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Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Payoneer is using some kind of pooled accounts that are not reportable under CRS for now.

However I'm 100% sure that if a Tax Authority contacts them to release information about a person - they will do.

Payoneer will become publicly traded company - they need to comply with the law

I even can imagine that they will tighten there regulations as there past growth was due to the fact that they targeted freelancers in high risk countries only and the fees refelcted it together with unusual high ATM withdraw limits of 5.000$/day.
 

evildoer93

New member
Payoneer is indeed the only EMI that is issuing and shipping their debit cards to users in high-risk countries. Until very recently they didn't even ask for proof of address before issuing the card (now they do since they moved to Ireland). Other EMIs like Wise are limited to clients in the EU/EEA.

Serbian freelancers are concerned that Payoneer will send information to tax authorities of all their users registered in Serbia (tens of thousands), which I think is impossible without Payoneer reporting through CRS. If they start reporting through CRS, according to the Serbian tax code, tax authorities can demand taxes and social contributions from people for the past 5 years + interest, which will be a huge blow to freelancers.

Payoneer knows their clients are using their cards for evading taxes, and if they start reporting through CRS they will lose many of them.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Payoneer knows their clients are using their cards for evading taxes, and if they start reporting through CRS they will lose many of them.

Could be the case that this was some kind of guerilla marketing to have the fastest possible growth and once they are big enough they will get rid of all this customers - same did Skrill in the past already step by step.

Same did AdvCash in the past already - I mean they were literally processing all the shady shit and ponzi scheme money all over the internet for a half decade and now they are acting with there compliance like a real bank.

If things are too good to be true - they will change sooner then later - especially in the year 2021 and ongoing.
 
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