Jun 7, 2021 01:41:57 AM Edited Jun 7, 2021 01:44:01 AM by Alexander N
So the bank withdrawal will be 10 EUR fixed at least for my country, since June 27, and no % commission from interbank rate. They are also lowered commissions/fees for many, many other countries. Account maintenance is nil. Card shipments are free. $1 per one funding from Upwork up to $10,000. In the end, looks like overall Payoneer's commissions will be to the tune of 0.2% unless you withdraw money from ATMs, in which case it's like 3%, which is still not a lot.
Shall we be worried? I can't see how they can survive and make a profit with these fees. Is Payoneer a Ponzi scheme now? I know there is no free lunch. I thought their main source of income was bank withdrawal charges, but these are now effectively nullified.
Solved! Go to Solution.
Jun 8, 2021 12:04:36 AM by Petra R
Alexander N wrote:It is likely, that doesn't explain how are they planning to break even essentially not charging anything at all.
It says "A minimum fee of $10" where I looked
Jun 7, 2021 06:25:30 AM by Reinier B
Alexander N wrote:So the bank withdrawal will be 10 EUR fixed at least for my country, since June 27, and no % commission from interbank rate. They are also lowered commissions/fees for many, many other countries. Account maintenance is nil. Card shipments are free. $1 per one funding from Upwork up to $10,000. In the end, looks like overall Payoneer's commissions will be to the tune of 0.2% unless you withdraw money from ATMs, in which case it's like 3%, which is still not a lot.
Shall we be worried? I can't see how they can survive and make a profit with these fees. Is Payoneer a Ponzi scheme now? I know there is no free lunch. I thought their main source of income was bank withdrawal charges, but these are now effectively nullified.
No such luck for me, though. Then again, maybe they have not gotten round to letting me know of any changes to commissions and/or fees.
Jun 7, 2021 06:34:56 AM by Viacheslav K
Alexander N wrote:So the bank withdrawal will be 10 EUR fixed at least for my country, since June 27, and no % commission from interbank rate. They are also lowered commissions/fees for many, many other countries. Account maintenance is nil. Card shipments are free. $1 per one funding from Upwork up to $10,000. In the end, looks like overall Payoneer's commissions will be to the tune of 0.2% unless you withdraw money from ATMs, in which case it's like 3%, which is still not a lot.
Shall we be worried? I can't see how they can survive and make a profit with these fees. Is Payoneer a Ponzi scheme now? I know there is no free lunch. I thought their main source of income was bank withdrawal charges, but these are now effectively nullified.
Any url or screenshot? I didn't get any notification of fee changes 😞
Jun 7, 2021 06:42:31 AM by Reinier B
Viacheslav K wrote:
Alexander N wrote:So the bank withdrawal will be 10 EUR fixed at least for my country, since June 27, and no % commission from interbank rate. They are also lowered commissions/fees for many, many other countries. Account maintenance is nil. Card shipments are free. $1 per one funding from Upwork up to $10,000. In the end, looks like overall Payoneer's commissions will be to the tune of 0.2% unless you withdraw money from ATMs, in which case it's like 3%, which is still not a lot.
Shall we be worried? I can't see how they can survive and make a profit with these fees. Is Payoneer a Ponzi scheme now? I know there is no free lunch. I thought their main source of income was bank withdrawal charges, but these are now effectively nullified.
Any url or screenshot? I didn't get any notification of fee changes 😞
Here you go-
Jun 7, 2021 07:14:04 AM Edited Jun 7, 2021 09:10:35 AM by Viacheslav K
Reinier B wrote:
Here you go-
No Ukraine :'(
I guess they got a lot of competition. I see a lot of credit card ads like that on Instagram nowadays.
Jun 7, 2021 09:41:38 PM by Alexander N
It is likely, that doesn't explain how are they planning to break even essentially not charging anything at all.
Jun 8, 2021 12:04:36 AM by Petra R
Alexander N wrote:It is likely, that doesn't explain how are they planning to break even essentially not charging anything at all.
It says "A minimum fee of $10" where I looked
Jun 8, 2021 03:34:25 AM by Alexander N
Yes that sounds exceedingly vague. For some countries, there is something like "A 2% fee (minimum 15.00 USD or approximate in other currencies)" but for Cyprus, and other countries for which it changed, it's just a "minimum fee of X" but no percentage. We can only guess what it really means...
Jun 28, 2021 05:24:29 AM by Alexander N
Bingo, the fee stayed as it used to be, just a $10 minimum now.