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Which withdrawal method are you using?


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Hey guys, just wanted to hear (err, well read..) your experiences on the withdrawal method you're using. Which one are you using and how is your experience so far?

There was this old thread the other day that I came across that they used Fiverr --> Payoneer (USD)--> Wise (USD) --> own bank account (this is only when it gets converted to your bank currency). At first glance, it sounded like a hassle but I got curious and I just decided to read more about it. I understood why OP did it but you definitely do save on the currency conversions because Wise is great at that. I can see the benefits of the Paypal route though, its much faster and which is what I've been using. But I see how you can get a bit more with the route mentioned above. I understand that arrangement may not be available to all countries, but I noticed a lot of write-ups have suggested that route as well.

I know you US based sellers are having a swell time getting it direct to bank account! Hahaha, any of you guys still use Paypal there?

Thanks ahead to anyone who takes their time to share! I hope everyone's having a great midyear.

 

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3 hours ago, theratypist said:

Hahaha, any of you guys still use Paypal there?

I do. For some reason they implemented a system where even without any rush processing fee I can withdraw my money instantly to my bank account. So for me, it's worth it. I haven't tried the other methods, but I don't have to, since I am sure they don't deliver your money instantly. I guess it does depend how much you withdraw and how often..

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I do. Yes, I need to pay the stupid exchange rates, but it's instant in getting the money from Fiverr, and then I can transfer it to revolut, monese, my bank account, etc. The only other choice is payoneer... and I just don't trust that, don't know how it works, and it's associated in my head with scams and certain countries (where paypal doesn't operate). It's like "western union". I have no idea what that is in practice, never used it, but all the times I've heard about it was in shady contexts, from shady people, for shady transfers. No, thanks.

Edited by visualstudios
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As long as you get the money in USD, paypal is good choice. Or if the withdrawal amount is smaller.

 

For big amount-non USD currency, Payoneer is a great choice because of currency conversion. You can get the highest currency conversion with payoneer if you withdraw to your bank from payoneer. Paypal give much less rate for currency conversion. Same if you withdraw from ATM by payoneer card (optional) the conversion rate will be lower than bank (somehow like paypal rate maybe)

 

When you choose payoneer, you can follow 2 ways:

for small amount, directly withdraw to your bank. it will take 2-3 days maximum to get your funds available in your bank account.
for bigger amount you can get better rates with wise (better rated after deducting the transfer fees - payoneer charge 2% flat charge to transfer from payoneer to wise bank account)

available ways:
USD currency/smaller amount > Paypal preferred
above 300 > payoneer to bank
above 1000 > payoneer to wise to bank

If you're not interested to save small bucks and paypal available to your country, then I prefer paypal mostly. As payoneer and wise is mostly popular to them who want to get some extra buck by saving conversion rate.


Make sure you've transferred to your personal wise account as it's personal transaction (The way wise replied on request)

 

5 hours ago, visualstudios said:

I just don't trust that, don't know how it works, and it's associated in my head with scams

Payoneer is good one. Just make sure you follow the policy.

Payoneer and wise is mostly popular to them who want to get some extra buck by saving conversion rate.

 

 

Edited by seven_sign
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34 minutes ago, seven_sign said:

Payoneer and wise is mostly popular to them who want to get some extra buck by saving conversion rate.

 

Takes more time and it becomes a headache, saw their customer support problems. For me, PayPal is a no brainer. But if others find it easier, kudos to them.

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Just now, donnovan86 said:

Takes more time and it becomes a headache, saw their customer support problems. For me, PayPal is a no brainer. But if others find it easier, kudos to them.

I agree. Paypal is like thunder lightning and others are sound that comes late!! haha

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Hahaha I'm glad to see people still use Paypal here! I guess I am sticking to Paypal for now, it just saves me more time!!! I think there's a maintenance fee of something like $30 for the Payoneer card too. 

Edited by theratypist
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10 hours ago, theratypist said:

Hey guys, just wanted to hear (err, well read..) your experiences on the withdrawal method you're using. Which one are you using and how is your experience so far?

There was this old thread the other day that I came across that they used Fiverr --> Payoneer (USD)--> Wise (USD) --> own bank account (this is only when it gets converted to your bank currency). At first glance, it sounded like a hassle but I got curious and I just decided to read more about it. I understood why OP did it but you definitely do save on the currency conversions because Wise is great at that. I can see the benefits of the Paypal route though, its much faster and which is what I've been using. But I see how you can get a bit more with the route mentioned above. I understand that arrangement may not be available to all countries, but I noticed a lot of write-ups have suggested that route as well.

I know you US based sellers are having a swell time getting it direct to bank account! Hahaha, any of you guys still use Paypal there?

Thanks ahead to anyone who takes their time to share! I hope everyone's having a great midyear.

 

I always used Fiverr -> Payoneer -> Bank.

Usually I withdraw to Payoneer and transfer to Bank before 12AM. And within Next Day 6PM, I receive my fund in my Bank Account. Very easy to use. I know some conversion issue. But I can forget that loss because of Payoneer Fast and Easy process.

Thanks

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11 hours ago, theratypist said:

I know you US based sellers are having a swell time getting it direct to bank account! Hahaha, any of you guys still use Paypal there?

