Withdraw from envato to payoneer EURO bank service

tips-and-tricks

#1

I want to withdraw money from my envato account to payoneer EURO payment service.
But in TOS, payoneer mentioned that EURO payment service can only be used to receive funds from European companies.
So, can I withdraw from envato to payoneer EURO bank service? Did anyone here use it?

Thanks


#2

I don’t really use Payoneer, and I’m not sure what the Euro payment service is, but I’d assume that you can still receive payments from non-Euro currencies, they’ll just get converted to Euros when they hit your account. Maybe… I could be wrong.


#3

Hi @InspiredDev, my name is Sivan and I’m from the Payoneer team, and I’ll try to assist you: the Euro Payment Service (EUPS) is a collection account that is meant to provide you with a quick and cost efficient way to recieve funds from EU based companies. That being said, it cannot be used to send or withdraw funds.
You can, however, given your country enabled is, withdraw funds in local currency directly to your bank account from your Payoneer account- all you need is to add the bank details as a withdrawal method and you will be able to use it to withdraw.
Hope I helped clarifying this matter, don’t hesitate to contact me if you need any further assistance.


#4

Hi @Sivan_Payoneer, thanks for the reply.
I need to know if I transfer USD from my envato account to payoneer EURO bank (I have my bank details) via swift transfer, will it credit my payoneer account with EURO balance successfully?


#5

Just to be clear- If you transfer funds in USD from Envato to your Payoneer account, they land in your Payoneer account in USD. From your Payoneer account you can withdraw them into your local bank account, in the local currency of the country of the bank account, i.e- if your local bank account is in a bank situated in the EU, you will be able to withdraw in Euros. Otherwise you can only withdraw funds in local currency.


#6

Hi, but is it possible to transfer the money in USD to a bank situated in EU, like Poland for example and instead of automatically converting USD to PLN is there a way to have USD transfer without conversion to local currency so I can keep them as USD on my polish bank account?


#7

Hi @boomopera. If I understand you correctly you would have to open a currency account in your polish bank. It would be next to your current account - PLN. So I guess you have to go to a bank and open currency account for US Dollar. Than you could easily transfer dollars from Envato (PayPal etc. ) to your personal currency account in polish bank without converting them to PLN. Than withdraw and exchange whenever suits you. Probably late post and you have found solution but at least I tried :grinning:


#8

Thank you so much, and yes, thats exactly what I did. I opened currency account in USD and will use swift to transfer dollars directly. But did you say paypal will work too? If its connected to a currency account in USD it will keep it in USD without that crazy conversion rate?? It might be even better than swift than?


#9

When you transfer USD from Envato using SWIFT than a $25 transaction fee is charged and minimum you can send is $500. ( you probably know that already :blush:)
If you have currency account already just add this account to your PayPal account and see how PayPal is charging. I have only sent $103 to my Irish bank once and it was a current account- Euro- not currency (USD) account. But what was great - there was no fee at all and PayPal conversion rate was really good so I basically had 102 euro.
Try PayPal and see how it works.
Just read conditions or ask in your bank what fee they will charge you for sending USD to your currency account. Sometimes there is a fixed fee no matter how much you will transfer or sometimes they will charge you some % from the amount you sending.
Best!


#10

But paypal conversion is not really good at all. Hopefully it does not convert, if what I need is dollars.


#11

Right, I called paypal, and they said if I want to skip the conversion and keep US dollars I have to have a US bank account with US address to it. If I have a US currency account in a bank in Poland, paypal will convert it to polish zloty since the address is in Poland, and than the bank will convert it back to dollars, since its a currency account, so. There it is… im going with swift for now… the initial 25$ swift charge is 4 times less that what I pay wile converting via paypal…


#12

Hi @boomopera For some strange reason I was not notified about your posts - crap…and just now I can see it.
This thing with PayPal sending money to currency - dollar - account and converting them anyway to PLN its crazy, stupid thing. I didn’t know that. Good luck with your payments! And sales!:+1:


#13

I have a UK Paypal account, and when I withdraw $100 from Envato, I end up with $100 in my account. No fees to receive and no conversion fees. I can then keep it in dollars or convert to pounds when required.

But anyway, I’ve found Paypal conversion rates to be not much worse than anyone else’s. Losing $100 in the conversion sounds very high though, but as an Elite I guess you’re converting some reasonably large sums.

I think I lose no more than 1.5% in the conversion, but I guess that can soon add up over a year. It’s about the same as what a bank would charge, and considerably less than if you change it at one of those airport kiosks!