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How is my bank withdrawal fee calculated?

FearTheViking
FearTheViking Member Posts: 2 ✭
edited June 2020 in Ask The Community
When trying to withdraw 100 USD to my local bank account, Payoneer displayed a 15 USD fee, which seems much higher than what's stated on the Fees page. I'm curious to know how this fee was calculated.

Here are some details that may be relevant:

- The 100 USD I'm trying to withdraw were a single payment to my account from a US credit card.

- I'm trying to withdraw them to a local bank account in Macedonia. According to the Fees page, I shouldn't even be able to withdraw USD in my country since it's not the local currency, but the sums displayed on the withdrawal page are all in USD.

Can anyone tell me why my fee is so high?

I'm not even sure if this is a flat 15 USD fee or a 15% fee. According to everything I was able to find on the Fees page and the FAQ, the fee should't be more than 1.5 USD or 2% above market rates when converting to a local currency.

Comments

  • Gugo
    Gugo Member Posts: 2 ✭
    I'm interested in this too. I'm also from Macedonia and I have the same problem.

    I can tell you that the fee is flat. 15 USD/€. I tried to withdraw in both currencies, euros and dollars, and the fee is same.

    It would be great if someone can explain more about the withdrawal fees.
  • [Deleted User]
    [Deleted User] Posts: 1,147 ✭

    Dear @FearTheViking Thank you for joining our forum and raising this inquiry.

    In some cases a flat fee of $15 is charged, it happens if the transfer is a wire, meaning, if the transfer was in USD to a USD bank account in a country where the local currency is not USD.

  • Gugo
    Gugo Member Posts: 2 ✭
    edited March 2019
    @Cristale_Payoneer Thanks for the replay.

    So, is there a possibility for us to avoid that 15 USD flat fee?

    It's way more than what is stated on the Fees page.
  • KazPayoneer
    KazPayoneer Confirm Email, Member, Administrator Posts: 1,559 ✭✭✭✭✭✭✭

    Hi there @Gugo,

    The only way to avoid this flat fee is to add a bank account that is in a different currency, if supported. For example, if you have an account that can receive EUR, and you add it, the transfer from USD to EUR would be 2% as opposed to a $15 flat fee.

    The flat fee is a fairly recent change and is likely why you cannot see it on the fees page.

    Thanks!

  • FearTheViking
    FearTheViking Member Posts: 2 ✭
    Thank you both for clearing this up!

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