Payoneer Raises Fees for Pakistani Users by 50%

Payoneer has announced an updated fee structure for users in Pakistan, which is already effective. These changes apply to various types of transactions, including withdrawals to bank accounts, transfers to third-party accounts, and payments made between Payoneer users. The revised rates are based on transaction size, destination, and the currencies involved.

New Withdrawal Cost

Users withdrawing money from their Payoneer balance to a bank account in a different currency, such as from USD to EUR, will now be charged a 3% fee on the total amount instead of the previous 2%, raising the charges by 50%. This same rate applies to withdrawals made in a non-local currency without conversion, for instance, USD to USD, where the receiving bank is located outside Pakistan. The minimum withdrawal fees already in place will remain unchanged.

Transfers to Bank Accounts Impacted

Sending money from your Payoneer balance to another person’s bank account, whether it involves currency conversion or not, will now also result in a 3% transaction fee. This fee applies regardless of the currency used or the country of the recipient’s bank account.

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 also introduced revised receiving fees based on both the currency and the amount received. For example, incoming payments in USD below the threshold of $100 will be charged a $1.00 fee. Payments equal to or above that amount will be charged 1% of the total.

Similar thresholds and percentage-based charges have been applied across other currencies, including GBP, EUR, CAD, AED, SGD, MXN, AUD, HKD, and JPY. In each case, a flat fee applies to smaller transactions, while a 1% fee applies to larger ones.

For transactions that involve currency conversion, the standard conversion charges set by Payoneer will continue to apply. These are separate from the new fees and are automatically factored in during the transaction process.

What Users Should Know

Users in Pakistan are encouraged to check the ‘Fee’ section within their Payoneer account for a complete overview of charges based on their typical transaction types and currencies. These changes apply to individuals, freelancers, and registered companies operating through Payoneer in Pakistan.