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WireCard - hope this isnt another SATA

xzars

Entrepreneur
A pearl of a quote from that FCA's article Q&A smi(&%
I am experiencing financial hardship as I can’t access money (for example, my salary) that’s been paid onto my card. What should I do?

If you’re struggling to pay for essentials you might be able to get help from a local welfare assistance scheme.
LOL!... So please stop complaining, peasants, and make your way to the soup kitchen. But know that we still love you and we're only doing it for your protection.
 

Gediminas

Offshore Tax Advisory
Mentor Group Gold
Commercial Service
Business Angel
Ok, let's say everybody from the companies that I can trust with my money.
If you spend at least 5k EUR/month with the card, then I could introduce to you a good company that can deliver the cards basically anywhere in the world (except sanctioned countries). It's a well-respected company that has offices in Europe and the USA. I have written a little more info in my thread Offshore bank accounts and Cards with high spending limits!
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
LOL!... So please stop complaining, peasants, and make your way to the soup kitchen. But know that we still love you and we're only doing it for your protection.
That made me laugh. What a joke all very sad. Tells you how they really feel about public. I mean look at epayment customers money has been trapped since Feb 11th. Imagine having your money blocked that long.

So I say again to everyone when you hear a bank or EMI is in trouble just run. Don't wait for any "deposit insurance" or your "assets are segregated and safe". What's the point of money being safe if you can't get to it for months..lol.
 

Edge

Active Member
So what does this mean (about wirecard UK)

The company has appointed turnround specialist Alvarez & Marsal, which is also considering other options including placing the business into administration if it cannot convince the regulator to lift its suspension, according to people briefed on the situation.

source
 

Edge

Active Member
Also an update from Payoneer CEO ..

he says they are going to cover .. that means they know the outcome. Either the freeze will be lifted and he comes out as a hero, or it doesn't and he is anticipating the blow out ... I assume he got confirmation of the freeze lift and he is trying to be a hero ..

 

Edge

Active Member
BOOM I knew it

On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.
 

nitehawk

Active Member
Sounds crazy but I am thinking of buying shares. Price is super low and company can still generate positive income.
 

extremedox101

Entrepreneur
BOOM I knew it

On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.
huge relief for wirecard users but it's better to stay away from a company that works under FCA licence.
 

Edge

Active Member
Sounds crazy but I am thinking of buying shares. Price is super low and company can still generate positive income.
Is the wirecard UK stock separate from wirecard AG ?

Also concerning wirecard UK, true the funds are unfrozen, and all the wirecard clients (curve, payoneer etc) are saying to their customers in 24 hours you can spend online and withdraw using ATMs, and that the FCA said there are no immediate concerns, I'm assuming most of the clients will look for other solutions .. It's just stupid not to. In fact Payoneer said that multiple times, they are already "ramping up" new issuance capabilities.

My point is, even if there are no future problems and the company continues to operate, everybody will be running as they should.
 
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RSGM

Mentor Group Gold
So much shady stuff with Skrill .. I stayed away from it a while back, when I visited a forum where people were selling all kinds crap, and most of the ones that look like scams were using Skrill or Bitcoin to get paid .. That should tell you something ...

I have a business account with Transferwise, they issued a card for my company (incorporated in europe) but they can't issue a card for my associated personal account. They only issue cards for Sepa region / US too .. Basically like everybody else ...

Same goes for Paysera ... They only issue cards for EU / EEA residents ..
Been using Skrill for years. They are a million dollar company, regulated by the FCA and other financial regulator bodies. They're part of the Paysafe: group. I don't know why you would doubt Skrill in any way. More People use Paypal than Skrill to sell all kinds of crap and please don't say Paypal is a shady company.
 

Edge

Active Member
More People use Paypal than Skrill to sell all kinds of crap and please don't say Paypal is a shady company.
Here is a thought experiment.

Someone sells you something via paypal, turns out it's not what you expected. There are mechanisms that gets you your money back.

Same person sells you the same thing via Skrill. You have no protection and you lose your money.

That's the reason people operating in black / greyish areas are pushing Skrill.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Sounds crazy but I am thinking of buying shares. Price is super low and company can still generate positive income.
They have not even paid their staff's June salary and you want shares in such a company...lol.


My point is, even if there are no future problems and the company continues to operate, everybody will be running as they should.
I agree they should 100% run at first opportunity thu&¤#.
 

jackfrost

Active Member
Wirecard is beyond done. 12 public prosecutors + bafin in the crosshairs. Germany will make an example out of them. That is not even taking the other lawsuits in account. It will be sold off in pieces under administration as best case scenario.
 

bigladsmith

Mentor Group Gold
It looks like cards are back up and running now, a source advises such. He’s withdrawing as much as he can before WCSL go pop, it can only be a matter of days.
 

Edge

Active Member
Here is the situation now, at least for Payoneer, I'm not sure how curve or other clients of Wirecard UK are handling this.

Funds in the cards are unfrozen, but you can ONLY use them with your card. Meaning you are allowed to withdraw cash in ATMs, checkout online and in stores. However, you can't withdraw funds from your card to your bank account (They are limiting the amounts withdrawn with this measure, because obviously there are ATM limits).

So basically they are allowing normal people to continue operating (which is great), but until July 6th, apparently the FCA is still investigating, and won't allow bank withdrawal until that date.

Payoneer is allowing people to use their cards, but people can't add any new money to those cards. All incoming funds are being held in payoneer virtual balances ... Payoneer are saying they are working on ways so people can "make payments" using those virtual balances in the near future (I'm assuming virtual cards maybe I don't know), and of course way down the road find a new card issuer or get a licence and issue cards themselves.

All in all, stituation still unclear, but I really like what the FCA did. They allowed people who depend on the cards to continue their day to day lives, while still holding back on big bank withdrawals ..
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
They allowed people who depend on the cards to continue their day to day lives, while still holding back on big bank withdrawals ..
Hummm.....so you can't run away to safety with all your money basically?
 
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