Payoneer has introduced a revised fee structure for Pakistani users, effective immediately. The updated charges impact various transaction types, including bank withdrawals, third-party transfers, and Payoneer-to-Payoneer payments. The new rates depend on factors such as transaction size, currency, and destination.
New Withdrawal Cost
Withdrawing funds from Payoneer to a bank account in a different currency now incurs a 3% fee, up from the previous 2%. This 50% increase applies to conversions like USD to EUR. The same rate applies to non-local currency withdrawals, such as USD to USD, if the recipient bank is outside Pakistan. Existing minimum withdrawal fees remain unchanged.
Transfers to Bank Accounts Impacted
Sending money from a Payoneer balance to another user’s bank account now attracts a 3% fee, regardless of currency or the recipient’s location. This change affects both converted and non-converted transactions, increasing costs for freelancers and businesses relying on cross-border transfers.
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Payoneer-to-Payoneer Payments No Longer Free
Transfers between Payoneer accounts in USD, EUR, or GBP will be charged based on the transaction amount. If the payment is 500 units or more, a 0.60% fee will apply. For payments below that threshold, a fixed charge of 3.00 in the respective currency will be deducted. Domestic transactions in these currencies will also be charged a flat fee of 3.00. For other currencies, the applicable fee will be displayed before confirming the payment.
Receiving Payments Now Comes with Charges
Payoneer has introduced new receiving fees based on currency and amount. Incoming payments in USD below the threshold of $100 will be charged a $1.00 fee. Similar structures apply to GBP, EUR, CAD, AED, SGD, MXN, AUD, HKD, and JPY, with flat fees for small amounts and 1% for larger ones.
Currency Conversion Fees Remain
Transactions requiring currency conversion will still apply Payoneer’s standard exchange rate markup. These fees are separate from the new transaction charges and are automatically included during processing. Users should review conversion costs before initiating transfers.
What Users Should Know
Pakistani Payoneer users, freelancers, individuals, and businesses should review the updated fee schedule in their account’s ‘Fee’ section. Understanding these changes helps in optimizing transactions to minimize costs. Staying informed ensures better financial planning amid rising service charges.