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Payoneer vs Payza vs Others

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#1 by uzair_friends » Mon Feb 20, 2017 09:14

Hey folks,

Many people have been asking which payment processor to be used to withdraw funds from ClixSense after all the PayPal fiasco. So, I have decided to make a post which shows a clear comparison of fees incurred between the available payment processors at ClixSense and clear the confusion once for all.

Payoneer

The fees for Payoneer is as shown below:

Minimum cashout: $20 $10
Fees per cashout: $2 (Fixed for any amount)
Withdrawal to bank account: Free
USD to INR Conversion fee (Foreign Exchange): 2.00% above mid-market rates. (Will explain this here in a moment)

So, let us look at 3 scenarios with different amounts of withdrawals.

Scenario 1: Cashout amount is $20
The amount you will receive to your Payoneer account: $18 (After deducting the $2 fee per cashout)

Balance available in your Payoneer account will be $18 and when you withdraw this amount to bank account, Payoneer will charge a 2% conversion fee for converting USD to INR on the mid-market rates.

So, on 20th February 2017, 1 US Dollar equals 66.95 Indian Rupee. That means you will receive 65.62 INR against USD after deducting the 2% conversion fee which is 1.33 INR in this case.

The total amount you will receive to your bank account here will be 18*65.62= 1181.16 INR.

Scenario 2: Cashout amount is $100
The amount you will receive to your Payoneer account: $98 (After deducting the $2 fee per cashout)

The total amount you will receive to your bank account here will be 98*65.62= 6430.76 INR.

Scenario 3: Cashout amount is $200
The amount you will receive to your Payoneer account: $198 (After deducting the $2 fee per cashout)

The total amount you will receive to your bank account here will be 198*65.62= 12992.76 INR.

Now lets compare these three scenarios with PayPal and see how much we loose/gain with it being not available.

Scenario 1: Cashout amount is $20
Cashout fees at PayPal were: 2%
The amount you might have received to your Paypal account would be: $19.60
Withdrawal to bank: Free
USD to INR Conversion fee (Foreign Exchange) for PayPal is: 3.5%

So, on 20th February 2017, 1 US Dollar equals 66.95 Indian Rupee. That means you will receive 64.61 INR against USD after deducting the 3.5% PayPal conversion fee which is 2.34 INR in this case.

The total amount you will receive to your bank account here will be 19.60*64.61= 1266.35 INR.

The lossof amount for withdrawing $20 from ClixSense using Payoneer against PayPal is 1266.35-1181.16= 85.19 INR

Scenario 2: Cashout amount is $100
The amount you might have received to your Paypal account would be: $98

The total amount you will receive to your bank account here will be 98*64.61= 6331.78 INR.

The gainof amount for withdrawing $100 from ClixSense using Payoneer against PayPal is 6430.76-6331.78= 98.98 INR

Scenario 3: Cashout amount is $200
The amount you might have received to your Paypal account would be: $196

The total amount you will receive to your bank account here will be 196*64.61= 12663.56 INR.

The gainof amount for withdrawing $200 from ClixSense using Payoneer against PayPal is 12663.56-12992.76= 329.20 INR

So, with the above calculations we can say that Payoneer is actually better than PayPal for higher withdrawals because of its $2 fixed fee per cashout. However, if you tend to withdraw small amounts below $70, Payoneer is not what you want to choose. Look below the fees for Payza and you will know why.

Payza


The fees for Payza is as shown below:

Minimum cashout: $8 (Free) and $6 (Premium)
Fees per cashout: 2.90 % + $0.30 USD
Withdrawal to bank account: 60 INR (fixed per withdrawal)
USD to INR Conversion fee (Foreign Exchange): 2.50%

Let's calculate the fees similar to what we have done with Payoneer.

Scenario 1: Cashout amount is $10
The amount you will receive to your Payza account: $9.41 (After deducting the 2.90 % + $0.30 USD fee per cashout)

Balance available in your Payza account will be $9.41 and when you withdraw this amount to bank account, Payza will charge a 2.5% conversion fee for converting USD to INR on the mid-market rates.

So, on 20th February 2017, 1 US Dollar equals 66.95 Indian Rupee. That means you will receive 65.28 INR against USD after deducting the 2.5% conversion fee which is 1.67 INR in this case.

The total amount you will receive to your bank account here will be 9.41*65.28-(60)= 554.28 INR (After deducting the 60 INR fees charged by Payza for bank withdrawal.

Comparing this amount ($10) with PayPal we would have got 633.17 (See above for calculation of PayPal fee and conversion charges). Therefore the loss here for withdrawing $10 from ClixSense using Payza against PayPal is 633.17-554.28= 78.89 INR.

Since minimum withdrawal for Payoneer is $20, there is no point comparing it here in this scenario.

Scenario 2: Cashout amount is $20
The amount you will receive to your Payza account: $19.12 (After deducting the 2.90 % + $0.30 USD fee per cashout)

The total amount you will receive to your bank account here will be 19.12*65.28-(60)= 1188.15 INR.

