About the currency choosing step in Payoneer regiatration

[Arya Mihir Singh]

Hello,

I am an Indian student. I am registering for Payoneer account. So in the bank details step, it asks us to choose our preferred currency (INR, USD, EUR). My question is, if I choose INR, how much conversion charge (USD -> INR) will apply on the total amount. Also, what happens if I choose USD, will it automatically convert the amount to INR (since I have an Indian account) and what are the charges there

Please do share if you have any information regarding this.

Thanks,

Arya Mihir Singh

IIIT Hyderabad, India

[Saurabh Shrivastava]

If you choose INR, Payoneer will deduct 2% as their fee, and deposit money in INR from a local Indian bank. No other charge will be levied on you.

If you choose USD, Payoneer will not deduct any fee, and will pay full amount in USD to your bank. Your bank will then convert it to INR and will charge currency conversion fee + ST, which varies from bank to bank. You will have to enquire your bank regarding this information.

[Ram G Athreya]

Hi Arya

I believe the amount will be converted to INR when it is deposited in your bank account. I think the conversion rate is 2%. You can see this information in your Payoneer Dashboard under the funding sources section.

Hope this helps.

Thanks

Ram G Athreya