 

I am in the US, and I use PayPal. There is no service fee unless you want the money in less than 1 to 3 days. However,  when I choose that option, I almost always have my funds in a day, unless it is a holiday or weekend.

I could use direct deposit, but the fewer online places that have that info, the better, in my opinion.   

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I replied on that thread (as you probably read), but I'll reply again since this thread has better insightful responses!

I use the Fiverr > Payoneer > Wise > Bank account method. I definitely understand why people don't adopt this keeping the hassle in mind. To reduce this hassle and keep track of it I withdraw the 1st of every month (regardless of the amount or the amount that's pending). Usually it's on my Payoneer the next work day, and on that same day it's on my Wise and bank account. 

For the last 5 months I took notes of what the amount would be if I directly deposited it on my PayPal compared to this method. Combined, the money I would've lost due to conversion/fees is around 113 EUR. For me that's a lot! 🤯

I will add that the money I generally withdraw isn't at all comparable to what people make doing Fiverr fulltime or who have higher priced gig services. 

So in short (and in my opinion), this method doesn't really cost me a lot more time. It does take me more steps though, so it probably does feel as if it takes more time. And of course compared to just clicking one button and the withdrawing being completed it's more time consuming haha. 

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2 hours ago, sabinespoems said:

I replied on that thread (as you probably read), but I'll reply again since this thread has better insightful responses!

Haha, yeah! I actually wanted to tag you in this thread because your comment also gave some insight that led me to reading more about it! Its totally fine if you want to be able to save a bit more. Thank you for sharing. Just wanted to clarify on the Payoneer front - do you have that card that you have pay ~$30 for per year? And am I correct in assuming that the conversion (to your currency) only happens after Wise sends to your bank account? Like it really started as USD with Wise and it becomes EUR when it appears in your bank account

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10 hours ago, theratypist said:

I actually wanted to tag you in this thread because your comment also gave some insight that led me to reading more about it!

Then I'm glad I caught your thread 😄 

10 hours ago, theratypist said:

do you have that card that you have pay ~$30 for per year?

I do not! So there's no fees for me to have a Payoneer account. The only fee they will charge me is if I'm inactive for 12 months (i.e. not making a transaction). Then they will charge a $30 fee. 

10 hours ago, theratypist said:

And am I correct in assuming that the conversion (to your currency) only happens after Wise sends to your bank account? Like it really started as USD with Wise and it becomes EUR when it appears in your bank account

You're absolutely correct! Both my Payoneer and Wise are in USD (as well as Fiverr). So once I hit the withdraw button on Wise, I see the USD amount and it will show the amount it's converted to in EUR (and what will land on my bank account).

I also want to add regarding fees, Payoneer charges a fixed $1 and Wise has both a fixed and variable fee. This is based on the amount you're withdrawing and exchange rate. The Wise fees I've encountered varied between $2 and $3.80. 

If this all still sounds a bit too vague, I have no problem with giving a specific example of my latest withdrawal with exact numbers? 

 

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55 minutes ago, sabinespoems said:

If this all still sounds a bit too vague, I have no problem with giving a specific example of my latest withdrawal with exact numbers? 

That would be cool if you don't mind. I'm just genuinely curious of a real life scenario. And I think it would benefit other people who might just be lurking around and come by this thread 🙂  

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1 hour ago, theratypist said:

That would be cool if you don't mind. I'm just genuinely curious of a real life scenario. And I think it would benefit other people who might just be lurking around and come by this thread 🙂  

I don't mind at all! I'd feel the same way that's why I suggested it 😊 I'll use last month of May as an example;

The amount I withdrew from Fiverr was $464,67. If I withdrew it directly to PayPal it would've been 409,42 EUR. To check this I simply click the PayPal button and see the amount it converts to.

Instead, I deposited it to Payoneer and the amount became $463,67 with the $1 fee being deducted. When I withdrew it from Wise it was $461,43, which makes the fee deducted from the 'Payoneer' amount $2,24. 

Taking conversion rates into account, the total that was deposited on my bank account was 429,43 EUR. This is 20 EUR more that if I directly deposited it into my PayPal account. 

For some who have a higher revenue, 20 EUR is peanuts and simple change which isn't worth the extra hassle. However in my mind I believe it's a real waste (and simply unfair haha) to lose 20 EUR that could've been circumvented with just a few extra mouse clicks!

 

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On 6/21/2022 at 11:09 AM, theratypist said:

Hey guys, just wanted to hear (err, well read..) your experiences on the withdrawal method you're using. Which one are you using and how is your experience so far?

There was this old thread the other day that I came across that they used Fiverr --> Payoneer (USD)--> Wise (USD) --> own bank account (this is only when it gets converted to your bank currency). At first glance, it sounded like a hassle but I got curious and I just decided to read more about it. I understood why OP did it but you definitely do save on the currency conversions because Wise is great at that. I can see the benefits of the Paypal route though, its much faster and which is what I've been using. But I see how you can get a bit more with the route mentioned above. I understand that arrangement may not be available to all countries, but I noticed a lot of write-ups have suggested that route as well.

I know you US based sellers are having a swell time getting it direct to bank account! Hahaha, any of you guys still use Paypal there?

Thanks ahead to anyone who takes their time to share! I hope everyone's having a great midyear.

 

I am using Fiverr -> Payoneer -> Bank

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