Reply
cancel
Showing results for 
Search instead for 
Did you mean: 
Reply

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

alexandernovikov
Community Guru
Alexander N Member Since: Dec 28, 2008
1 of 8

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
Community Guru
Reinier B Member Since: Nov 3, 2015
2 of 8

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.  

2a05aa63
Community Guru
Viacheslav K Member Since: Sep 9, 2015
3 of 8

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 Smiley Sad

reinierb
Community Guru
Reinier B Member Since: Nov 3, 2015
4 of 8

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 Smiley Sad


Here you go- 

 

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

 

 

 

 

2a05aa63
Community Guru
Viacheslav K Member Since: Sep 9, 2015
5 of 8

Reinier B wrote:

Here you go- 

 

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

 


No Ukraine :'(

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

alexandernovikov
Community Guru
Alexander N Member Since: Dec 28, 2008
6 of 8

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

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
7 of 8

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

 

alexandernovikov
Community Guru
Alexander N Member Since: Dec 28, 2008
8 of 8

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...

TOP SOLUTION AUTHORS
TOP KUDOED MEMBERS