As mentioned above, it’s always recommended to withdraw in your local currency. When you choose an alternate currency offered by the ATM, what happens is that they make a double conversion. This means that they first make a transaction behind the scenes in a local currency (a conversion is made) and then convert that back to the currency you selected - so you pay double conversion charges.
In regards to your question:
I hope you are still reading this and can help me clarify a few things.
I’ve looked at the Payoneer fee structures (“MasterCard Card Pricing and Fees”, and “Withdrawal rates”), but I am still a bit confused. The only thing I know for sure is that the Payoneer Master Card will cost me about US$30 per year.
I live in the UK and have a GBP bank account. Let’s say I have $1000 to be paid out by Envato. What are the overall fees I’ll have to pay whilst the money is being moved onto my UK bank account?
When you sign up for Payoneer you have two choices:
- Receive payments directly to your bank account, with no option of using the Payoneer card.
For this, just choose the Global Bank Transfer Service option when applying (receive payments directly to your bank account). There is no maintenance fee here, no annual fee, no setup costs… you pay only $3.00 per transfer to your UK bank account. We send funds in GBP, using rates of only 2% above the official mid-market rate at the time of transfer. This is among the best rates you will receive from online payment methods.
- Sign up for a Payoneer account and also receive a Prepaid Debit MasterCard card
In this option, there is an annual or monthly fee (depending on where you sign up, whether it be from the Payoneer website or directly from Envato). The exact fees will be shown during the sign up proces.
The way it works is that payments from Envato will be sent to your Payoneer account. From there, you can either use your Payoneer card to make purchases, or withdraw to your local bank account. In this case, there is no flat fee for the bank withdrawal, and we will convert funds to GBP using the same rates I mentioned above.
I hope this answers your questions, but if not please let me know.
Nissim | Head of Community at Payoneer | www.payoneer.com