Are there any plans for Gengo to add Transferwise as a possible payment option?
As all freelancers know, Paypal offers notoriously bad exchange rates, and Payoneer is not much better. Also, both these services shamelessly refuse to transfer USD even if your local bank supports multiple currencies including USD, because they want to force you to give them a cut via their ludicrous foreign currency exchange rates.
Transferwise, for now at least, offers a much more favorable exchange rate AND they can also wire the amount you have in your Borderless account as USD for a fee of just $3.50 even if your bank is not US-registered. This gives freelancers the option of retaining their earnings from Gengo as USD in their local bank if they wish to, or if not, they can still benefit greatly from Transferwise's favorable/transparent exchange rates.
I would love to hear what others think about this.
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As a Transferwise user for several years, I would also welcome its prompt addition to the existing payment methods.
Also you can get the card for basically free, nullifying the need for fees... seems way better than payoneer in general.
Just found out that Paypal started charging another 2.5% fee for USD account if I want to transfer the money into other accounts like Transferwise. As I travel a lot, Transferwise is my main account for overseas expenses. With my previous payouts to Paypal, this fee didn't exist. I contacted Paypal and they said they started charging this 2.5% this March, and unfortunately there is no way I can avoid it... Would really appreciate if we can directly get paid through Transferwise.
I do support the request. Some respond would be welcome!
Just curious, is there any follow-up with this request?
Hi there -- we've explored a variety of alternative payment options over the last few months, but we're not considering moving forward with any of them at this point in time. As you guys probably already now, we're working hard on further developing our AI workbench, and also on our integration with Lionbridge, and the focus is more on laying a proper foundation for further development and improvement. Once some of these pieces begin to come together, we may gather some bandwidth to revisit expanding the payment methods that we offer.
I love Payoneer, there is only 2% fee for currency conversion and no other fees at all.