Fiverr Payoneer Mastercard: Great deal or cheesy ripoff?

Sep 29

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?

Did we mention you can use your Fiverr Revenue Card anywhere in the world? You could be living the dream in Thailand. Find out how, with How to Make Money While Living in Thailand: The Secrets to Making Big Money with: Ebay, Freelance Writing, Photography, and Elance!


 

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7 comments

  1. Hi,

    Firstly, I want to thank you for taking the time out to write this post. Your feedback is much appreciated!

    In regards to the Payoneer option, I just wanted to explain a bit. Payoneer currently provides global payment solutions to over 200 countries. Additionally, the Payoneer card allows you to access your funds literally within minutes of receiving a payment.

    Also, the activation fee is a one-time charge for the lifetime of your account, and if you apply before October 10 it’s entirely free of charge. You may also use your Payoneer card to make purchases online and in stores, for which there is no charge.

    Please keep in mind that PayPal is very limited in regards to the country it offers solutions to. In addition, bank transfer options are even more regulated, and not available to most countries. For the countries it is available to, you will need to pay high conversion costs to withdraw from PayPal to your bank account.

    While we do understand that no single payment option will be best for everyone, we feel that the Payoneer payment solution is an excellent option for many non-US residents.

    It’s important that you have multiple payment options available to you, and we certainly respect your right to choose the best one for your specific needs and situation!

    Thanks,

    Nissim A.
    Payoneer Community Manager

    • TheCrucible /

      Hey guys,

      I have to agree with Nissim. Do some homework on our individual situation. I use the Payoneer card for a few businesses I run, and it works well if you want to use your profits to pay everyday bills, like grocery, whatever.

      If you plan on sweeping cash from an ATM, it gets a little more expensive.

      You can also batch your sweeps, for example, remove $800 bucks from an ATM, the fee to sweep is less percentage wise since it’s a flat fee.

      Just my 2 cents,

  2. chuck /

    If you have a chance to read this comment before deciding to sell on fiverr, take my advise and don’t.
    they are jerks when it comes to customer support. You will eventually have a problem, and when you do, good luck dealing with their “holier than thou” attitude.

  3. I’m also happy to update that the Fiverr Revenue Card is available to level 1 sellers, and we’ve reduced the fees. Changes include free monthly maintenance, and only $1.00 to receive payments to the card.

    • jcearrings /

      Thanks for the information. I’m sure Fiverr sellers will be very happy about the reduced fees!

  4. Hi
    I have a payoneer card already but when I tried to sign up for the fiverr card they told me that I am already in the system and will have to link the card to fiverr, but I see no way of doing that. Can someone give some instructions as to how to solve this?

  5. The Fiverr revenue card is great for South African Fiverr sellers (like me!), because for us to get our PayPal money into our bank accounts is very tedious and irritating. There’s only one bank who will allow you to withdraw funds from PayPal, this bank sets the rules, you only are allowed to keep funds in PayPal for 30 days (they have access to your payPal account and can see everything you do), then you have to withdraw funds, which has a fee (much more than payoneer), then if you want to add money to payPal you have to “top up” your PayPal account (also a fee attached to this)then you may pay using PayPal, but you can’t have money go into PayPal and pay straight from PayPal, you HAVE to withdraw, get ccharged, then top up, get charged. Also our government taxes every withdrawal from PayPal into your bank account. So, yeah… I like the Fiverr card :)

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