Fiverr Payoneer Mastercard: Great deal or cheesy ripoff?
First rolled out to top-rated sellers, Fiverr is introducing a method for withdrawing your earnings. It’s called the Fiverr Revenue Card. So far it is still limited to the two top levels, to our knowledge. But wait until we tell you about it. You might not be that heartbroken at being excluded…
To keep things simple, let’s say you’ve done 20 $5 gigs for a gross income of $100. Fiverr takes 20%, so you’re down to $80. At this point it would be an additional $1 to withdraw this money to PayPal. You would net $79.00, since it costs you nothing to get your money from PayPal. You might have to wait 3-5 days to get cash.
But if you just got your Fiverr Payoneer Mastercard in the mail, it’s a completely different story. There’s an activation fee of $5. There’s a $2 card loading fee each time you replenish it from Fiverr. It takes two days for the money load to be processed. Need it faster? That’s $5, please.
There’s a $3.15 ATM fee when you withdraw cash. However, this fee can actually be more than that. If you want to make a balance inquiry, that’s $1.
It’s going to cost you $15.15 in fees, maybe more, if you want your money in cash the same day. So, out of your original $100, that leaves you with… $64.85. Versus $79.00 if you use PayPal.
Did we mention the monthly Payoneer maintenance fee? We couldn’t find out what it is, but it’s a fee and they assess it every month. (Duh.)
As an aside, if you’re in the U.S., you have to pay taxes on your Fiverr earnings. Don’t forget to set some money aside for that.
This all seems like a no-brainer to us — do you really hate PayPal enough to pay $10 to $15 more for the privilege of another payment method? — but we have heard there are a few sellers who are happy to have the Payoneer card. Some live in countries where PayPal isn’t allowed and they’re willing to take a 33% hit.
Leave us your reaction in the comments. Will you use the Fiverr Revenue Card or are you okay with PayPal?
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