Payoneer new bank withdrawal fees: 2% + $40

Slayer

Recently I made second withdrawal from Payoneer to bank account. It was around $350+
After requesting the withdrawal they deducted nearly 2% withdrawal fee (fair enough). When I got the money in my bank account it was additional $40 less!

I have immediately created a support ticket on 18th July which is yet to be answered in 5 days (RIP). So I got in touch with their live support representative after 1 hour waiting (zZzzz...).
ONE HOUR! seriously? Oh man! why Payoneer live agents resigning their jobs? Do you pay them on time?

Well.. chat agent was friendly enough. After getting him into the conversation I was repeatedly answered my money may be sucked up by this fee, that fee bla blah fee that they don't even know and they have no control over this fee things. Oops! they have no control over fees even if gets 100% sucked by ghost.

HOW DARE YOU GHOST! You robbed my hard earned money! Mmm.. lemme guess... possibly some intermediary banks committed such crime when money gone through different routes like US bank to Syrian bank to Iranian bank to Israeli bank to Nigerian bank through.. through... thrown my money out of the route! Damn! but I showed them the direct route...

This is the first time I've experienced such thing in my 5 years SWIFT payment experience (not with Payoneer).
To say, my first withdrawal was fine. Every online pay processor has a dark side.

KazPayoneer

Hi there,

We're very sorry to hear that this happened to you. It is in fact, not a ghost or a phantom fee that is collected by Payoneer as a means to collect your money. It is, however, the fees that can be charged with the processor.

This usually occurs when you add a bank account in the USD currency, and you live outside of the US.

The reason why it happens is because, as you probably know, it is not cheap at all to transfer USD outside of the US. The cost of wire transfers can be expensive, and as Payoneer itself is not a bank, we rely on partnering banks and processors to transfer your funds to you. In cases where we transfer to your local currency, there is not a fee charged (and if there is, Payoneer handles it). But for wire (non-local currency), there can be a fee called the 'corresponding bank fee'. This is a fee charged by the processor or partnering bank that is handling your transfer.

The bad part, apart from the fee being charged itself, is that we do not know when the fee would be charged or how much the fee would be. Plenty of users who transfer USD outside of the USA do not experience this fee - which has been your experience, according to you, before this. So the fact that it is now charged comes as a surprise and you are justifiably upset. However, a rule of thumb to be aware of, is that if you are transferring to a bank account in an international currency to, there is always the possibility of corresponding bank fees.

In my experience the highest fee that I saw charged by the corresponding bank was 15%. I do not imagine that it would be more than this on any occasion but we cannot confirm this with certainty. I think it is safe to say that you definitely wouldn't see a 100% fee.

And, of course, your own bank can have fees against receiving international transfers.

I do apologize for the inconvenience. Thanks for understanding.

alfarukaliraqi

Hello Dears
I just want to ask if I could withdraw funds to any local bank in IRAQ? after getting my payoneer master-card activated?
another question plz:
can I deposit to my USD payoneer account via e-coins like bitcoin... etc ? or electronic banks like perfect-money...etc ?
any details about this topic I'd be glad to hear back from you.
THANKS

Slayer

If that's the case, I am willing to come back to my old girlfriend Payoneer.

I have added another account with local currency. There won't be any more problem from now on, right? I will let you know the update.

[Deleted User]

Hi there @alfarukaliraqi At the moment we do not offer a withdrawal to bank accounts in your country and so upon registration, you will need to add a bank account from another country in either USD or EURO currency. Please note that we do not support bitcoin payments or transactions with our platform.

Slayer

Their customer support service is terrible but withdrawal process seems as fast as bank does. I don't care how long it takes to get a reply from support service as long as they keep up such faster money transaction process. I still love mg GF...

[Deleted User]

@Slayer We are sorry that this is the impression you have of our customer support! Please note that we always strive to provide quality service and if this has not been provided to you in the past, we sincerely apologize for that! Feel free to send us a private message anytime and we will be more than happy to follow up on your inquiries or assist you. Have a wonderful rest of the day!

Krooner

@morga I'm unable to add local currency (Nigerian Naira) bank account to my payoneer account, what could be wrong and also what is your current conversion rate for the naira

[Deleted User]

@Krooner This option is only enabled starting November 1

Krooner

@morga November 1 2019? If yes whats the conversion rate for NGN Nigerian naira

[Deleted User]

There will be a conversion fee of 2%

Krooner

@morga At what rate do you convert USD to NGN naira, or what source do you intend to use?

Krooner

@morga example - https://www.google.com/search?client=firefox-b-d&q=naira+to+usd

[Deleted User]

@Krooner When establishing the market rate, we use several different aggregators, such as XE.com and Reuters, depending on their availability at the time of transfer. It is important to note, Payoneer adds a conversion fee of up to 2% to market rate.

janu

This post is extremely easy to peruse and acknowledge without forgetting any subtle elements. Incredible work! <a href="https://PushZIP.com">Web Notifications</a>