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Payoneer / firstpaychoice and Automatic data exchange from OECD

LisaSimpson

Active Member
1. I am surprised that i was not clear in my past message. In order to reinsure you, i would like to rephrase. According to the Common Reporting System guidelines, there is no automated reporting. The financial entity has to send an email or a mail to the customer first to confirm his tax residency address in order to route his information to the right country.
If you don't receive any messages, there would be no automatic reporting based on the information you already gave.

2. I had no reply on the forum and by support team.
 

chakka

New member
yeah.
thanks. you were very clear.
I was just thinking about and asking to myself this:
- why payoneer/firstchoice doesnt write nothing specific about CRS in them site, while paypal and leupay made very clear that will report? that means that are there some difference between paypal/leupay and payoneer? what are exactly the differnce? id like understand better this.. if you can exaplain :)

(can you report here the link about the CRS or other file where we can find information about this?) really thankyou
 

chakka

New member
oh and..another question... firstchoice iussed card with belize choicebank, but the bank of firstchoice/payoneer is not choicebank belize, but its first century bank (USA).
So... im european (so not involve in FACTA).. im involve in AEOI.. but I read that USA doesnt signed for AEOI..usa just uses FACTA.... so payoneer( first century bank) dont have to report anything about european citizen.... is it correct or not?! (sorry for bad english..hope you understand what I want explain)
 

basz

New member
Hello I just signed up because I am interested.
I actually earn with online services and US company pay me directly by Payoneer.
I would understand better if Payoneer will report my data in 2018.
1) Payoneer is not a bank!!! is it correct? .. why should present the data?
2) Even if we have a Payoneer card, in real, we do not have a bank account opened in Belize with the choice bank, and neither in America with first Bank Century ... so ... I do not understand ...
a person who has Payoneer has not really a bank account in Belize or in america ... why should bring our data? how?
(sorry for bad english)
Yeah, i think you're right. Payoneer has one big bank account at the Bank of Amerika where they receive your earnings. Next they send that money to your card. So I'm quite sure you, as Payoneer customer, don't have a bank account in Belize.

When you read the FirstChoicePay terms of usage:
The Card does not constitute a checking, savings or other bank account and is not connected in any way to any other account you may have.

But I don't know if they need to report your prepaid debit card. Many people have a prepaid debit card, so it's not that special. A bank account in Belize is more suspicious. Like LisaSimpson said, they have to send you (officially) an email about it.
 

LisaSimpson

Active Member
Just to keep on going about this subject. What bother me now, this is the Global payment service in Payoneer.

Global payment service allows Payoneer users to receive money using
  • ACH details just like they would have a US bank account at First century bank in the US since the beneficiary is me.
  • SEPA details just like they would have a EU bank account at Wirecard AG in germany since the beneficiary is me.
  • BACS details just like they would have a GB bank account at Barclays in the UK since the beneficiary is me.
  • ZENGIN details just like they would have a JP bank account at bank of tokyo since the beneficiary is me.
Payoneer states that: "This service enables you to receive payments from companies worldwide - as if you have a local bank account in those countries. "


However i never received a message from those 4 banks asking me to confirm my fiscal residency. Payoneer could have done it for me. But also Payoneer didn't send me a message to confirm my fiscal residency. In fact, i have checked this in the CRS report from OECD and they states that the fiscal residency information should be always up to date.

I still wonder if those 4 banks could report me to the place where i live.
 

LisaSimpson

Active Member
Which thread is it?
I would like to say that this type of "contribution" (according to several users on this forum and some OECD reports published in the threads it seems they are forced to do so!!) has no gound at all.

Since I have started this thread, I gathered as much information as I could. I contacted Payoneer users and none of them told me they have been asked to confirm their tax residency address on yearly basis. Normally according to the OECD report bank account owners should contacted by mail or email to confirm their tax residency every year. Nobody has received such an email.
 

extremedox101

Entrepreneur
but they confirm the address when card received , i closed account with FC , what do you think about paxum reporting ?

thanks for the heads up, it's mysterious subject that need deep search .
 

tonyy

New member
Just to keep on going about this subject. What bother me now, this is the Global payment service in Payoneer.

Global payment service allows Payoneer users to receive money using
  • ACH details just like they would have a US bank account at First century bank in the US since the beneficiary is me.
  • SEPA details just like they would have a EU bank account at Wirecard AG in germany since the beneficiary is me.
  • BACS details just like they would have a GB bank account at Barclays in the UK since the beneficiary is me.
  • ZENGIN details just like they would have a JP bank account at bank of tokyo since the beneficiary is me.
Payoneer states that: "This service enables you to receive payments from companies worldwide - as if you have a local bank account in those countries. "


However i never received a message from those 4 banks asking me to confirm my fiscal residency. Payoneer could have done it for me. But also Payoneer didn't send me a message to confirm my fiscal residency. In fact, i have checked this in the CRS report from OECD and they states that the fiscal residency information should be always up to date.

I still wonder if those 4 banks could report me to the place where i live.
Hi Lisa Simpsons,
I was wondering whether you have any news regarding this? Did any of the bank report you?
Many thanks,
Tony
 

LisaSimpson

Active Member
I still receive money from Amazon to Payoneer on my USD and EUR account. I have still no problems with my local tax authorities.
None of those banks reported me.
 

Samuel Newman

Offshore Desk expert
have talked to the management of the Payoneer, they do not report anything for now, but they have started to obtain CRS declarations recently and reporting may be started soon
 

LisaSimpson

Active Member
In the worst case scenario, here is an escape situation. Here is a plan that I found to be useful for real banks. It is 100% legit.
If payoneer contacts you I know how it will work because I saw how banks reported customers... Here is my advice.

Let's imagine they start to report people in 2020. They will have to send messaged to Payoneer account owners in november 2020. Then on the 31st of december they will write down your account balance. So, if you get contacted by payoneer, you must tell about your address and confirm your fiscal residency and then, it is time to empty your accounts before the end of the year. If you have no money on the 31st of december or little money, the tax authorities will not be interested in your account. On the other hand, if you have more than $15000 on your account, the tax authority will be interested in it right away.
Even if you have little money on your payoneer account and if it was reported, your local tax authorities may monitor you in the future. So, if this scenario occurs it will be time to close your Payoneer account.

I have read in AEOI guidelines, that the financial insitution should contact the account owner to confirm the fiscal residency address. In worst case scenario, i hope payoneer will contact the payoneer account owners if they are about to report them. I tell you so because i know this E bank named N26 and I think that they don't contact their account owners before reporting them.
 
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