What's cheapest way to withdraw your money? (small experiment)

Hi everyone! As Skrill was recently removed as a withdraw option, was looking for a new withdraw option. I knew the fixed costs of all the withdraw options (25$ for Swift, free for all other), but what about hidden costs and currency conversion fees? I decided to calculate the most economical option and share it with you!

The experiment
As Swift and Payoneer don’t provide a cost calculator (in contrary to PayPal and Transferwise) I decided to use these first two methods to actually withdraw some money, and simply use the cost calculator for the last two methods.

I am withdrawing from USD to my own EUR bank account (in the Netherlands). I’m withdrawing both 2100$ using Swift and 2100$ using Payoneer. Here are the results:

‘Transfer Conversion’ is the actual conversion, i.e. the money that you receive and can spent!

What’s the cheapest?
If a conversion is involved;

  • And if Transferwise Borderless is available in your country and you don’t mind having to take a few extra steps to receive your money, this should be the cheapest option.
  • For small transactions (< ~4000$) Payoneer should be your cheapest option
  • For large transactions (> ~4000$) SWIFT should be your cheapest option

If you are doing no conversions, PayPal or Payoneer are both ‘free’ and thus the best option.

Let me know what you think!

Disclaimer: Your milage may vary, fees might change, etc, I take no responsibility