Comparing this amount ($20) with PayPal we would have got 1266.35 (See above for calculation of PayPal fee and conversion charges). Therefore the loss here for withdrawing $20 from ClixSense using Payza against PayPal is 1266.35-1188.15= 78.20 INR.

Comparing this amount ($20) with Payoneer we would have got 1181.16 (See above for calculation of Payoneer fee and conversion charges). Therefore the gain here for withdrawing $20 from ClixSense using Payza against Payoneer is 1188.15-1181.16= 6.99 INR.

Scenario 3: Cashout amount is $100
The amount you will receive to your Payza account: $96.8 (After deducting the 2.90 % + $0.30 USD fee per cashout)

The total amount you will receive to your bank account here will be 96.8*65.28-(60)= 6259.10 INR.

Comparing this amount ($100) with PayPal we would have got 6331.78 (See above for calculation of PayPal fee and conversion charges). Therefore the loss here for withdrawing $100 from ClixSense using Payza against PayPal is 6331.78-6259.10= 72.68 INR.

Comparing this amount ($100) with Payoneer we would have got 6430.76 (See above for calculation of Payoneer fee and conversion charges). Therefore the loss here for withdrawing $100 from ClixSense using Payza against Payoneer is 6430.76-6259.10= 171.66 INR.

Clearly the winner here in this case is Payoneer.

Skrill
The fees for Skrill is as shown below:

Minimum cashout: $8 (Free) and $6 (Premium)
Fees per cashout: 1%
Withdrawal to bank account: €5.50 (~400 INR)
USD to INR Conversion fee (Foreign Exchange): 3.99%

With such heavy bank withdrawal and conversion fees, Skrill is not recommended as a payment processor for Indians.

Paytoo
Minimum cashout: $8 (Free) and $6 (Premium)
Fees per cashout: Free
Withdrawal to bank account: $8
USD to INR Conversion fee (Foreign Exchange): Unknown

With such heavy fees to bank withdrawal, Paytoo can be conveniently ignored as a payment processor for Indians.

Tango Card
Minimum cashout: $8 (Free) and $6 (Premium)
Fees per cashout: Free
Withdrawal to bank account: Not Available
USD to INR Conversion fee (Foriegn Exchange): Not Available

The balance in Tango card can be used to redeem various gift cards for US and other international based websites and stores. It can also be used to redeem the balance to BitCoin too. So, if you require such gift cards or BitCoin this would be an option for you.

I do not have much information about this so, I am unable to list the charges or fees. If anyone knows the same, you may comment below and will update the same.

Conclusion
1. If you are cashing out less than $70 use Payza
2. If you are cashing out more than $70 use Payoneer
3. If you are looking for Gift cards or bitcon use Tango Card

P.S. I have made a lot of effort to gather all this information here. There might be some omissions or errors. Please let me know if you find any so that I can update the same.

Happy earning!
Last edited by uzair_friends » Tue Jul 18, 2017 08:01 » edited 6 times in total
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#2 by uzair_friends » Mon Feb 20, 2017 09:24

Update:

As of July 17th, the minimum cashout required for Payoneer has been lowered from $20.00 to $10.00.
Last edited by uzair_friends » Tue Jul 18, 2017 08:06 » edited 2 times in total
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#3 by uzair_friends » Mon Feb 20, 2017 09:25

Reserved
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#4 by voltej » Mon Feb 20, 2017 10:58

Shukriya uzair bhai :) lagtha hain apne mehnat karke info ikkathe kiye hain. :thumbup:
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#5 by kushagra622 » Mon Feb 20, 2017 17:01

Thanks for the info! Its kinda taking long for my documents to get verified on payoneer it has been 4 days but it took only 2 days to get verified on payza and that too on a weekend!
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#6 by suren87 » Mon Feb 20, 2017 23:32

@uzair_friends

Great work....thank u soo much for the info u provided... :thumbup: :thumbup:
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#7 by manishamore » Wed Feb 22, 2017 07:52

Thank you so much this was helpful. I feel Payoneer is best (personal opinion) and will let you know how it goes.
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#8 by pupadhye66 » Wed Feb 22, 2017 09:43

Nice work.
:clixsense:
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#9 by lokataliasgar » Wed Feb 22, 2017 10:10

in payooner we only have to submit our bank details and pancard no. like paypal and i got a mail on the third day that your aplication is approved and you can receive payments
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#10 by bigdiddyboy » Thu Feb 23, 2017 04:35

Thanks a lot, uzair!
Last edited by ptcscrutiny » Thu Feb 23, 2017 09:29 » edited 1 time in total
Reason: Unnecessary long quote.
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#11 by suyash8514 » Thu Feb 23, 2017 12:15

Please correct:
$6 (Free) and $8 (Premium)
To:
$6 (Premium) and $8 (Free)

And thanks for the info, very helpful. :clap: :clap:
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#12 by uzair_friends » Thu Feb 23, 2017 12:57

