If I elect to deposit funds in local currency, how is the transaction processed and how is the exchange rate determined?

With the Global Bank Transfer payment option, Minted will send funds to Payoneer in USD. Payoneer locally converts the funds from USD to local currency using official mid-market foreign exchange (FX) rate (they do not determine the FX rate internally). Only after local conversion are the funds sent directly to your local bank account using local currency.  

Based on this, you will get 100% of the payment remitted by Minted. Under the Global Bank Transfer option, Minted will absorb 100% of the fees, including the FX conversion fees.

Questions about your Payoneer account? See how to contact Payoneer's support team here.