Payoneer expert help needed

[LionMK]

Hello!
I hope that there's someone out there that has experience with Payoneer. I have asked for help on their forum and live chat support, but they probably don't understand what I need. Here's what I need.
I am planning on launching a company. I have a steady monthly income on Payoneer and I am using their Payoneer card to get the money (I have several funding sources - freelance sites, a few clients that pay directly on Payoneer through their credit cards etc.). But, I want to know whether it is possible to send part of the money I am earning on a monthly basis directly on the bank account created for my company. Obviously, there's no need for the authorities to know how much money I am earning every month and I'll send just enough funds to cover the expenses for the operations of my company (a salary and expenses). The second question is whether someone knows how to explain these earnings. Who's the sender in situations like this? Does it say PAYONEER on the transaction report in the local bank? Can I use that report as an invoice?

 

[FamousPR]

Simple, withdraw to your personal bank account instead your company account.

 

[LionMK]

Simple, withdraw to your personal bank account instead your company account.

Yes. But, you have to pay taxes if you use that option.

 

[FamousPR]

It doesn't show, Payoneer in the local bank statement but the money shows as remittance and as far as my concern i have never paid taxes for Payoneer payments until date. I don't know about Europe Tax Regulations, but no tax rule for Asian countries. It's better to use your Payoneer card in the ATM machine and get cash. Better to waste $2 ~ $5 per transaction instead 20%.

 

[LionMK]

It doesn't show, Payoneer in the local bank statement but the money shows as remittance and as far as my concern i have never paid taxes for Payoneer payments until date. I don't know about Europe Tax Regulations, but no tax rule for Asian countries. It's better to use your Payoneer card in the ATM machine and get cash. Better to waste $2 ~ $5 per transaction instead 20%.

Yes, I am using the card too on ATMs only. But, now I want to send some money to my company account because I have to receive funds so I can send salary to myself. The reason why I want to do this is to use social security and retirement services in the future.

 

[FamousPR]

Then the tax is obvious, for that reason only send small amount to your corporate account as your salary. Same amount every time, no more and no less. Rest of the money could be withdraw using your card. I hope that help, until Payoneer hasn't offered withdrawal to the bank account in my country. I used to withdrawal using my card. It's more safe and not illegal if you want to save yourself from taxes.

 

[LionMK]

Then the tax is obvious, for that reason only send small amount to your corporate account as your salary. Same amount every time, no more and no less. Rest of the money could be withdraw using your card. I hope that help, until Payoneer hasn't offered withdrawal to the bank account in my country. I used to withdrawal using my card. It's more safe and not illegal if you want to save yourself from taxes.

That's what I am planning to do, but I am not sure how the transaction will appear in the bank report - will it say FROM PAYONEER to MY COMPANY NAME or FROM MY PERSONAL NAME PAYONEER ACCOUNT to MY COMPANY NAME. The second scenario makes the situation complicated.

 

[FamousPR]

No, it will not say Payoneer but it will be entitled as "IBFT" or similar in your bank statement because Payoneer always wire the transaction.

 

[LionMK]

So, my name won't appear in the transaction details? As a company owner, I just want to report to the authorities that I have received a payment from a foreign company that my company is working with and that's it.

 

[FamousPR]

No, your name won't be appeared in the transaction.