Payoneerinappropriate exchange rate applied

J Jan 07, 2019
This review was posted by
a verified customer
Verified customer
Review updated:

I recently transferred $1171.65 to my bank account after carefully reviewing XE.com exchange rates for last 30 days slab (a screenshot is attached hereby). As per XE.com, it never goes down 69.50 INR (it has been mentioned 69.53 INR ) for 1 USD even for lowest rate. But I payoneer applied exchange rate 67.97 INR against 1USD (a screenshot of email confirmation is attached hereby). I contacted the customer support live chat team at https://payoneer.custhelp.com/app/chat/chat_launch and questioned all the above things. They said it has been considered as possibility that it will goes 67.97 by next business day. I kept looking at exchange rates on the same day of amount transferred (exactly same amount mentioned in email ) which is above 70 INR now but I received amount on their terms of possibility.

Payoneer you are cheating your customers.

inappropriate exchange rate applied
inappropriate exchange rate applied

Responses

  • Payoneer_Team Jan 09, 2019

    Hi there

    My name is Sara and I am customer representative in Payoneer. I have come across your post and I would like to help. First of all, thank you for reaching out to us- we very much appreciate your feedback and honesty. We are sorry to hear of your frustration with the fee structure- please allow me to shed some light onto this as the last thing that we want is for you to feel we are charging unnecessary fees. When a withdrawal is initiated, you receive an email that advises of the rate that will be used as well but on top of this, the 2% conversion fee is added to it. We use several different aggregators to establish the mid market rate and it all just depends on the time of the transfer as well as their availability. When you receive the email confirmation advising you of the rate, it is valid only for 2 minutes and you have the option to either accept the withdrawal or reject it to initiate it at a later time. If you feel that the rate you receive is higher, feel free to wait at a later time to initiate the withdrawal as the rate changes throughout the day. Furthermore, if you wish, we can always provide you with a withdrawal confirmation that shows the actual rate that was used as well as the fee that was deducted. If this is something you would want, please do feel free to request this from our support team and they will be more than happy to issue you such a statement.
    Again, the last thing we want is to for you to feel we are taking more fees than is necessary but we can reassure you that this is not the case. We base our rates at the time the withdrawal is initiated and all we do is add the 2% conversion fee on top of that. If you have any further inquires or concerns, do not hesitate to contact us so we can assist you further. Have a wonderful day!

    Sara

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