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Paypal Or Payoneer bank transfer for Indian seller?

bmsviz47

By bmsviz47
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bmsviz47 Newbie

bmsviz47

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Your country which system is best,Hopefully you can use it.But you can use payoneer. Cause I used it thats why I suggested it.its very easy way for fiverr money withdraw

what are the service charges by payoneer and also is the conversion rates good .

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bmsviz47 Newbie

bmsviz47

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Yes PayPal Charge some amount for currency conversion. Last Month I have earned 24500 INR and they charge 758 INR for this conversion.

what was the conversion rate from USD to INR. I mean how much they give for 1 USD. I heared they give low conversion as compared to current market rate.

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kesharbisht Newbie

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what was the conversion rate from USD to INR. I mean how much they give for 1 USD. I heared they give low conversion as compared to current market rate.

2.5% Exchange Rate dollar to INR.

All the Payment Withdrawals include a 2.5% Exchange Rate fees which is automatically decreased while you check the currency conversion rates which is the reason you would normally find the Indian Rupees converted amount a bit less than the actual conversion rate in the market.

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bmsviz47 Newbie

bmsviz47

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2.5% Exchange Rate dollar to INR.

All the Payment Withdrawals include a 2.5% Exchange Rate fees which is automatically decreased while you check the currency conversion rates which is the reason you would normally find the Indian Rupees converted amount a bit less than the actual conversion rate in the market.

thanks for sharing the info.

Do you have any info regarding payoneer

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wanderingartist Apprentice

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I use payoneer, for me it is perfect, funds are transferred to banks in 2 days or less, also be careful if you have banks like hdfc bank, because payoneer will transfer funds without converting it, but still take 2 % from you and then hdfc will charge extra for conversion (according to their own rates). for me I use SBI so I only get charged 2% by payoneer and they convert it and send it to my sccount.

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bmsviz47 Newbie

bmsviz47

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I use payoneer, for me it is perfect, funds are transferred to banks in 2 days or less, also be careful if you have banks like hdfc bank, because payoneer will transfer funds without converting it, but still take 2 % from you and then hdfc will charge extra for conversion (according to their own rates). for me I use SBI so I only get charged 2% by payoneer and they convert it and send it to my sccount.

that will be really helpful.Thanks for the info.

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  • 7 months later...
mahimagad Newbie

mahimagad

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I use payoneer, for me it is perfect, funds are transferred to banks in 2 days or less, also be careful if you have banks like hdfc bank, because payoneer will transfer funds without converting it, but still take 2 % from you and then hdfc will charge extra for conversion (according to their own rates). for me I use SBI so I only get charged 2% by payoneer and they convert it and send it to my sccount.

Hey wanderingartist, if you are an Indian seller, can you tell me how to go about the IEC code they ask for? It shows I don’t have to submit it if I don’t have one, but I’m a bit worried since the verification is still pending due to it. I don’t want to risk transferring money before verification, because when I did it in Paypal my payment got stuck. Would be really helpful if anyone can help me out with this, I have also raised a query with Payoneer, hopefully I can transfer it soon.

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  • 2 weeks later...
frankokj Newbie

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Hey wanderingartist, if you are an Indian seller, can you tell me how to go about the IEC code they ask for? It shows I don’t have to submit it if I don’t have one, but I’m a bit worried since the verification is still pending due to it. I don’t want to risk transferring money before verification, because when I did it in Paypal my payment got stuck. Would be really helpful if anyone can help me out with this, I have also raised a query with Payoneer, hopefully I can transfer it soon.

Hi, My payment also got stuck in paypal. Fiver is also not reversing it. I also am bothered about the IEC. I don’t have one. please let me know if you get some info.

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mahimagad Newbie

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Hi, My payment also got stuck in paypal. Fiver is also not reversing it. I also am bothered about the IEC. I don’t have one. please let me know if you get some info.

Hey Frank,

I was communicating with PayPal, Fiverr as well as Payoneer. PayPal requires verification before transferring funds, so your payment won’t go through before that. Payoneer only requires IEC if you have one, it isn’t mandatory and won’t affect your payments based on the email I have received, but I recommend raising a query with them, just to be clear. And lastly, the amount in PayPal will be auto-reversed in 30 days according to what the Fiverr executive told me. I am supposed to receive mine tomorrow actually, so I’ll update you on it. Don’t worry, your money is most likely safe 😄

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frankokj Newbie

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Hey Frank,

I was communicating with PayPal, Fiverr as well as Payoneer. PayPal requires verification before transferring funds, so your payment won’t go through before that. Payoneer only requires IEC if you have one, it isn’t mandatory and won’t affect your payments based on the email I have received, but I recommend raising a query with them, just to be clear. And lastly, the amount in PayPal will be auto-reversed in 30 days according to what the Fiverr executive told me. I am supposed to receive mine tomorrow actually, so I’ll update you on it. Don’t worry, your money is most likely safe 😄

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  • 1 month later...
mahimagad Newbie

mahimagad

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Thanks a lot for the clarification. Also update when you make your first payoneer transaction 😄

Hey, an update on this. I have received the refund amount, so incase yours was stuck it will be sent back to you soon and Payoneer is way better in my opinion, it is safer and doesn’t need a lot of unnecessary document submissions, so I would suggest you go ahead with that. It does charge you a fee of $3 for transactions but if you are transferring larger amounts of money, this would be the safest way to go about it. Good luck 😃

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  • 3 weeks later...
alice_07 Newbie

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Hey, an update on this. I have received the refund amount, so incase yours was stuck it will be sent back to you soon and Payoneer is way better in my opinion, it is safer and doesn’t need a lot of unnecessary document submissions, so I would suggest you go ahead with that. It does charge you a fee of $3 for transactions but if you are transferring larger amounts of money, this would be the safest way to go about it. Good luck 😃

Hi mahima, I’m from India and I had same issue while withdrawing through PayPal and got my money back in Fiverr balance after 15 days. Now I’ve made a Payoneer account, I’ve added all information except IEC, because I don’t have one. I’m not sure if I should proceed the withdrawal or not. Is IEC fillup compulsory ?

It’d be a great help if you could tell me about it.

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mahimagad Newbie

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Hi mahima, I’m from India and I had same issue while withdrawing through PayPal and got my money back in Fiverr balance after 15 days. Now I’ve made a Payoneer account, I’ve added all information except IEC, because I don’t have one. I’m not sure if I should proceed the withdrawal or not. Is IEC fillup compulsory ?

It’d be a great help if you could tell me about it.

Hey there, based on the exchange I had with Payoneer, IEC is not compulsory if you don’t have one. Just register all the required documents and you’ll receive a verification email from Payoneer after which you can start transferring your funds directly to your bank account. Hope this helps you out! 😃

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alice_07 Newbie

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Hey there, based on the exchange I had with Payoneer, IEC is not compulsory if you don’t have one. Just register all the required documents and you’ll receive a verification email from Payoneer after which you can start transferring your funds directly to your bank account. Hope this helps you out! 😃

Okay, that’s great!

Thank you so much for explaining this. Can’t thank you enough! Have a great day ^-^

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