Are Payoneer new rules too good to be true? I almost ask myself: what is the catch?

[alexandernovikov]

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.

[reinierb]

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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.

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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.  

[2a05aa63]

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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.

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Any url or screenshot? I didn't get any notification of fee changes 😞

[reinierb]

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Viacheslav K wrote:

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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.

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Any url or screenshot? I didn't get any notification of fee changes 😞

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Here you go- 

https://payoneer.custhelp.com/app/answers/detail/a_id/36365/~/upcoming-changes-to-limits-and-fees-in...

[2a05aa63]

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Reinier B wrote:

Here you go- 

https://payoneer.custhelp.com/app/answers/detail/a_id/36365/~/upcoming-changes-to-limits-and-fees-in...

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No Ukraine :'(

I guess they got a lot of competition. I see a lot of credit card ads like that on Instagram nowadays.

[alexandernovikov]

It is likely, that doesn't explain how are they planning to break even essentially not charging anything at all.

[petra_r · Accepted solution]

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Alexander N wrote:

It is likely, that doesn't explain how are they planning to break even essentially not charging anything at all.

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It says "A minimum fee of $10" where I looked

[alexandernovikov]

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...

[alexandernovikov]

Tomorrow we will find out 🙂

[alexandernovikov]

Bingo, the fee stayed as it used to be, just a $10 minimum now.