Monday, 8 July 2013

Payoneer vs. Paypal Fees In Comparison

Both Payoneer and PayPal have their own individual set of fees that set them apart from each other. The Payoneer card fees are mostly fixed, while PayPal's fees can be percentage-based.

This can be a good thing in different ways. It all depends on your payment needs and circumstances. Nonetheless, fees are what they are and you have to pay them if you want to use your money.
PayPal transactions are always free whenever you buy something or send money to someone in the United States. PayPal is also free of charge when it comes to transferring money in the United States whenever it is done from a bank account or existing Paypal balance.
Now if money needs to be sent abroad to family, friends, or businesses, PayPal will charge 2.9% of the total balance that is sent plus 0.30 cents per transaction that is sent. PayPal Merchant Fees do vary and are usually charged on a monthly basis. If you get a PayPal Standard Account, there are no monthly fees. PayPal Payments Advanced charges $5 per month and PayPal Payments Pro charges $30 per month in fees.

When you receive payments for goods or services with PayPal, they charge 3.4% (plus 0.30 USD) as a standard rate. If your monthly payments are over $3,000 then you can get a discounted fee as low as 2.4%. See the PayPal Merchant fees table for more information. 
Payoneer is also fee-based and the fees do vary between certain countries (non-standard and slightly higher fees apply to countries such as India). An ATM cash withdrawal charge is $3, no matter where in the world you are withdrawing from. If an ATM withdrawal or Point-of-Sale transaction is declined, the charge is $0.90.
If you sign up with Payoneer directly - that is, not through a partner such as Upwork or Fiverr - there is an annual fee of $29.95 for use of the card, with no monthly fees attached.
When paying for goods or services with your Payoneer prepaid MasterCard debit, there is no charge or fee - it simply deducts the amount you paid from your card balance.
If you are using Payoneer in conjunction with a Payoneer Partner (Upwork, 99designs, and many more), you will be able to receive payments from that partner with no extra charge beyond the annual fee (note: this applies to most, although not all partner programs).
Interested in learning more about Payoneer's prepaid card for getting paid online? Check out this Payoneer review to find out if it's for you.
You can also sign up with Payoneer directly to get your free Payoneer prepaid debit card (MasterCard).

1 comment:

  1. Useful information about Payoneer vs. Paypal Fees, I completely agree with your article.

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