Payoneer Introduces New Fee Structure in Pakistan, Impacting Freelancers, YouTubers, and TikTokers
Karachi:The global payment platform **Payoneer** has rolled out a new fee system for its Pakistani users, a move that is particularly affecting freelancers, YouTubers, and TikTokers. The new fee structure has been implemented immediately, leading to increased deductions on transactions made in foreign currencies like US dollars.
### **New Fees for Withdrawing Funds**
Under the new system, if a Pakistani user withdraws **100 US dollars** from their Payoneer account and transfers it to a local bank, a **3% fee** will now be applied, up from the previous **2%**.
* **Example:**
* 100 USD × 3% = 3 USD in fees.
* The user will receive only **97 USD** after the deduction.
Additionally, if the funds are transferred to a local bank account, **currency conversion charges** will also apply, further reducing the amount the user receives.
### **The Most Affected: TikTokers and Freelancers**
In Pakistan, thousands of freelancers, video creators, and TikTokers receive their earnings through **Payoneer**. Popular influencers on platforms like YouTube, Instagram, and TikTok mostly get paid in US dollars, which they then transfer to local banks via Payoneer.
With the new fees in place, these individuals, especially young creators already earning lower amounts, will see a direct impact on their income, as the value of each dollar decreases after the deduction.
### **Fees for Sending Money**
The new fee structure isn’t just limited to withdrawing money. If a user wants to send money to another person’s bank account via Payoneer, the **3% fee** will also apply, regardless of whether the currency is converted or not.
### **Peer-to-Peer Transactions Also Affected**
Previously, **Payoneer users** could send money to each other for free. However, this is no longer the case. If a user sends **500 USD or more** to another Payoneer user, a **0.60% fee** will be charged, while a **fixed fee of 3 USD** will apply for amounts below that threshold.
* **Example:**
* For sending **600 USD**, the fee will be **3.6 USD** (600 × 0.60%).
* For **400 USD**, a **3 USD fixed fee** will apply.
### **Receiving Money Also Involves Deductions**
Now, if a user receives less than **100 USD** via Payoneer, a **1 USD fee** will be deducted. For amounts of **100 USD or more**, a **1% fee** will be applied.
* **Example:**
* For receiving **150 USD**, a **1.50 USD** fee will be deducted.
### **Experts’ Opinion: Time for Independence**
Experts in **FTC and technology** have suggested that, in light of these new fee changes, the **Pakistani government** and local banks should create alternative platforms for freelancers and online creators. These platforms could reduce reliance on global payment providers like Payoneer, ultimately benefiting Pakistani users.
Users are advised to carefully review the **”Fees” section** in their Payoneer account to understand how much is being deducted from each transaction and to explore alternative methods to minimize losses.
