD funds to my local AED account(because payoneer does not allow me to send as USD).

I tried to withdraw and it resulted with 3.59 exchange rate. This is extremely high because I am checked rates from XE.COM(because payoneer recommending this site for exchange rates) and USD-AED exchange rate is 3.67!

Currency conversion costs me %2 of total money. My bank is converting USD to AED with %0.05 commission but payoneer is taking %2 this is extremely high.

Answers

  • Adam_Payoneer
    Adam_Payoneer Administrator Posts: 1,021 ✭✭✭✭✭✭✭

    Hi there,

    When talking about international transfers, even if the bank offers low exchange rates, keep in mind that a transfer fee will apply. From personal experience, I can tell you that wiring funds from one country to another can incur fees anywhere from $30 - $70 per transfer from both sides.

    I don't know the fees in regards to how it works with your bank, but the 2% fee that Payoneer charges covers both the conversion of the funds and the withdrawal fee. In most cases, this fee is more cost efficient compared to what most banks can offer.

    If you feel that the fee deducted does not reflect the actual rates at the given day, it is most important to raise this issue directly with Payoneer support so they can investigate this 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.