Payoneer
Read all reviews for Payoneer →
Very high fees to access my own earnings!
Very high fees to access my own earnings I receive regular USD payments through Payoneer and have become increasingly frustrated with the cost of accessing my earnings. Payoneer currently charges me a 4% withdrawal fee. For example, on a $1,000 withdrawal, I was charged $40. On a recent proposed withdrawal of $1,268, Payoneer quoted me a fee of $50.72. Initially, I thought these costs might be associated with currency conversion or fees charged by the receiving bank. However, I confirmed that the receiving bank was not charging me for these transfers. I then tested withdrawals to approved USD-denominated bank accounts, expecting the fee to be substantially lower since no currency conversion would be involved. Payoneer still quoted exactly the same 4% fee. I have contacted Payoneer several times, provided detailed examples and asked them to review the withdrawal rate applied to my account. Unfortunately, I have now been told that the rate cannot be reduced or negotiated. I have also found the customer-service experience frustrating. Responses have taken time, and several specific questions I asked about alternative ways of accessing my funds and reducing these costs were not initially answered. I understand that financial services charge fees, but 4% every time I withdraw money I have earned is a substantial recurring expense. For someone receiving regular payments, these charges add up very quickly. I find this particularly disappointing when there are numerous international money-transfer and payment services available today offering faster transfers and substantially lower fees. In my own experience using other services, the difference in cost has been considerable. In today's competitive international payments market, a recurring 4% charge simply to access my earnings feels extremely expensive. I would strongly encourage anyone considering Payoneer to check the exact withdrawal fees applicable to their individual account before deciding to rely on the service for regular payments. I hope Payoneer will reconsider its fee structure and provide greater transparency and more reasonably priced options for customers who regularly receive their earnings through the platform.