Hi Andre, it’s not like Paypal.
If I understood what Nissim said, you’ll get your money (converted from USD to € at their rate) in your Bank Account via Bank Transfer at the cost of only 2,99$ regardless of the amount you’re withdrawing. Is it right ?If possible, I would like to know more about this sentence “rates of 2% above the official market mid-rate, which is an extremely good rate.”
Correct, the cost per transfer to Italy in EUR is $2.99 regardless of the amount (there is no maximum limit). Since it’s a local transfer and not an international one, you will not be charged any international landing fees by intermediate banks.
The official mid-rate or “Mid-Market Rate” is the mid-point between the currency’s official buy and sell rates, taken at the time the transfer is made. Here is a great tool you can use to estimate it: http://www.xe.com/faq/rates_buyorsellrates.php So in this case Payoneer will use a rate of 2% above that rate.
For example right now 1 USD = 0.753 EUR, so we will use a rate of 0.738.
Yes, this is exactly how it works:
- You sign in to your Envato account and select Payoneer as your payment method
- You will be directed to an online application page, where you choose to get paid to your bank account
- During the application, you can choose your payout currency (in this case you will choose USD)
- Payoneer charges $15 per transfer to your bank account (for USD transfers)
We transfer in USD so there is no conversion made. You do not pay the Envato SWIFT fee since it’s a payment via Payoneer, so you will pay only $15 per transfer. Note that the landing fees may still be applied by intermediate banks in your country (Payoneer/Envato have no control over this), however even so you will still save $20 per transfer (by paying $15 instead of $35 that you are paying now).
The sign up process looks like this: http://blog.payoneer.com/lower-fees-for-payoneers-global-bank-transfer-gbt-service/
It sounds like the issue you are experiencing is related to international landing fees imposed by intermediate banks. Whenever a SWIFT transfer is send (regardless of the sender) it passed through intermediate banks that are decided y your country’s local banking network. These banks may apply landing fees to the transfer, which is most likely why you saw additional fees charged that were not from Envato.
One possible solution to significantly reduce your costs is local bank transfers with Payoneer. If you select Payoneer as your payment method, you will be able to sign up for payments via direct bank transfer. For payments to Italy we support local transfers, meaning we will send you the funds from a local bank in Italy, in EUR. Since this is a local transfer it is not an international wire, and so you will be charged no landing fees.
Best of all the cost is only $2.99 per transfer. We convert your funds from USD to EUR based on rates of 2% above the official market mid-rate, which is an extremely good rate.
In addition Payoneer supports international wire transfers in USD to Italy, if you’d prefer, at a cost of only $15 per payment (so in this case you still save $20 per payment by switching to Payoneer).
Please let me know if you have any questions,
Nissim | Payoneer Community Manager | payoneer.com
I just wanted to let you know about a new security feature that we have enabled for all Envato members getting paid to a Payoneer card. This feature will send you an e-mail alert (to the e-mail listed on your Payoneer account) for charges made to your Payoneer card that meet certain requirements (such as the amount of the charge and location of the merchant).
This new e-mail alert system has no effect on your Payoneer card usage, however it allows you to immediately notify our security department should you see any charges that you do not recognize.
Some of you may already have begun receiving the alerts, though even if you haven’t I’d love to hear your feedback. What do you think of the new feature? If you already received an e-mail alert, did you find it clear and helpful?
I look forward to hearing from you, and of course if you have any addition suggestions on how we can continue to improve our service please feel free to let me know!
Nissim | Payoneer Community Manager
If you choose Payoneer as your payment method, you have two options:
1) Receive payments directly to a Payoneer card
2) Receive payments directly to your bank account
For the bank transfer option, you can choose to get paid either in RUB or USD. If you choose to get paid in RUB, the cost is only $5.95 per payment and we send your funds from a local bank in Russia. If you choose USD, we send your funds via wire transfer (SWIFT) for only $15 per payment.
Yes, as soon as your Payoneer card application is approved you can begin receiving payments. Once you receive the card and active it, all pending payments will be able to be funded to your card.
It works the same as all Payoneer payments with Envato.
Unfortunately the Reserve Bank of India prohibits all non-Indian companies from issuing cards to Indian residents.
We do provide Indian residents with a local bank transfer options. Via this service we send your payments from Envato to you from a local bank in India, in INR (at only $5.95 per payment).
It’s possible that the card was delayed by your local postal system. I’d suggest waiting another week and if still does not arrive please contact our customer support department.