Currency discrepencies with withdrawals

[marthekvernvik]

I went to withdraw some earnings today, and I am a little bit confused about the actual fee of withdrawal (I use Payoneer). So my earnings were $1060 and since I'm in the UK, I withdraw it in GBP. When I went to withdraw, my total in GBP to withdraw is £787. I thought the withdrawal fee was only a couple of dollars? Because based on todays currency exchange, I should get over £815. 

Also, you know in the top right corner where it says how much you have available to withdraw? That shows £857 which is even more confusing. 

My main questions are: 

How much is the withdrawal fee?

How do Fiverr calculate currency exchange?

I'd appreciate any insights!

Edited November 4 by marthekvernvik

[kj_koi]

I have the same question, if there are members who can help answer it, please tag me with pleasure. Thank you very much. tubidy

Edited November 17 by kj_koi

[grayprogrammerz]

On 11/4/2024 at 5:34 PM, marthekvernvik said:

I went to withdraw some earnings today, and I am a little bit confused about the actual fee of withdrawal (I use Payoneer). So my earnings were $1060 and since I'm in the UK, I withdraw it in GBP. When I went to withdraw, my total in GBP to withdraw is £787. I thought the withdrawal fee was only a couple of dollars? Because based on todays currency exchange, I should get over £815. 

Also, you know in the top right corner where it says how much you have available to withdraw? That shows £857 which is even more confusing. 

My main questions are: 

How much is the withdrawal fee?

How do Fiverr calculate currency exchange?

I'd appreciate any insights!

@kj_koi

[priyank_mod]

On 11/4/2024 at 6:04 PM, marthekvernvik said:

I went to withdraw some earnings today, and I am a little bit confused about the actual fee of withdrawal (I use Payoneer). So my earnings were $1060 and since I'm in the UK, I withdraw it in GBP. When I went to withdraw, my total in GBP to withdraw is £787. I thought the withdrawal fee was only a couple of dollars? Because based on todays currency exchange, I should get over £815. 

Also, you know in the top right corner where it says how much you have available to withdraw? That shows £857 which is even more confusing. 

My main questions are: 

How much is the withdrawal fee?

How do Fiverr calculate currency exchange?

I'd appreciate any insights!

I never checked the amount in my currency on Fiverr. 

But Payoneer sends an email with the precise transferred amount in local currency, after factoring in the conversion and deducting their $3 fee. If you're using Payoneer, you should refer to that mail.

Also, do not use the precise conversion rate which you see online for forex conversion. Payment gateways used a lesser rate (2-5%) for transfers. 

i.e. Current USD to INR conversion rate is 1 USD=INR 84.4 but Payoneer calculates it as 1 USD=INR 82.3. (approx 2.5% less)

Edited November 17 by priyank_mod