Payoneer - new Ireland licensed entity

M4DM4X

M4DM4X

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Gibraltar left EU with Brexit, so Payoneer will be providing their Services via their new Ireland licensed entity.
I received this email today, I guess it's over now for the europeans who were hiding their revenue when Payoneer was registered in Gibraltar.

Hi,

Now that Brexit has happened, we need some more information from you to keep everything running smoothly, but we want to assure you that you can continue using Payoneer Services. Read a brief summary of what is changing and why or use this button to add your information now.
Add missing information

What is changing?
We’ll be providing your Payoneer Services via our new Ireland licensed entity, Payoneer Europe Limited which is why we need to collect some more information. Our relationship will be subject to the laws of Ireland once this change takes effect between September and November this year. We’ll update you about the exact date in your Payoneer account notifications.

Why?
Your country is currently covered by our E-Money Institution, Payoneer (EU) Limited in Gibraltar. When the UK left the EU (Brexit), Gibraltar left with it and as a result, we will be terminating our Gibraltar license by the end of 2020. By passing your relationship to Payoneer Europe Limited, a new E-Money Institution authorized by the Central Bank of Ireland under the EU Communities (E-Money) Regulations 2011, we can continue offering you Payoneer Services under a new license. Payoneer Services will be provided in accordance with the same EU regulatory regime as before.
Add missing information
By continuing to use Payoneer Services after your relationship is transferred, you are consenting to the updated Terms & Conditions and Privacy Policy.

If you have any questions or would like further assistance with this process, please check out our FAQ or contact us.

Stay healthy,
The Payoneer Team
 
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It was an independant zone (tax wise, banks registered there don't share their customers infos with the rest of the world). Payoneer won't be there anymore they moved to Ireland.
 
So what do You think will happen? How/what revenues will be reported, to who? Who should worry?
 
empires said:
So what do You think will happen? How/what revenues will be reported, to who? Who should worry?
Click to expand...

All the countries in EU share people's financial informations (bank accounts numbers) meaning every government knows about every penny each citizen has.
Those who should worry are those who didn't report their payoneer account to their gov. Better close it now.
 
M4DM4X said:
All the countries in EU share people's financial informations (bank accounts numbers) meaning every government knows about every penny each citizen has.
Those who should worry are those who didn't report their payoneer account to their gov. Better close it now.
Click to expand...
Do You think every government will start digging trying to find if every penny is accounted for in tax declarations? I find it hard to believe. Maybe if the amounts are super big. What is Your information or thought based on?
 
In Europe governments have already started to trace everything, every year they ask taxpayers to declare all their income. In my country when you have a bank account abroad they already know it in advance and your form is already pre-ticked. So you must declare everything you can't hide accounts abroad.
Of course they can't control everyone, but if one day they want to, they can thanks to all the information sharing among the EU countries.
 
M4DM4X said:
In Europe governments have already started to trace everything, every year they ask taxpayers to declare all their income. In my country when you have a bank account abroad they already know it in advance and your form is already pre-ticked. So you must declare everything you can't hide accounts abroad.
Of course they can't control everyone, but if one day they want to, they can thanks to all the information sharing among the EU countries.
Click to expand...
In Your first post, though, is such sentence as if nothing changes:
Payoneer Services will be provided in accordance with the same EU regulatory regime as before.
 
empires said:
In Your first post, though, is such sentence as if nothing changes:
Payoneer Services will be provided in accordance with the same EU regulatory regime as before.
Click to expand...

Yes nothing will change concerning the service/features but tax wise it will not be the same
 
What makes you so sure? I am not telling at all that you're not right, but they aren't a bank, they're a financial payment institution, and for example, if you receive USD on your Payoneer account and you're an EU national, let's say Belgian, you think that they would directly report you to Belgian tax authorities that you have an account with Payoneer in Ireland in USD? You aren't getting paid in Belgium, it's not in euros, and let's say you don't even use the card in Belgium at all, or entire EU. How come that they can verify that you really have that money, and that it is you? I know that you verify Payoneer account with your ID, but you don't give out your tax number, like you do when you open online bank account, for example with N26 or Revolut, there you need to supply your tax number.

Thanks for the link and the initial post, I really appreciate it
 
Rookie23 said:
What makes you so sure? I am not telling at all that you're not right, but they aren't a bank, they're a financial payment institution, and for example, if you receive USD on your Payoneer account and you're an EU national, let's say Belgian, you think that they would directly report you to Belgian tax authorities that you have an account with Payoneer in Ireland in USD? You aren't getting paid in Belgium, it's not in euros, and let's say you don't even use the card in Belgium at all, or entire EU. How come that they can verify that you really have that money, and that it is you? I know that you verify Payoneer account with your ID, but you don't give out your tax number, like you do when you open online bank account, for example with N26 or Revolut, there you need to supply your tax number.

Thanks for the link and the initial post, I really appreciate it
Click to expand...

You raise a good point mate, thanks.
Honnestly I'm not 100% sure they will report, since technically they are not a bank as you say. But EU have strong financial laws against money laundering so I guess they will do it, as Paypal do.
 
I completely agree with you, you never know. The only thing that I think which makes them different, is that PayPal offer credit through their service, and that they do allow individuals transferring money between them, while Payoneer prohibits that and also is not allowing any kind of credit offering to their users. So I would say Paypal requires a bit more legislative and higher levels of compliance than Payoneer. Also, Paypal is a legal entity, present in 200 countries with 20-30 currencies, so I would say they're way more regulated. Or I just hope so :)
Thanks once again, your post inspired me to register, since I was searching what will happen with this switch in the last couple of days. We can continue this over PM / DM as well, if you don't mind :)
 
Rookie23 said:
What makes you so sure? I am not telling at all that you're not right, but they aren't a bank, they're a financial payment institution, and for example, if you receive USD on your Payoneer account and you're an EU national, let's say Belgian, you think that they would directly report you to Belgian tax authorities that you have an account with Payoneer in Ireland in USD? You aren't getting paid in Belgium, it's not in euros, and let's say you don't even use the card in Belgium at all, or entire EU. How come that they can verify that you really have that money, and that it is you? I know that you verify Payoneer account with your ID, but you don't give out your tax number, like you do when you open online bank account, for example with N26 or Revolut, there you need to supply your tax number.

