Experienced and published authors, I seek your advice. Is it better to go with PayPal or Payoneer? I imagine there is commission to pay with both? Any other considerations?
Thanks in advance for your advice.
It depends on the country you live in. The fees are usually different for different regions. They also change frequently. I did a calculation a while ago for Germany and figured that any transaction below 100 USD is cheaper via PayPal, anything above is cheaper via Payoneer. But I cannot even say if that still holds true because since then I have received several emails regarding change of policy, likely including fees as well.
Unfortunately they are not super transparent either e.g. the fees are partly hidden in lower currency exchange rates than average and they are not listed anywhere, so it is not too easy to compare allover.
I mostly use Payoneer though because I feel they are more customer friendly, the transactions are faster and I have heard multiple times of PayPal withholding money for no reason.
Just seen your question even though it's a year old, but this answer may be useful.
If you're outside the US, PayPal will probably hit you with high currency conversion fees, but how high it is depends on the country you're in. When I was based in Thailand, PayPal were charging around 5-7% to transfer into my local bank account. PayPal sets its own currency conversion fees.
Payoneer has a flat % for currency conversion. I think it's 2% (can't quite remember, but you can check on Payoneer's website). And they base their currency rate on the real currency exchange rate.
So, Payoneer for non-US residents.
Hi - I'm from the UK too, and have just opened a Payoneer account thinking that the fees will be less than PayPal. What's your experience on PayPal v Payoneer re: fees and service for UK instructors? Thanks.
Paypal are hitting us in the UK quite hard at the moment.
So Udemy pay in USD which is fine, But Paypal will not allow a withdrawal in USD and currently charge 2.5% of the amount being exchanged, On Top of that they have some rates completely detached from the market.
Payoneer at least adhere to the current market exchange rates and charge 2%
As on average im withdrawing 2k or so in USD a month the ees being paid are criminal. Setting up payoneer for Udemy to help out on that.
Hi @RobertLunte no, you will need to connect one of the payment methods and the one you choose will be the account where you will get your monthly payment. For more information, please reach out to firstname.lastname@example.org.