Payoneer Exchange Rate | Conversion Rates for Withdrawing Funds

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Conversion Rates for Withdrawing Funds from Your Payoneer Wallet to Your Local Bank Account

Payoneer Exchange Rate: Do you have a Payoneer account? Is your account on Payoneer active? If you have an active account on the platform, then you should know what ‘Payoneer exchange rate’ is? If you don’t know what it is, then this article is for you. This is the right place for you. In this article, I will be telling you what the Payoneer exchange rate is and how it works. I will also be telling you of the various exchange rate fees on the platform.

Payoneer Exchange Rate

Payoneer is a well-known and recognized platform in the world. This platform is the best online money transfer platform in the world. Payoneer as a monetary transfer platform provides services to more than 200 countries. This platform has been of tremendous help to many small businesses and freelancers all over the world. This portal supports over 80 currencies globally. And in terms of its rates, it is one of the best in the world.

SEE ALSO >>> Payoneer Sign up Process | How to Sign Up For a Payoneer Account

To take us further in this article, do you know what an exchange rate is? An exchange rate can also be referred to as a conversion rate. A conversion rate or an exchange rate is the fees or percentage required or needed to convert one currency to another. When making transactions on the Payoneer platform, it is very possible that you will be doing business in several currencies. You will also be withdrawing and receiving funds in currencies different from your own currency. The percentage or fee that is needed or required to convert or exchange the currencies is known as the exchange or conversion rate.

Conversion Rates for Withdrawing Funds from Your Payoneer Wallet to Your Local Bank Account

When dealing with Payoneer many companies set their own exchange rates. Payoneer own exchange rate is based on the official mid-market rate at the exact time of transfer. Do you know what a mid-market rate is? This rate is the middle-point between the said currency’s buy and sell rate. This rate is considered as one of the best rates in the world. Besides the additional mid-market rate, Payoneer also applies a currency conversion rate of 2%.

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Conversion Rates Applied By Payoneer for Purchases with the Payoneer Prepaid MasterCard

A Payoneer card is a prepaid MasterCard. And this card is issued to Payoneer account holders. With this card, Payoneer users can pay for purchases made in online stores, in stores, and at ATM stands that accept MasterCard. When you make a purchase with a currency that is the same as the currency of the card, there is no conversion rate. But when you make a purchase with a currency that is different from the card’s listed currency, the Payoneer exchange rate will be based on MasterCard’s’ official currency conversion rates. In addition to the rate charged by MasterCard, Payoneer applies its own charge of up to 3.5%.

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