I saw that Gengo had rolled out payouts through Payoneer, so I decided I would look into it. When I look at the pricing though, it tells me that they charge $3 for every payment received, $3/month (or $1/month with 5+ transactions) for account maintenance, etc. In short, fees are higher than Paypal.
Is there any reason anyone would choose Payoneer over Paypal (besides for the initial bonus)? Or am I missing something?
Thanks in advance,
If you lived in a country where Paypal does not support bank transfers, this would add one method to use your hard-earned money. Some of us only have the checks and transfers to a US account as available withdrawal methods. The checks also have a cost, both to receive them and maybe even to cash them
Thanks for bringing this up :)
Like Val mentioned, there are many countries that do not support PayPal fully (or at all), which means that translators in those countries were not able to work for Gengo and receive their rewards before. For translators based in those countries, Payoneer offers and effective and reliable way to receive their earnings, enabling them to finally work with Gengo without additional worries.
PayPal will continue to be available as a payment method so every translator can choose the option that works best for their personal situation :)
Keep in mind that what works for somebody else won't necessarily work for you and, in the same way, what works for you may not even be an option for someone else.
Hope this makes sense!
I'm Brazilian, and I receive in BRL, what I could see is that Payoneer fees to currency conversion are up to 2%, while in Paypal they are 4,5%. As far as I can see, that is the main advantage. I'll see if this is confirmed in practice.
Hi Val, Lara, and Bruno,
Thanks for your replies! That makes a lot of sense.
Bruno, now that you mention it, PayPal takes around 4% in currency conversion fees for me too, so Payoneer might be the better option for me too. We'll see what the numbers are like in practice.
I'm from Argentina and Paypal is only now becoming kind of integrated with the bank system. But I've looked around and the experts seem to think that Payoneer offers the best deal.
Will we be able to change our option back and forth? Depending on what works best at a given time, whether Paypal or Payoneer. Is there a possibility of being able to choose the amount we want to transfer to Payoneer?
@Val - Yes, you will be able to change your option back and forth. Just remember to change the payment method *before* you actually request the payout. If the request is made before you change the payment method, then you will receive the payout on the payment method that appeared as selected at the time of the request, regardless of any changes you may have applied afterwards.
Regarding partial payouts (choosing how much of your rewards you transfer where), we don't currently offer this and do not have plans to implement them in the near future, so you'd have to withdraw the total amount of your rewards every time to your selected payment provider.
Hope this helps! :)
The main advantage of using Payoneer is the speed of the transaction: you receive your payout within hours directly on your Mastercard, and therefore do not have to wait several business days to get the money into your bank account (when you use Paypal). Well, at least that's how it's supposed to work, but Gengo seems to have trouble with that: 2 payout requests for me, 1 was not processed through Payoneer but through Paypal, and for the other one I still did not receive my payment after 2 days... I'll stick with Paypal until Gengo learns how to properly integrate Payoneer.
Anyone else experiencing issues since switching to Payoneer?
Updating my experience.
My first payout with Payoneer was great. The currency conversion fee really was much better, and I received the money in my bank account the same day (Paypal usually takes around 3 days).
I was going to post the same topic after realizing that Payoneer already took $6 from me just after one paiement.
I opted for the card option, which means that I'll be charged something like $30/year for it, fine. My French card costs me like $45/year.
But then there are also monthly fees for the account ($3/month) AND you pay a fee every time you receive money that is added to the card...
Not to mention the fact that, though I thought you can pay anywhere in the world with the card without fees, in fact those fees if you pay in a currency that isn't USD, EUR or GBP are higher than my regular French credit card.
Not impressed so far!
It seems like Payoneer deducted $3 from my payment for faster processing of the transaction. Apparently that's a setting that Gengo can lock or leave for the recipient to decide. At the moment it seems like Gengo locked that setting.
Now it might be there is a good reason for that and it's not a huge amount of money, but assuming two payouts a month it does ad up over time.
@Bruno - It's great to hear you are having a good experience so far! Thanks for letting us know :)
@xavier lemaire - I understand the points that you bring up, but I think these are also made clear in the Payoneer Terms of Service (i.e. card fees, etc) Of course, it's ultimately up to each translator to decide whether Payoneer suits their needs more than PayPal or not, and to make the choice that benefits them or adapts to their needs the best. PayPal will continue to be one of our payment methods, as Payoneer is not intended to be a replacement, but an added option, so you can always switch back. Please take your time to evaluate which one is best for you :)
@Chris - Thanks for bringing this up! I will confirm with the team in charge of the implementation to see whether this is something that we've locked intentionally or not, and whether it could be changed. There may be agreements with Payoneer that I'm not aware of at the moment, so I'll update you once I've had the chance to get a better understanding of the system. Thanks for your patience!
