Payoneer to Transferwise to bank account
Thread poster: ceekiu
ceekiu
ceekiu
Canada
Local time: 00:34
Mandarin Chinese to English
+ ...
Nov 20, 2020

Hi all,

Anyone here get paid through Payoneer? I get paid USD through Payoneer (no other choice other than Paypal which is even worse in fees) and am wondering what's the best way to withdraw to my bank account (CAD). I hear sending to Transferwise first before withdrawing to a local bank account is the best due to lower fees and exchange rates. But is there a fee to transfer from Payoneer to Transferwise? If so, is it still worth it cost-wise to do the extra step of transferring t
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Hi all,

Anyone here get paid through Payoneer? I get paid USD through Payoneer (no other choice other than Paypal which is even worse in fees) and am wondering what's the best way to withdraw to my bank account (CAD). I hear sending to Transferwise first before withdrawing to a local bank account is the best due to lower fees and exchange rates. But is there a fee to transfer from Payoneer to Transferwise? If so, is it still worth it cost-wise to do the extra step of transferring to Transferwise first? I've heard that Payoneer has a 2% exchange rate fee plus there's usually an additional bank intermediary fee or something of that sort.

Thanks in advance for any input
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Tony Bennjamin
Tony Bennjamin  Identity Verified
Indonesia
Local time: 14:34
Member (2013)
Indonesian to English
+ ...
Payoneer much better than Paypal Nov 20, 2020

Hi,

So far, I'm considering PayPal as the final option if the agent can't pay me through bank transfer or Payoneer. I had been using Payoneer quite fine, and it's cheaper than PayPal, also, the exchange rate is much better than PayPal. However, I'm not suggesting you to create card, as it has the administration fee that you have to pay every month.

Cheers


 
Edward Potter
Edward Potter  Identity Verified
Spain
Local time: 08:34
Member (2003)
Spanish to English
+ ...
Transferwise is excellent Nov 20, 2020

When exchanging money Transferwise is the best I've encountered. Their exchange rates are mid-market or better and the fees are rock bottom.

PayPal continues to ding you for obscene commissions. It is kind of useful for tiny payments. I only use it because others do. I think their days are numbered because it would be so easy for their competition to offer better rates.

I haven't tried Payoneer yet. It sounds like a good alternative.


Matheus Chaud
Philip Lees
Maria Teresa Borges de Almeida
 
Lingua 5B
Lingua 5B  Identity Verified
Bosnia and Herzegovina
Local time: 08:34
Member (2009)
English to Croatian
+ ...
Hidden fees. Nov 20, 2020

Always double check any hidden fees. For instance, exchange rates may be better on one system, but then you pay more in membership fees, transfer fees, or something else.

I don’t see how using a three party system (Payoneer-Transferwise-Bank account) may be cheaper than using a two party system (Payoneer-Bank account). It doesn’t make sense to me.

I haven’t used Payoneer in quite a while, but as long as I can remember there was a fixed fee or X% fee for withdrawin
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Always double check any hidden fees. For instance, exchange rates may be better on one system, but then you pay more in membership fees, transfer fees, or something else.

I don’t see how using a three party system (Payoneer-Transferwise-Bank account) may be cheaper than using a two party system (Payoneer-Bank account). It doesn’t make sense to me.

I haven’t used Payoneer in quite a while, but as long as I can remember there was a fixed fee or X% fee for withdrawing your amount to your bank account. It was definitely more affordable than Paypal. But on Payoneer you’re paying an annual membership fee if you’re using their card (not sure if you can receive money without this card, that depends on your sender I think). I advise you to read Payoneer’s T&C on their website, and you’ll find all the answers there. As for the Transferwise, I never used it so I woudn’t know.

[Edited at 2020-11-20 15:23 GMT]
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Wout Van den Broeck (X)
Wout Van den Broeck (X)
Belgium
Local time: 08:34
English to Dutch
+ ...
re Payoneer Nov 21, 2020

Lingua 5B wrote:

I haven’t used Payoneer in quite a while


Be aware that Payoneer recently introduced a $29.95 fee for inactive accounts, i.e. if you have not had at least one transaction in your Payoneer account or on your Payoneer Card over the previous twelve months.


 
Lingua 5B
Lingua 5B  Identity Verified
Bosnia and Herzegovina
Local time: 08:34
Member (2009)
English to Croatian
+ ...
I don’t think that’s recent. Nov 21, 2020

Wout Van den Broeck wrote:

Lingua 5B wrote:

I haven’t used Payoneer in quite a while


Be aware that Payoneer recently introduced a $29.95 fee for inactive accounts, i.e. if you have not had at least one transaction in your Payoneer account or on your Payoneer Card over the previous twelve months.


I only used Payoneer sporadically, or on client’s request. The last time I used it, it was after a period of idleness and they immediately took down the $30 on my first payment (that’s the fee you mentioned). Since my client insisted on Payoneer, they agreed to cover the $30 fee. But that was quite some time ago, so that fee is not a recent policy.


Moussa Sy
 
Jessica Noyes
Jessica Noyes  Identity Verified
United States
Local time: 03:34
Member
Spanish to English
+ ...
Ask Payoneer to send CAD Nov 22, 2020

Payoneer will send the funds directly in CAD if your client asks them to.

 


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Payoneer to Transferwise to bank account







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