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"Local bank transfer" is NOT a good option for Indian sellers


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I was researching this issue to decide between Paypal and the local bank transfer option, and found that:


  • Paypal does not charge withdrawal fees for transfers to Indian banks (I’m not clear on why), and automatically sends the money to your bank account every day.

  • The local bank transfer option on Fiverr is done via Payoneer, who charge $5.95 per transaction (mentioned near the end of this post: http://blog.payoneer.com/lower-fees-for-payoneers-global-bank-transfer-gbt-service/ )



    So, obviously, Paypal is the best option for Indian users right now. Just a public service announcement for Indian sellers’ convenience.



    PS: The above is based on some web research and my past experience with Paypal, please correct me if anything here is wrong.
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  • 8 months later...

i think the charge on payoneer is $3 as per the information provided on their website.

https://payouts.payoneer.com/WebApps/MethodRegistration/Fees.aspx?country=IN



So basically i think if you are transferring money in INR the fixed charge will be just 3$ and the conversion rate is 3%.

I am just quoting it from their website.

Can you tell me in how many days was your payment received from fiverr to your bank?



Also did they ask for any specific documents thereafter?

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  • 1 year later...

It is not true at all. Payoneer is completely free when you use fiverr “Bank Account” withdrawal option. Paypal charges maximum $1 above $50 withdrawals and they have very less conversion rates.

Take my example: When i used to withdraw $100 via Paypal, i received $99 in my paypal account and 5800 INR (59/ $ )in my bank account after 4-5 days.

And when i used Payoneer to withdraw same amount then i received 6300 INR. in my local bank account within 1 day.

P.S- When you initiate withdrawal on Monday, Tuesday, Wednesday and Thursday you will receive funds within 24 hours in your local bank account. And when you withdraw on Friday, Saturday or Sunday then you will received on Monday or Tuesday.

So Bank Transfer via Payoneer is best for Indian users right now because-

1- It’s completely free
2- Best conversion rates.

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This is Same for other Countries too, Kenya for my case.
I found the Bank Transfer to be rather expensive, for about $56 i withdrew , on top of the $3 fiverr withdrawal , a further $13 was mysteriously withdraw , so i ended up with around $40 in my local account

Compared to Paypal, for $56, I would have ended up with about $53 in my local bank account

Obviously Payoneer is extremely expensive and I will never use it again , in fact am looking for a way to disable it on my account (Customer support said to talk to Payoneer about this)

For Sellers, my advice would be to stick to PayPal because of the low transaction charges and transparency

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It’s very easy, just need to provide your name and bank account number. No need to provide PAN number as such.

There is significant difference in conversion rates.
Today’s standard conversion rate is- 64.92/US Dollar, Paypal will give you 59/USD and Payoneer will give you 63/ US Dollar.

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The conversion part is not true. Paypal just cuts ~2 rs from the actual exchange rate which is what payoneer takes.

Source: I have just withdrawn some days ago to paypal and verified the exchange rate vs the paypal rate.

Although I’ve been withdrawing since years and know that Paypal only takes ~2 rs per dollar conversion.

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I am not a seller here but I have been using PayPal since 7 years and no matter how complicated they are, there isn’t any better substitute. PayPal gives you best conversion rate with peace of mind. I don’t like PayPal for their heavy transaction charges but this is the price of security and I pay it.

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I don’t understand logic behind the 2 rs per dollar conersion ? You can ready anywhere on internet that Paypal’s conversion is much less than actual rate.

I used Paypal for 4 months when Bank Transfer was not an option on fiverr. Now Payoneer/Bank transfer is much better for me.

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Yesterday i initiated withdrawal ($307) and today (within 22 hours) i received 19545 INR in my bank account.

Bank Transfer is best option for me now because-

1- It is free.
2- Best Conversion Rate (63.66/$ today)
3- Fastest process.

And there is no verification process. You just need a Fiverr account and Bank Account. Your application will be accepted within 48 hours.

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The exchange rate changes everyday. So it’s not that paypal takes more than payoneer.
Although I signed up for payoneer after your message and was approved within an hour of submission.
Also checked their fees and it says free. But earlier I had checked some months ago, it always said $5 something. So I never used it.

But now this seems to be a better option.
Thanks for the confirmation and suggestion.

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