Payoneer currency exchange rate


#1

Hi all,

I just received my card from payoneer, and I would like to know what is the exchange rate if I am going to transfer my money to foreign currency.

I live in Bahrain, the currency is BHD.

could any one please assist me.

Regards.


#2

Hi mohd_isa.

http://www.payoneer.com/payment-services/en/faq.aspx

Check under How is my foreign exchange (FX) rate determined?

Regards.


#3

Mastercard conversion fees are very good, what’s not so much is the cross border fee or similar. There is like a 3% charge.


#4

Thank you for fast reply.

@Frish

how much is the cross border fees for payoneer?

as I understand from this URL: https://payouts.payoneer.com/Partners/Default/Fees.aspx?pid=Y0LwV0AQC7cY%2B5AIqsZl1g%3D%3D&pmpid=Y0LwV0AQC7cY%2B5AIqsZl1g%3D%3D&pt=4

they will charge me 29.95$ (since it’s my first time to use the card) and also 3.15$ for withdrawing my money. are there any extra fees?


#5

They say it’s not a “hidden fee” but I never got to learn how EXACTLY it is calculated. Make sure to always select Bahraini dinar at ATM and shops (sometimes they’ll give you option between USD and BHD). If you choose, e.g. 100USD (converted by the bank of the sale terminal from BHD), you’ll still get charged something like 103USD (which is extra by MC). So just choose BHD everywhere and let MC convert everything, the fees will be a bit less. I don’t know where the cross border fee is indicated in a schedule but it varies by country and how far you are from the issuing bank / account currency.

I believe the cross border fee is just a “name” for the real conversion rate. By calling it differently they can say “oh we have 0.1% rate” - sure but the trick is to charge the extra fee. You have this fee even in the USA (but it’s low), because Payoneer’s bank is not necessarily in the USA…

The activation fee and withdraw fee is completely different, don’t worry about those, they are of least concern.


#6

Thank you so much, that was really helpful.

One more question if you don’t mind. I have two options to withdraw my money, PayPal and Payoneer, on your experience which one do u think is better to go for?

and sorry if my questions being annoying

best regards.


#7

If you want to put it back into business (advertising, hosting, services or whatever) or just spend on ebay then Paypal. For everything else there is Mastercard (pun intended) so if you want to spend in shops then Payoneer.

You can withdraw from Paypal to Payoneer using the US Payment Service (they create a virtual bank account for you). Or to other bank accounts.

Also, probably you can fund your Paypal using the Payoneer card. So no decision is final.

Both can be used to further withdraw to your local bank, using an origin account that is in your country (check which company supports this in your country, most likely it’ll be Payoneer).


#8

@Firsh

Is there an amount limit to withdraw from Envato via Payoneer’s MasterCard?

Is there a daily limit to withdraw funds at an ATM via Payoneer’s MasterCard?

Is the card connected to my bank account in some sort of way? I mean, can my bank track the withdrawals I do from the ATM using the Payoneer’s MasterCard? Where is the money “located” once it has been transferred from Envato the the MasterCard?

Thanks!


#9
EladChai said

@Firsh

Is there an amount limit to withdraw from Envato via Payoneer’s MasterCard?

Is there a daily limit to withdraw funds at an ATM via Payoneer’s MasterCard?

Is the card connected to my bank account in some sort of way? I mean, can my bank track the withdrawals I do from the ATM using the Payoneer’s MasterCard? Where is the money “located” once it has been transferred from Envato the the MasterCard?

Thanks!

BTW I’m not Payoneer support :slight_smile: Note that the TOS likely varies from partner to partner, in this case I only know what applies to Envato cards.

There is no limit to the amount you can receive from official paying Partners (Envato).
7. Limits on Transactions For security reasons, you may only make up to ten (10) withdrawals per any 24 hour period at ATMs and the total number of transactions you can make using POS terminals is nine (9) transactions per any 24 hour period. You may not make more than USD 5,000 / EUR 5,000 / GBP 5,000 in transactions of any type from your Card per any 24 hour period (the relevant limit applies according to the card currency). Any transaction made on a non-business day is considered made on the next business day. You may not use your Card for any illegal transactions or at gambling sites or for any gambling activity.

How could your bank track it? No it’s not connected. But your name is written on the card and if you use it at domestic shops or ATMs then you are trackable. Payoneer has multiple banks and it’ll be indicated on your card what bank it belongs to. It could be Choice Bank in Belize or First Covenant Bank, USA.

You can read this at the bottom of the Payoneer site:

The Payoneer Prepaid MasterCard® card is issued by Choice Bank Limited, Wirecard Card Solutions Ltd ("WDCS") WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051)), or First Covenant Bank (member FDIC), pursuant to a license by MasterCard® International Incorporated. MasterCard® is a registered trademark of MasterCard International Incorporated.

#10
mohd_isa said

Hi all,

I just received my card from payoneer, and I would like to know what is the exchange rate if I am going to transfer my money to foreign currency.

I live in Bahrain, the currency is BHD.

could any one please assist me.

Regards.

For residents of Bahrain, Payoneer provides two options to access your funds:

  1. The Payoneer Prepaid Debit MasterCard

You can receive payments to this card, and use it to make purchases online, in stores, and at ATMs. When making a purchase or cash withdrawal, funds are converted using rates of up to 3% above MasterCard’s official exchange rates

  1. Bank Transfers

You can withdraw funds from your Payoneer account to your local bank account in Bahrain. We support local bank transfers to Bahrain, in BHD - meaning we send funds from a local bank in your country, in your local currency. Funds are converted using rates of up to 2.75% above the official mid-market rate (which can be estimated on sites like XE.com).

I’m more than happy to answer any additional questions you have about Payoneer.


#11
Nissim_Payoneer said
mohd_isa said

Hi all,

I just received my card from payoneer, and I would like to know what is the exchange rate if I am going to transfer my money to foreign currency.

I live in Bahrain, the currency is BHD.

could any one please assist me.

Regards.

For residents of Bahrain, Payoneer provides two options to access your funds:

  1. The Payoneer Prepaid Debit MasterCard

You can receive payments to this card, and use it to make purchases online, in stores, and at ATMs. When making a purchase or cash withdrawal, funds are converted using rates of up to 3% above MasterCard’s official exchange rates

  1. Bank Transfers

You can withdraw funds from your Payoneer account to your local bank account in Bahrain. We support local bank transfers to Bahrain, in BHD - meaning we send funds from a local bank in your country, in your local currency. Funds are converted using rates of up to 2.75% above the official mid-market rate (which can be estimated on sites like XE.com).

I’m more than happy to answer any additional questions you have about Payoneer.

Thank you so much, that was really helpful.