1. Optimize the loading process
First, If you don’t need frequent money entries, it is best not to load your card too often with small amounts as the fee is the same no matter how much money you receive.
Let’s say that you make $100 monthly, if you load that amount into your card every month, you will be charged at least $2 each time, which means a total of $24 per year for $1200, that’s a 2% charge. In the contrary, if you choose to receive your money on a quarterly basis, your costs will be $8 for the same total amount per year making it a nice 0.66% charge, nothing less than $16 in easy savings!
Second thing is to always ask yourself, do I really need the money right now to opt for the express loading? Keeping in mind that this option will cost you $3 more than the standard one, you shouldn’t use it unless you are in a very pressing need of money.
2. Optimize the spending process
Avoid ATM withdrawals, especially for small amounts. The fact is, in addition to the risk of seeing your request declined and paying for nothing, withdrawing money from ATMs is the most expensive way to use the card. An ATM withdrawal will cost you $1.35/2.15 for any amount plus up to 3% of the transaction. This is why you should try and purchase goods with your card rather than withdraw money you will later use to buy the same goods and services.
Also, try to use your Payoneer card only when making purchases in Dollars (inside the US). If you are an international customer, you can still apply this rule as most online businesses that charge you in Dollars will be considered as US purchases thus costing you nothing. For local purchases, use your local card.
Now, if you are in need of hard cash, don’t withdraw small amounts each time you need money, save the on the fixed fee by withrawing a consequent amount once and for all.
These are just some of the ways you can optimize the costs attached to using the Payoneer Prepaid MasterCard Card. What you should also keep in mind is that as the card becomes more popular and widely used, competition will show up pushing Payoneer to reduce some of its fees.