Islamabad, Sep 10: The transaction cost for sending or receiving money in Pakistan has increased dramatically on the well-known online money transfer platform Payoneer, which could have a negative impact on the operations of local freelancers who depend on the service.
From the previous 2%, the transaction charge has been increased to 3% of the entire transaction amount plus an extra $0.49 fixed cost for all transactions based on USD. For transactions that are not in USD, the fixed fee will be assessed in the following currencies: 0.39 GBP, 0.45 EUR, 0.75 AUD, 0.67 CAD, and 73.76 JPY, depending on the applicable transaction currency.
It should be noted that this modification affects payments made using debit or credit cards both to and from the Send or Receive Payment feature, as well as payments obtained by utilizing the Request a Payment option or the Initiate a Payment section.
However, given it is scheduled to happen on October 20, 2024, the modification to Payoneer’s pricing structure won’t happen right now. Any applicable modified fees for services that qualify will be shown on the Fee page under account settings after the effective date. Any additional fees that may be charged in addition to the one specified above will not change.
Regarding the cost increase, Payoneer’s help center page states the following:
“We regularly assess our prices in light of market fluctuations to make sure we can continue to provide you with the finest service. Even though these changes are required, our dedication to supporting the expansion of your company will always come first”.
