Master Payoneer fees for international transactions and make your experience with this popular payment system smoother, cheaper and more tailored to your business or freelance needs.
Whether you’re a freelancer, small business owner or someone who needs to send and receive payments globally, you need to understand Payoneer’s pricing.
With low cost international transfers, competitive exchange rates and simple transaction fees Payoneer is the go-to for people working internationally.
Payoneer allows users to send and receive payments across borders, with seamless currency conversions and simple, user friendly fees. But like any financial service Payoneer charges fees to maintain the quality and efficiency of its service.
To get the most out of this service you’ll want to know the transaction fees, annual account fees, ATM withdrawal fees and the rates when converting one currency to another.
This guide will explain Payoneer’s fees in simple terms so you can make informed decisions, avoid extra charges and keep your earnings.
In this article we’ll cover all the key aspects of Payoneer fees for international transactions, annual account fees, transaction fees, currency conversion fees and tips to reduce fees.
Payoneer Fees for International Transactions | Full Guide
When using Payoneer for international payments it’s good to know the fees for sending and receiving money globally.
So if you are studying overseas or in Nigeria and its the online school you are going for, this process will help you to make transfers and pay your tuition fees and buy all your academic materials.
Here we’ll break down the transaction fees Payoneer charges, how currency conversions work and what to expect for international transactions.
Whether you’re receiving funds from a client, transferring between accounts or withdrawing cash, knowing these fees will help you keep track of your finances.
Below i provide you with the Payoneer fees for international transactions so you can understand how to go about on your transaction.
Annual Account Fee
One of the best things about Payoneer is that they don’t charge monthly maintenance fees. But if your account is inactive an annual fee applies.
- Active vs. Inactive Accounts: Accounts that have at least one transaction per year are exempt from the annual fee. This means even a small payment or withdrawal will keep your account active and fee free.
- Inactive Fee: If you haven’t received $2,000 or more within a 12 month period Payoneer charges an annual inactivity fee of $29.95.
This is great for active users as you can have an account with no recurring fees.
International Transaction Fees
Payoneer fees for international transactions vary depending on how you send or receive payments. Let’s break down the types of transactions and the fees:
- Transfers Between Payoneer Accounts: Transferring funds to another Payoneer account is free, no matter where the sender or receiver is. This is great for businesses or freelancers within the Payoneer network who want to keep costs low.
- Payments to Bank Accounts: When you transfer money from your Payoneer account to a local bank, there is a $1.50 fee for local currency transfers, like USD to USD within the US. For transfers to a bank in a different currency, Payoneer charges up to 2% of the transferred amount, which includes the exchange rate.
- Credit Card and Debit Card Fees: Sending payments via credit card is 3% of the transaction, debit card is 1%. Debit cards are more cost effective if you are sending or receiving regular payments through Payoneer.
Currency Conversion Fees
Currency conversion is required for international transactions, especially when sending or receiving payments in different currencies. Payoneer has two types of currency conversion rates:
Here are the Payoneer fees for international transactions with respect to currency conversion fees.
- Direct Conversion Rate: Payoneer adds a conversion fee of 0.5% on direct conversions within Payoneer accounts. This rate is competitive and lower than standard bank rates.
- Payoneer MasterCard Conversions: If you have a Payoneer MasterCard and make a payment in a currency different from your card’s, you’ll be charged 3.5% conversion fee. This rate is higher than the other conversions so try to avoid conversions with the card whenever possible.
Keep an eye on currency conversion rates and plan your transactions in your base currency to avoid unnecessary conversion fees.
ATM Withdrawal Fees
Payoneer allows you to withdraw cash at ATMs worldwide, it’s a convenient way to access your funds. However there are fees for these transactions:
- Standard ATM Withdrawal Fee: Payoneer charges $1.95 per ATM withdrawal. This is a good option if you make infrequent, larger withdrawals.
- International ATM Withdrawals: If you withdraw from a non-local currency ATM, Payoneer may charge up to 2% of the withdrawn amount as an additional conversion fee. Try to withdraw larger sums less frequently to reduce the transaction costs.
By managing your withdrawals smartly and being aware of these fees you can minimize the impact of ATM fees on your wallet.
How to Minimize Payoneer Fees
Do you know that Payoneer fees for international transactions can be minimized? Here are a few tips to reduce Payoneer fees when transacting internationally:
- Direct Bank Transfers: Instead of withdrawing frequently, try to transfer larger amounts to your bank account, this will reduce both withdrawal and conversion fees.
- Plan your Currency Conversions: If you need to convert currencies, try to do so when rates are good. And do larger conversions at once to reduce percentage lost to conversion fees.
- Do not use Credit Cards for Payments: Payoneer charges higher fee for credit card transactions, so using a debit card or bank transfer will help you avoid the 3% fee on credit card payments.
Payoneer Fees for Receiving Payments from Global Marketplaces
Payoneer is used on global platforms like Upwork, Fiverr and Wish where many freelancers and businesses receive payments. Here’s how Payoneer handles fees for marketplace payments:
- Marketplace Fees: Most platforms have their own transaction fees which Payoneer doesn’t control. But once the funds are in your Payoneer account, you can transfer or withdraw them subject to Payoneer’s standard fees.
- Partnered Platforms Discount: In some cases, platforms partnered with Payoneer may offer lower rates for withdrawals or transactions. Check your platform’s terms to see if you’re eligible for any fee waivers or discounts.
By knowing the fees for receiving payments from marketplaces, you’ll get to keep as much of the payment as possible.
Check Payoneer’s Pricing and Fees Section
Payoneer updates its fees occasionally. Check your account’s “Pricing and Fees” section to stay updated on any changes, new fees or transaction fee adjustments.
This will help you plan your transactions and budget for any Payoneer fee changes for international transactions just like i said before.
Summary
Payoneer is an easy and affordable solution for freelancers, businesses and individuals who need to send and receive international payments.
With its simple fee structure, free account transfers, manageable currency conversion fees and affordable ATM withdrawal rates, Payoneer is a good option for those who work across borders.
Now you know Payoneer fees for international transactions, you can save more and enjoy this payment solution for a long time.
And that’s it! Stay updated and stay active. Plan wisely.
