I have the Fiverr card and it should be banned. The fees aren’t the problem. The problem is the 2 x custom exchange rates Payonner adds to transactions.
Payoneer bases its accounts in Europe. You get paid in dollars, Payoneer holds funds as GBP, then when you withdraw, you get hit with a USD-GPB-EUR exchange fee which is easily 20% above standard market rates.
Today I had EUR 550 available to withdraw. (After calculating the echange rate myself.) I decided to withdraw 500 EUR because I know how crazy the Payoneer exchange rate is. This should have resulted in EUR 503.5 in total given Payoneers fees.
I get to the ATM, I try to withdraw 500, and I get told I have insufficient funds. I try again for 490. (Thinking the bar stewards can’t seriously be shaving 50+ EUR in off my balance in the name of their own insane exchange rate.) Sadly, this failed too.
By this time, I have just incurred 2 x $1 penalties with Payoneer for 2 failed transactions. I decide to withdraw 450 EUR to be safe and that works.
Using Payoneer for POS sales isn’t really practical for me. Also, this won’t avoid Payoneers massive exchange rate fiddle. You just won’t notice it as much.
Payoneer actually used to be decent until April this year. Now they have moved their base of operations from Belize to a cleverly set up network of offices/banks in the UK and Europe.
Also. Payoneer customer service is on a par with Fiverr. They decided to reissue me with a new card this year. (Despite my old card still being valid.) They informed me that they had already dispatched this card to my billing address. However, they hadn’t. They had dispatched this to the address I lived at when I initially signed up to Payoneer.
I had updated my billing address and contact details when I moved over a year ago. They should not have even had my old address in their system. Anyway, I contacted them to explain the situation. They responded with an automated response telling me that my application for a new card had been successful and my new card was on its way…. To my old address.
This nonsense happened 4 times. They ignored my address on file, they ignored proof of address documents I sent them. They just kept sending new cards to an address I hadn’t lived at for over a year.
By this time, I was running out of cash. I mean, I had just had my card canceled out of the blue and it can take 4-weeks for Payoneer to deliver to where I live. I was also reluctant to withdraw any more of my Fiverr earnings until the situation was put right.
Then just when I thought everything was going to be okay, I received a stern warning from Payoneer that my account was being suspended for security reasons. I had 24-hours to respond with my photo ID and proof of address details. - Yes, even though I had been volunteering this myself for over a month already.
That fiaso was then finally remedied. However. there are hundreds if not thousands of posts online, all detailing similar horror stories. - This is part of the reason I now withdraw everything I can, as soon as I can.