Is Payoneer the best way to pay your international/remote contractors?
I'm looking to transfer all of my payment transactions for my contractors to Payoneer. But, I want to make sure that I'm doing the right choice both for my company & my contractors. So, I have a few questions:
1. How much is the fee for me to send payments from my bank to Payoneer accounts? Is there any floor/minimum and ceiling/maximum to these fees? Example: If you have a single transaction of over $500, you're transaction will be charge a flat fee $$$$.
2. When my contractors transfer their Payoneer balance to their local banks, how much will they be charged? Also, will they have the option to transfer their USD Payoneer balance to their local currency (example: Pakistan Rupee, Euro, PHP, etc)? And what currency exchange will be followed - Payoneer's or their local bank's currency exchange rate? Will you deduct a fee from our contractor's earnings? And if yes, how much? Will their local bank also deduct another fee of receiving the amount or not?
3. Any countries where Payoneer can't be used or have limitations?
We want to help our contractors maximize their earnings. Thus, we're looking for the best ways for them to convert and use their earned money.
Thank you and looking forward to hearing from you.
Hi @romie ,
So I'll be responding to your questions, if you have any other doubts, please feel free to reach out to me.
1) I'm not sure which service you'd like to use to pay your constructor but if we are talking about a payer account. A 3% fee for Payer account is applied for Credit Card payments via billing service/private load. When paying through the billing service/private loading service, the payer is charged by Payoneer. Payoneer is considered a US merchant charging in USD in this case.
There are no minimum or maximum limits for these fees
2) The fees for Withdrawals might vary depending on the receiver bank. But for general fees you can check this page.
They will be able to transfer their USD to their local currency. Our system uses Reuters/ Bloomberg buy rate to set the rate for withdrawals. Their bank might also deduct fees, for this they need to get in contact with their banks.
3) The only countries we are not offering our services right now are: Afghanistan, Russia and Belarus. Please not that some other countries might have specific restrictions on their accounts for which we cannot provide a specific list at the moment.
I hope this helped and we wish you good luck with your business.0
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