Where the money goes
Every route from a dollar balance to your local bank costs something. The costs come in three forms, and providers mix them differently:
- A percentage fee — Wise shows its fee upfront as a percentage of the transfer.
- A fixed fee — bank wires often lose $15–30 to sending and intermediary banks.
- An exchange-rate spread — the gap between the mid-market rate and the rate you get. Payoneer's conversion to local currency is up to about 2% below mid-market, and many banks are similar or higher.
Received = (amount × (1 − fee %) − fixed fee) × mid-market rate × (1 − spread %)
Typical result on $1,000 to PKR
With a mid-market rate of Rs 277, a 2% Payoneer spread leaves about Rs 2,71,460. A transfer with a 0.7% fee at the mid-market rate leaves about Rs 2,75,061. A bank wire losing $20 in charges and 1.5% on the rate leaves about Rs 2,67,388. The gap between the best and worst route is close to Rs 8,000 — on every $1,000.
Things the numbers don't show
- Availability. Wise doesn't offer accounts to residents of every country, and not every marketplace pays into every provider. Check what works for you before comparing.
- Speed. Local bank withdrawals through Payoneer usually take one to three business days; SWIFT wires can take longer.
- Proof of income. In Pakistan, keep the bank's Proof of Remittance Certificate for each transfer. It supports the reduced tax rate on IT exports — see the Pakistan freelancer tax calculator.
Frequently asked questions
Is Wise cheaper than Payoneer for PKR?
Often, when Wise is available to you: Wise converts at the mid-market rate and charges a small visible fee, while Payoneer's spread is up to about 2%. Enter the fees you actually see to compare.
Why does my bank give a worse rate?
Banks add a margin to the exchange rate, and SWIFT transfers can lose a fixed amount to intermediary banks before the money arrives.
Are the default fees accurate?
They're typical figures, not quotes. Providers set fees by country and change them. Replace them with your own numbers under Provider fees.
Can Pakistani freelancers open a Wise account?
Wise sets eligibility by country of residence and has not offered personal accounts to residents of every country. Check Wise's own eligibility page before relying on it.
TakehomeKit is independent and not affiliated with Fiverr, Upwork, Payoneer, Wise or any other company mentioned. Fees, limits and tax rules change; we check them regularly, but always confirm the final number with the platform or an adviser before you rely on it.