Thanks, Lara! :)
I've spoken with our contact person in Payoneer and here's the whole picture regarding loading payments :)
In the past, Payoneer used to offer two options to load payments in their card: Standard at $2 and Immediate at $5. However, the system was changed two years ago and now they're offering only the Immediate loading option (at $3 instead of $5) for all users of their newer integrations.
You may see the options for Standard and Immediate still available in some other platforms that use Payoneer, but these are integrations that were done more than two years ago.
Hope this makes sense!
I see, thanks a lot for clearing that up, Lara!
I've continued speaking with Payoneer and I just got news that they have applied a special discount to all Gengo payments.
As of now, "Immediate" load fees for all Gengo payments should be $2 :)
I expect this to apply to all payouts going out tomorrow - I'd appreciate it if you guys could confirm once you receive it!
Yes, the fee for the yesterday's payout was $2. Thanks!
Thank you, Lara, that's good to hear!
Why is the card maintenance fee for the Payoneer account, registered through Gengo, different from the regular one? The latter is $29.95 annually, while mine is $12 for card activation and $3/1 (0-4/5+ transactions per month) monthly. I think this information must be stated in this (https://support.gengo.com/hc/en-us/articles/231441467) article. If I had known this in advance, I would have registered through Payoneer, as their regular fee works better for me.
I've done some research and all I can find from Payoneer online (non-Gengo related posts on Payoneer's forum, Facebook, etc) state that the Payoneer Prepaid Mastercard's annual fee is $29.95, so I'm afraid this is not a Gengo-only thing, but their standard fees.
Could it be possible that when you registered to Payoneer fees had been waived, or you registered through a vendor that had a different agreement with them?
For confirmation on the differences between your existing card and the one issued through the Gengo integration, it'd be best to contact Payoneer Customer Care directly :)
I contacted their support on the matter several days ago. The reply was: "As your account was registered through the Gengo company, your tariffs are different". Thought Gengo can shed some light on this.
I see. Could you please drop me an email (firstname.lastname@example.org) with your Payoneer account email address (for reference) so I can try to find out more details?
The fee for my latest payout (today) was $3.
The fee for my latest payout was also $3. Do contact me should you require more evidence of this.
Hi @Bruno and @xicearcher,
To clarify: the discounted Immediate load fee for a payout into your Payoneer Prepaid Mastercard at $2 applies to all Gengo payouts for users who have signed up via the Payoneer Gengo integration. So if you guys signed up via the Payoneer main website, the discount wouldn't apply to you.
Please confirm the above, and if you feel like the $3 charge has been a mistake, please contact Payoneer Customer Care directly making sure to explain that you are users who signed up for Payoneer via the Gengo integration, and that Payoneer had reduced the Immediate load fee for Gengo payments using the integration to $2 at the end of July.
This is my first payout with Payoneer.
I believed I signed up for Payoneer through Gengo following the steps in the link https://support.gengo.com/hc/en-us/articles/115007824667
If you signed up via the integration, it sounds like you should be entitled to the discount. Please email Payoneer Customer Care with all relevant details :)
My first payout was a month ago, before this change, so the fee was $3.
Though I already had an account in Payoneer, I had never used it before, and I made the Gengo integration. I will try to contact the Payoneer Customer Care.
By, "I made the Gengo integration", do you mean that you connected your existing Payoneer account (which you had never used) to Gengo? Or that you created an entirely new Payoneer account via the Gengo integration?
If you just linked your existing account to Gengo, you wouldn't be eligible for the discount.
If you created an entirely new account via the Gengo integration, yes, you should be eligible for the discount.
Please keep me updated :)
I connected my inactive existing Payoneer account, so unfortunately it's not "for all Gengo payments".
I find this slightly ridiculous. When Gengo announced that payouts would become available through Payoneer, what did I do? Of course I went to Payoneer's website and made an account so that I'd be able to benefit from the lower fees. Never did it occur to me that this would be any different from signing up through the "Gengo integration", and I don't think this has been made very clear. Reading the announcement more carefully, I see that a single sentence in the middle mentions in passing that you had to click "Sign up" through Gengo's website, but given the significance of this distinction, I feel like it wasn't given nearly enough emphasis. I don't see why I should be missing out on the lower load fee because I signed up in "the wrong way" – I still made my account for the exclusive purpose of using it to receive Gengo payouts. I'm guessing this also means I'm not getting the $25 bonus for receiving a total of $100 in payments, so that's just wonderful. But I guess I only have myself to blame for assuming that a new account is a new account.