Payoneer USD to EUR currency conversion exchange fee

Stevco

Hi,
I own a Payoneer card in USD currency.
I want to withdraw funds from ATM machine in Europe, in Euros.
I am currently aware for the following fees:
- 3.5% cross-border fee
- 3.15 USD transaction fee
- 0.05% currency conversion fee
- Additional Local Bank fees

My question is: If I open a new Payoneer card in EUR currency, and If I convert the funds from USD to EUR, and then if I use the new EUR card to get Euro's from ATM machine, will I not pay cross-border fee and conversion fee?

KazPayoneer

Hi @Stevco, great question.

The main thing in this case that will determine if the cross border fee will be paid or not is the location of where this transaction occurs. The cross border fee is determined by the country you are in, in relation to the country that the card was issued.

Most of our cards are issued by banks in the UK and the US. This means that if you have card that was issued in the UK, and you found an ATM to dispense EUR from your EUR card, the fee applies. If you found this machine inside of the UK, there is no cross border or conversion fee.

Thank you!

Stevco

@KazPayoneer
Thank you for your answer.
This explains a bit more that the cross-border fee is determined by the country where the card is issued and the country where the card is used to withdraw funds, and not by the money currency.
Mainly, I receive US Dollars
So for example: I have both US and EUR Payoneer cards, and If I use them to pull Euros from ATM in European Union country (example: Greece) I would be commissioned 3.5% Cross-border fee on the both cards?

KazPayoneer

Hi @Stevco,

You seem to have a good understanding of what the cross border fee is!

To answer your example, the answer is yes, if both cards were issued in the UK. However, as you would be using to get EUR at an ATM, the EUR card would be the 3.5% for the cross border, and the US card would be the 3.5% for the conversion of currency. Both fees are never charged - it is always one or the other.

Thanks!