Payoneer has announced that the UK’s FCA has completed its audit of Wirecard UK and as a result, all Payoneer Prepaid Mastercard® cards are now working normally again.
The cards now work at ATMs, online and via Point of Sales terminals but Payoneer is advising users to withdraw their funds.
While you may wish to withdraw your funds very quickly, we have been assured by the FCA that no further problems are expected.
They are also re-enabling bank withdrawals imminently.
From Monday July 6, 2020, you will once again be able to withdraw your funds to your local bank account and use your balance to make payments. Until then, we will waive the flat ATM withdrawal fee.
Payoneer however mentioned they would switch to a new card service provider soon and make an announcement once this is done.
All future payments will continue to be received to your Payoneer currency balance, not your card. Even though the FCA announced that the cards are safe to use, we will offer a new card issuer soon, ensuring long-term safety of your earnings.
All Payoneer cards had hitherto stopped working for a few days.
Payoneer was a good and honest company when it was just launched and I have been using it for almost a decade without any issues whatsoever, Unfortunately, things went downhill after the Wirecard supposed $2b missing funds scandal and the company starts to freeze and cancel account holders’ funds and cards, giving all sort of BS reasons to not reactivate the accounts and cards, therefore ‘stealing’ the funds of its account holders under the pretext of identity verification (which will never be accepted).
Although Payoneer has denied this, it is reasonably possible that Payoneer may have been affected and have lost funds during the Wirecard fiasco and is no longer liquid to honour all of its account holder’s payments.
As such, it has resorted to freezing and cancelling account holder’s funds and cards so that the company need not honour any payment to its account holders. Their latest ploy to delay and withhold funds are to ask for National ID verification again and again only to reject (what was originally accepted) and then repeat the same BS over and over again till the account holder gets tired and gives up, thus allowing Payoneer to keep the funds for its own use.
However, to appear legitimate and viable, the company allowed about 1 out of 5 or maybe 10 account holders to continue to use their accounts and these are normally accounts belonging to residents outside Asia. From the many feedbacks and postings, most of the currently affected account holders are based in Asia.
So if you are a Payoneer account holder that has been affected by their latest ploy and have funds frozen and taken on a “ID verification” merry-go-round, then I would strongly suggest that you file a formal complaint against Payoneer with the relevant authorities, which means in the US and Ireland, where its headquarters are based and incorporated in. It would also be good to file a former complaint with the Central Bank of Ireland as Payoneer Europe is licensed to operate.
All evidence currently seems to suggest that Payoneer is doing exactly aforesaid and no account holders should be taken for a ride and lose their funds to an unscrupulous company this way. So file the complaint asap and take these companies to task.
IMHO, It would be pointless to file any complaint to any of its CEO since he probably is instrumental in Payoneer’s current BS practices. The verification team probably has the board’s blessing to delay and deny payments to its account holders.
The former PayPal was doing exactly the same thing and was taken to task by the federal authorities and slammed with multiple class-action suits, so if there are no reasons why Payoneer cannot be held accountable.
Any living person at Payoneer is at liberty to contact me if he/she disagrees with what I have posted at [email protected].