Payoneer, an online money transfer platform, has announced a significant increase in transaction fees for sending or receiving payments in Pakistan, reported ProPakistani. This change could have a substantial impact on local freelancers who depend on the service for their business transactions.
The transaction fee will rise to 3% of the total transaction amount, along with an additional fixed fee of $0.49 for all USD-based transactions, up from the previous rate of 2%. For non-USD transactions, the fixed fee will vary according to the transaction currency: 0.39 GBP, 0.45 EUR, 0.75 AUD, 0.67 CAD, and 73.76 JPY.
This fee adjustment applies to payments made through debit or credit cards, as well as those received via the “Request a Payment” option or the “Initiate a Payment” section using a debit or credit card.
The change in Payoneer’s fee structure is scheduled to take effect on October 20, 2024. After this date, any updated fees for eligible services will be reflected on the Fee page under account settings. Any existing fees in addition to the new charges will remain unchanged.
According to Payoneer’s support center, the fee increase is part of a periodic review to ensure the platform continues to provide high-quality service amid changing market conditions. Despite these adjustments, Payoneer emphasizes its commitment to supporting business growth for its users.
