What is the currency conversion fee and how is it calculated?
The currency conversion fee applies when the currency of the transaction is not the same as the currency of your card. For example, if you use your USD card to pay a restaurant bill in the UK, the merchant will charge you in GBP and the currency will automatically be converted.
When making transactions with your Payoneer card, the currency conversion rate is based on the rates used by MasterCard; you can use the MasterCard Currency Conversion Tool for an estimate. If your currency is not listed, you can view an estimate on www.xe.com. In addition, Payoneer applies a currency conversion charge of up to 3.5%.
What is the cross-border fee and when does it apply?
When the transaction is made in the currency of the card, but the bank, which issued the card, and the merchant, who charged the card, are located in different countries, the cross-border fee applies. For example, if a USD card, which was issued in the USA, is used to make a USD purchase or cash withdrawal in Brazil, the cross-border fee will be added to the amount of the transaction. Payoneer applies a cross-border fee of up to 3.5%. In addition, a fee of 3.15 USD will be charged for cash withdrawals.
***The currency conversion fee and the cross-border fee are not cumulative. This means that only one of the fees will be applied at the same time.
Are there other aspects I need to be aware of?
Please note that while withdrawing funds at ATMs abroad, the ATM will sometimes charge your card in local currency, even if you are withdrawing USD/EUR. Similarly, if you make an online purchase, the merchant can sometimes charge your card in their local currency, even if the price was listed in USD/EUR. In such cases, the currency conversion fee will apply.
For general Payoneer fees information, please visit this page: Payoneer Fees.
All fees are automatically charged to your account.
If the remaining funds are insufficient, the fee will be partially charged and any remaining charges will be considered as pending debt and will be charged once more funds are loaded into the account.
