I can't understand where the money goes when withdrawing

[novamixing]

Hello. I've been working on Fiverr for over a year and I keep asking myself the same question... When I withdraw my balance, numbers are thrown around that i can't understand.

As an example: 

The site tells me at the top 100€.

When i click on it, it appears : Balance available for use: 135$ but it should be 110$ from Euro in Dollar with the official exchangerate 

I mean, when its 135$ it should be 122€... So why its 100€?

Well, when i now go to withdraw that balance and click on paypal or payoneer, it tells me "Withdraw: 80€.

 

So where are the 100€? It just makes no sense...

 

Do Fiverr take 20% from the order and from a withdraw?

 

Thanks for all help, im very confused.

Edited August 5, 2023 by novamixing

[samcaff]

The BEST way to withdraw money without losing on Fee's and currency conversion. 

1. Withdraw USD via Payoneer and set Payoneer to automatically pay the money out to a WISE account. 

2. Convert USD into any currency you please. 

3. Thank me later

 

Withdrawals to Payoneer = $1 

Wise currency conversion = Almost live market rate 

[freelancerabeya]

I understand bro. Thanks for this valuable information

[nickkold]

2 hours ago, samcaff said:

The BEST way to withdraw money without losing on Fee's and currency conversion. 

1. Withdraw USD via Payoneer and set Payoneer to automatically pay the money out to a WISE account. 

2. Convert USD into any currency you please. 

3. Thank me later

 

Withdrawals to Payoneer = $1 

Wise currency conversion = Almost live market rate 

Hey! How do you make it automatically payout to Wise? Tried googling it, but couldn't find any guides. 

Also, this is safe, right? Saw an old thread where Payoneer didn't recommend doing this because: "Technically, you can transfer to TransferWise from Payoneer to TransferWise, but it is not at all recommended. You can pay your supplier via bank transfer, but our bank transfer is meant to be received by an actual physical bank and not a virtual bank. We don't recommend adding a TransferWise bank there, as it is virtual and you may encounter issues receiving the payment." Source: https://community.payoneer.com/en/discussion/76282/payoneer-to-transferwise

[samcaff]

23 hours ago, nickkold said:

Hey! How do you make it automatically payout to Wise? Tried googling it, but couldn't find any guides. 

Also, this is safe, right? Saw an old thread where Payoneer didn't recommend doing this because: "Technically, you can transfer to TransferWise from Payoneer to TransferWise, but it is not at all recommended. You can pay your supplier via bank transfer, but our bank transfer is meant to be received by an actual physical bank and not a virtual bank. We don't recommend adding a TransferWise bank there, as it is virtual and you may encounter issues receiving the payment." Source: https://community.payoneer.com/en/discussion/76282/payoneer-to-transferwise

I have been doing it this way since 2018 and never had a problem. I think this is quite an old article anyway. The name changed to WISE a while ago. As for 'may encounter issues' and 'technically you can' I see no problem and I have withdrawn 100k+. If it was a problem, they would have stopped it or not even let you go ahead entering and using a WISE account. 

If you are worried, withdraw smaller accounts frequently maybe. But honestly, go for it.

As for how to set up the automatic payout, I set this up years ago. You may have the option when you enter the bank details, I'm not sure 

Edited August 8, 2023 by samcaff
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