Exchange Rates Battle – Paypal vs Payoneer
I tried to compare the exchange rates of Paypal and Payoneer to check which of these give better exchange rate. Payoneer puts on a 1 to 3% currency conversion fee as dictated by Mastercard, while Paypal puts on a 2.5% currency conversion rate on top of their wholesale exchange rate.
I got into my personal accounts at Paypal and Payoneer and tried to make a tally of the transactions where currency change was in effect. In Paypal, there is an exchange of currency when I decide to withdraw funds to my bank account. Payoneer, being a Mastercard, a change of currency occurs when I decide to withdraw funds from an ATM or decide to purchase an item off a store with a different currency other than the US dollar.
Here is the comparison between Philippine Peso and US Dollar exchange rate (I’m just simply shy to show you the withdrawal transactions). Exchange rate = value in pesos/value in dollars
There are three observations that I have noted from this data:
- In Payoneer, higher Peso exchange rate is seen when items are bought off purchase than that by cash withdrawals.
- In Payoneer, there is no fixed exchange rate of the day: it varies a lot – the transactions worth Php 184.60, Php 1084.00 and Php 418.35 were all card purchases done in a single day.
- At a glance, there seems to be no huge difference between the exchange rates of both payment methods.
The data could have been quite accurate if I had been able to get data that spans for several transactions: However, I have just gotten my Paypal verified only last month.
Overall, it seems to me that the exchange rate for both methods does not differ much from each other, so using any of these two payment methods would be great. Remember that if you are trying to purchase in US dollars then currency conversion fees does not apply to both Paypal and Payoneer.
Kirk
August 15th, 2009 at 2:44 pm #
Hi Gem!
Kakaclaim ko lang ng eon card ko recently. My question is, can I use my eon savings account to withdraw from paypal kahit na di ko pa na-verify yung card number ko (yung dapat may EXPUSE number ka)? Thanks!
Kirk
lanz
September 4th, 2009 at 4:37 pm #
Hi Kirk,
Here’s the fact about Paypal verification using EON:
- you need to have funds on your EON card at least $1.95. Paypal would hold this for your account verification and they would return them to you in full after verication.
- you can’t withdraw funds from Paypal if you’re account were not yet verified. But you can make transfer to another Paypal account.
- you can get your EXPUSE number if you would call up their CS.
Hope that these will helps!
ps: I’m using Paypal for almost a year now and I’m trying to use Payoneer this time.
Gem
September 23rd, 2009 at 6:44 pm #
Thank you @Ianz for answering @Kirk’s question. I had been busy lately to respond to comments.
Actually getting the EXPUSE number is easier at this time with EON – Unionbank already included the EXPUSE number within the online bank statement, so bank account holders don’t need to call up the CS, or customer service.
711
October 4th, 2009 at 7:50 am #
This is a joke correct? Payoneer vs PayPal?
Payoneer are real scammers. Sometimes they hold your money without any reason at all. They decide to make weekly loads, and bypass one week. Suddently your money doesnt come in that week. They are very unprofessional. Also, someone should digg this company. They have holded funds from clients in the past. They have hidden fees that are charged that they dont publish online on their website. They are an offshore company and only their legal name is in the US. So you don even know who is having your money. BE AWARE with Payoneer.
Gem
October 14th, 2009 at 9:11 pm #
Do you have all the data (screenshots, email, etc) to prove that they are scammers? I never had delays with my money.
I’ve used the service myself and I am STRONGLY convinced (yes, the screenshots are published here) that they aren’t scammers! I’m sure I am not the only person you’d find in Google to say that they are awesome!
ujjal
November 18th, 2009 at 7:20 am #
Be aware of PAYPAL..It gives you a monthly limits of $500.If you don’t have credit card then you are gone..They will hold your money until you get a credit card and get it verified.And they wouldn’t not reset your monthly limits..They will even not be answering to your mail regarding resetting your monthly limits..
I do not have any VISA verified CARD..So they are not giving me my money..I asked and requested so many times to reset my monthly limits, but they didn’t bother to do it..Every time they say that its under process..But 4 months past they are not giving me the money..All the time asking to verify the card which actually i dont have..
they are so clever..Only think about the holding of customers’ money to get the interest out of it..
DON’T GO FOR PAYPAL..payoneer is far better..You can get your money instantly using quick load for a nominal fees..
BE AWARE OF PAYPAL..They are cheater..very poor service..
HANA
January 21st, 2010 at 6:52 am #
how to transfer paypal to payoneer? thanks