Thanks for the link and the initial post, I really appreciate it
Click to expand...

It doesn't matter what currency you are getting paid in, or where that bank/institution is located or even if you spend the money or not. You will still be subjected to the tax laws since the money was earned in Belgium.

empires said:
Do You think every government will start digging trying to find if every penny is accounted for in tax declarations? I find it hard to believe. Maybe if the amounts are super big. What is Your information or thought based on?
Click to expand...

They use supercomputers/mainframes to go through the records fast. It's not a manual auditor going through records by hand.
 
ExperimentalSEO said:
It doesn't matter what currency you are getting paid in, or where that bank/institution is located or even if you spend the money or not. You will still be subjected to the tax laws since the money was earned in Belgium.



They use supercomputers/mainframes to go through the records fast. It's not a manual auditor going through records by hand.
Click to expand...
But how come it's earned in Belgium? It was earned by Belgium national, but it didn't touch any of the Belgium accounts? Also, that Belgium national didn't give any of his / her tax ID to payoneer, so in that case, Payoneer will give that national's info and saved documents (ID) to be identified, but is that really proving that it's that person, what about pishing, it's not that hard to get someone's ID and forge a utility bill, so in that case, if someone really wants to dogde taxes, this can be done, since the card can be sent to another address in the same country.
Or what about people that were residens for some time, they can easily open the account, leave the country and sell the account to someone with a card that's still valid. There is a lot of seasonal workers in EU, that can register with a temporary residence card for such service (but not that easily for a bank account), and just sell the card and login later.
I am not trolling, I really want to understand better the problematics why would Payoneer all of a sudden with the change of country (that was probably imposed due to Brexit) start sending data everywhere, and also lose customers? Because this will impact them in a great way if it will happen as you say. And to start reporting right away, from the first day / year of moving business.
Personally, I don't even own a Payoneer account at all at the moment, but in my country it's a big topic the last couple of days with taxing freelancers, so it got me curious. And I was also thinking of using Payoneer, but to receive payments and then forward to my company bank account, and pay company required taxes, seems like a popular service that some of my clients use already to pay their freelancers, so less hassle than with wire transfer
 
Last edited:
Rookie23 said:
But how come it's earned in Belgium? It was earned by Belgium national, but it didn't touch any of the Belgium accounts? Also, that Belgium national didn't give any of his / her tax ID to payoneer, so in that case, Payoneer will give that national's info and saved documents (ID) to be identified, but is that really proving that it's that person, what about pishing, it's not that hard to get someone's ID and forge a utility bill, so in that case, if someone really wants to dogde taxes, this can be done, since the card can be sent to another address in the same country.
Or what about people that were residens for some time, they can easily open the account, leave the country and sell the account to someone with a card that's still valid. There is a lot of seasonal workers in EU, that can register with a temporary residence card for such service (but not that easily for a bank account), and just sell the card and login later.
I am not trolling, I really want to understand better the problematics why would Payoneer all of a sudden with the change of country (that was probably imposed due to Brexit) start sending data everywhere, and also lose customers? Because this will impact them in a great way if it will happen as you say. And to start reporting right away, from the first day / year of moving business.
Personally, I don't even own a Payoneer account at all at the moment, but in my country it's a big topic the last couple of days with taxing freelancers, so it got me curious. And I was also thinking of using Payoneer, but to receive payments and then forward to my company bank account, and pay company required taxes, seems like a popular service that some of my clients use already to pay their freelancers, so less hassle than with wire transfer
Click to expand...

It was earned in Belgium because that is where the person that earned it was working from.
 
ExperimentalSEO said:
It doesn't matter what currency you are getting paid in, or where that bank/institution is located or even if you spend the money or not. You will still be subjected to the tax laws since the money was earned in Belgium.
Click to expand...

Yes of course you have to pay taxes on the income you made in your country that's obvious, no matter if you use payoneer or another payment processor. The question here is to know if Payoneer will report your income if you don't do it yourself (in case you don't want to pay your taxes in your country).

When payoneer were still registered outside of europe (Gibraltar I think) it was sure they don't report to governments, and I know people took advantage of this by not declaring their income. Now, as payoneer is registered in EU I think it will change, and they will report people's income, but it's just a supposition.

Rookie23 said:
I completely agree with you, you never know. The only thing that I think which makes them different, is that PayPal offer credit through their service, and that they do allow individuals transferring money between them, while Payoneer prohibits that and also is not allowing any kind of credit offering to their users. So I would say Paypal requires a bit more legislative and higher levels of compliance than Payoneer. Also, Paypal is a legal entity, present in 200 countries with 20-30 currencies, so I would say they're way more regulated. Or I just hope so :)
Thanks once again, your post inspired me to register, since I was searching what will happen with this switch in the last couple of days. We can continue this over PM / DM as well, if you don't mind :)
Click to expand...

yep no prob :)
 
Are there any payoneer alternatives that people are using? I genuinely don't know. I only know about PayPal, but interested in services where you could receive the money and use debit card for payments.
 
Bundewa said:
Are there any payoneer alternatives that people are using? I genuinely don't know. I only know about PayPal, but interested in services where you could receive the money and use debit card for payments.
Click to expand...

transferwise
 
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