^ Thanks. I have updated it now.
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#13 by patilva » Fri Feb 24, 2017 02:15

thanks for handy information ; i will go to payoneer :thumbup:
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#14 by pk_143 » Fri Feb 24, 2017 02:48

After deducting the 2.90 % + $0.30 USD fee per cashout (This fee does not apply to Payza Personal Starter accounts) Thanks for the valuable information. Now, I will go ahead with Payza. :thumbup: :clixsense:
Last edited by pk_143 » Fri Feb 24, 2017 02:53 » edited 1 time in total
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#15 by KESHAVVASU » Fri Feb 24, 2017 03:44

great nie information
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#16 by suni373 » Sun Feb 26, 2017 03:48

Thanks for Research............
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#17 by Asish07 » Sun Feb 26, 2017 08:06

uzair_friends wrote: Hey folks,

Many people have been asking which payment processor to be used to withdraw funds from ClixSense after all the PayPal fiasco. So, I have decided to make a post which shows a clear comparison of fees incurred between the available payment processors at ClixSense and clear the confusion once for all.

Payoneer

The fees for Payoneer is as shown below:

Minimum cashout: $20
Fees per cashout: $2 (Fixed for any amount)
Withdrawal to bank account: Free
USD to INR Conversion fee (Foreign Exchange): 2.00% above mid-market rates. (Will explain this here in a moment)

So, let us look at 3 scenarios with different amounts of withdrawals.

Scenario 1: Cashout amount is $20
The amount you will receive to your Payoneer account: $18 (After deducting the $2 fee per cashout)

Balance available in your Payoneer account will be $18 and when you withdraw this amount to bank account, Payoneer will charge a 2% conversion fee for converting USD to INR on the mid-market rates.

So, on 20th February 2017, 1 US Dollar equals 66.95 Indian Rupee. That means you will receive 65.62 INR against USD after deducting the 2% conversion fee which is 1.33 INR in this case.

The total amount you will receive to your bank account here will be 18*65.62= 1181.16 INR.

Scenario 2: Cashout amount is $100
The amount you will receive to your Payoneer account: $98 (After deducting the $2 fee per cashout)

The total amount you will receive to your bank account here will be 98*65.62= 6430.76 INR.

Scenario 3: Cashout amount is $200
The amount you will receive to your Payoneer account: $198 (After deducting the $2 fee per cashout)

The total amount you will receive to your bank account here will be 198*65.62= 12992.76 INR.


are you sure "Withdrawal to bank account" is Free?

Under fees and charges Payoneer says it will charge 2% on the total amount for bank transfer.

currency conversion charge is different.
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#18 by David0089 » Sun Feb 26, 2017 10:33

Payoneer is the worst Payment Processor!!!

See below the level of defiance Payoneer is doing to the Indians!! I am an Indian too so I have placed it here for your viewing, understanding and consideration!
----------------------------------------------------------------------------------------------------------------------------------------------
Payoneer told me they have received a payment from Clixsense, then they said they will transfer the same within next 4 days & on 17th of February they made the first attempt of transfer, which they didn't actually! Then on 20th I have called them up to enquire if they have transferred the money because I have not received any mail from them that they have done so, neither i have received any bank confirmation of such a transfer. Then on 20th when I called them up, they said my bank refused payment for which they will mail me the reasons & they would load my money again on the same day for transfer & I shall get it by 24th of February, 2017. They did not give me any reasons over email as to why they failed to transfer, whereas my bank informed me they have no technical issues that such payments can be refused. I informed them over phone that my bank saw no reasons why it can be refused for acceptance. Now again they made another attempt on 24th of this month and told me to wait upto 27th of this month. It is very much clear from their replies and false emails that all of their efforts are just an eyewash to divert our attention and delay the payments beyond expected time frame. I have not seen such a bad payment processor and since your company requested us to make transfer taking help of Payoneer, we got connected to Payoneer, so you cannot shake off the responsibility of misleading us into dealing with such a fraud company with intentionally causes breach of trust and says lies every time when a customer calls up!
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#19 by uzair_friends » Sun Feb 26, 2017 16:25

Asish07 wrote:


are you sure "Withdrawal to bank account" is Free?

Under fees and charges Payoneer says it will charge 2% on the total amount for bank transfer.

currency conversion charge is different.

Yes, they are free. The 2% charge mentioned is referring to Foreign currency account transfer. Like Non-resident account. For a normal account it is not applicable. (Credits: hydtasker)

To prove this. Look at my transactions. I have withdrawn $332.87 from ClixSense to Payoneer.



I have received $330.87 to my Payoneer account after deducting $2 fees. Payoneer has send me the below email saying that $330.87 are being transferred to my bank account. There were no bank transfer charges except the conversion fees.

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#20 by Sukam » Sun Feb 26, 2017 21:02

Can anybody confirm that if they have received money into their bank from payoneer . :thumbup:
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