Popular online money transfer platform Payoneer has significantly raised the transaction fee for sending or receiving payments in Pakistan, a move that could severely hurt business for local freelancers who rely on the service.
The transaction fee has been raised to 3% of the total transaction amount, plus an additional $0.49 fixed fee for all transactions based on USD, up from the previous 2%. As for non-USD transactions, the fixed fee will be charged based on the relevant transaction currency as follows: 0.39 GBP, 0.45 EUR, 0.75 AUD, 0.67 CAD, 73.76 JPY.
Note that this change applies to sending or receiving payments through debit/credit cards as well as payments received through the Request a Payment option or through the Initiate a Payment section using a debit or credit card.
However, the change to Payoneer’s fee system is not immediate as it is set to take place on October 20, 2024. Following the effective date, any applicable updated fee for eligible services will be reflected on the Fee page under account settings. Any existing fee applicable in addition to the fee mentioned above will remain unchanged.
Here is what Payoneer’s support center page says about the fee increase:
To ensure we can keep giving you the best service, we periodically review our fees as the market changes. While these adjustments are necessary, our commitment to empowering your business growth remains our top priority.
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Don’t worry, and switch to Elevate.
I applied on Elevate whereas they rejected my application. I am already using Payoneer and these fees are getting insanely high. I guess beggars are not choosers.
Hiw ia it more than double? Fazul news. I think they were already charging 3% and only $0.47 koi itni bari amount nhe h k uske liye itna ahor dala jay.
Hi critic,
Just to correct you previously there were charging 2% of the amount and now they have mentioned it 3.9% of yhe amount which will be an big hit for the users. Already there 2% was a big hit on receiving big amounts and even on withdrawal of the amount payoneer offers the shittiest exchange rate whereas wise always provides the best rates and even you receive whatever the amount they only charge flat rate of $4.5 only.
This massive increase in fee from.payoneer will definitely give a hard time to the users even I include myself as well.
Thank you for pointing this out. I was refering to “The transaction fee has been raised to 3% of the total transaction amount, plus an additional $0.49 fixed fee for all transactions based on USD” its 3% and its not the double of 2%. The last time i used it i think they were already deducting 3% on payment requests. And thats for usd only.
Let me correct the facts as a 7+ years user of Payoneer. The raise is 3.99% + $0.49 fixed fee. Previously, it was straight 2%. It is actually more than double. It will significantly reduce the income of freelancers. As a content writer, I was paying additional 2K per 100K. Now, it will be 4K per 100K. Inflation at global scale!!!