Hajra Naz
Payoneer has announced a big increase in transaction fees for payments in Pakistan. This could hurt freelancers who rely on the service.
The fee is now 3% of the total amount, plus $0.49 for USD transactions, up from 2%. Non-USD transactions will have fixed fees: 0.39 GBP, 0.45 EUR, 0.75 AUD, 0.67 CAD, or 73.76 JPY.
These changes apply to payments made or received through debit/credit cards, including Request a Payment. The new fees start on October 20, 2024. Updated fees will be reflected on the Fee page under account settings post-implementation. Existing fees, if applicable, will remain unchanged.
Payoneer’s support centre page also outlines details regarding the upcoming fee increase.
To ensure we can keep giving you the best service, we periodically review our fees as the market changes. While these adjustments are necessary, our commitment to empowering your business growth remains our top priority.
Impact on Pakistani Freelancers
The fee increase has received mixed feedback from Payoneer users in Pakistan. Payoneer is a handy way to get paid overseas, but small firms and freelancers will make less money with the additional costs.
Some users are worried about how this will affect their income, especially those who mainly use Payoneer for payments. However, Payoneer still provides better rates compared to regular banks for sending money across borders.
Alternatives for Pakistani Users
Despite the fee increase, Payoneer remains a popular choice for Pakistani freelancers and businesses. However, Users can use alternative payment methods that offer lower fees or more favourable exchange rates. Some alternatives include:
- Local Pakistani banks
- Online payment gateways
- Cryptocurrency exchanges
Conclusion
