Payout Method

[Andrea164]

Those of us who receive our payout through Payoneer have been put on notice that as of February 1st, a NEW charge of 3% of the transfer amount will be deducted by Payoneer from funds transferred to our bank account.  Over the years, I often wondered how much money Payoneer makes on our collective balance parked in their bank when I'd be hit with a $3 transaction fee by Payoneer for withdrawing cash in addition to the $3 charged by the bank ATM where I'd get the $$.  All speculation aside, I pay 11% of my airbnb earnings to my local county government in transient occupancy and business improvement district??? taxes even before the state and federal leeches latch on.  So my solution to this attempt by Payoneer to profit off my hard work was to change payout methods direct to my bank account.  Case, I mean account, closed.

[Tommy150]

Ok? 

How do you think payment services make money? 

That's why you have options to choose how you get paid. 

[Andrea164]

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[Andrea164]

Financial institutions such as a bank monetize a portion of the total funds (in this case airbnb) held in their accounts to lend out and collect interest on or to invest.  Banks often purchase marketable securities to hold in their portfolios; these are usually one of two main sources of revenue, along with loans.  Investment securities held by banks as collateral can take the form of equity (ownership stakes) in corporations or debt securities.  That's how banks make money.  In this case they just happen to double as a payment service.  How do you think they could afford to do it for free until now?