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I hope Gengo starts offering more payment options now that Payoneer is dead and all funds in there are frozen (if you haven't heard it yet, surprise). Please add other options, I'm not sure if I'll ever trust Payoneer again even if they do release my funds. Paypal rates are too high (almost 10% here in Brazil) and they take forever to transfer the money.

12 comments

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    Lara Fernandez

    Hi Erik — we will follow up with Payoneer to find out what has happened, however, I wouldn’t be so quick to assume “it’s dead” and that this is not a temporary issue. As for adding other payment methods, this is something that we’re exploring at the moment, but we don’t have a timeline or a final decision regarding whether we will implement another method or when that we can share yet.

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    Lara Fernandez

    Just as an update: Payoneer has sent out communications explaining the issue earlier today. For the purposes of this thread, and because I don’t have access to any other public statement from Payoneer as of yet, I will be copy/pasting the contents of the email below (in case you didn’t receive it).

    In short: what is currently frozen is prepaid card activity exclusively. Users are still able to withdraw their funds to a bank account.

    Payoneer’s email content below:

    As you may have seen on the news, Wirecard AG filed for insolvency on Thursday. Your Payoneer Prepaid Mastercard® Card is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL) in the UK. Today, the Financial Conduct Authority (FCA) which regulates WCSL, issued requirements on WCSL, freezing all prepaid card activity for the time being. We believe that cardholder funds are properly safeguarded and that the freeze will be temporary.

    What does this mean?

    The FCA has communicated that they have taken these measures with the primary objective of protecting the interests and money of Wirecard customers. Pending further actions from the FCA, you will temporarily be unable to withdraw the funds on your card, nor receive new payments onto your card.

    Any funds that are in excess of the maximum balance of your card are held by Payoneer and are therefore not impacted by the FCA’s temporary freeze.

    How can I get paid during this time?

    Any future payments that you receive from marketplaces, platforms and clients will not be affected by the freeze. You can sign in to view your funds, and you can now add your bank account for withdrawal of your future incoming payments.

    We are actively working on offering additional options for you and your patience and understanding are highly appreciated. We apologize for any inconvenience this may cause and we’ll update you with more information as soon as we have it.

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    Erik

    Thanks Lara, looks like there's a problem with Payoneer's credit card issuer, they had their funds blocked and since Payoneer automatically transfers money to the card issuer's account, that money was blocked as well. I don't really like how they handled the situation though, they took the whole day to issue a statement about the issue and kept saying on Twitter that everything was good and the card would keep working normally even with many people reporting otherwise (I tried to use my card this morning and it didn't work), and looks like they've removed user's comments about this on Facebook (why bother dealing with the problem right?)

    It surely looked dead some hours ago, I couldn't even login to my account (now I can, but the funds are still blocked). They've sent out an email later in the day stating that they "believe that cardholder funds are properly safeguarded and that the freeze will be temporary". Let's hope that's the case, but as soon as we have another payment processor that doesn't charge ridiculous fees (aka PayPal) and doesn't try to silence users' complaints, count me in. Sorry about the rant, I'm just upset they didn't let the users know about the problem. I'm sure Gengo will do the best to give us more options, since you guys do care about the users (unlike Payoneer) :)

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    Lara Fernandez

    Hi Erik — I can imagine it’s been a very confusing experience for the end users (after all, we all care about our money!)
    I have emailed our contact person at Payoneer to request any further information that we can share with you guys (but not sure if I’ll be hearing back until Monday since it’s the weekend.) I can also imagine this has unfolded quite suddenly on their end and what you experienced (dead account) sounds like it could be a first measure while they investigated what was happening in order to take most appropriate action. I will keep you all updated with any information that comes our way :)

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    RogerAB

    I'm also interested in this matter. So further updates will be expected and appreciated. Thank you!

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    Lara Fernandez

    Hi all - thank you for your patience.

    I've just received Payoneer's official statements, so sharing here:

    https://blog.payoneer.com/exclusive/wirecard-in-the-news-its-business-as-usual-at-payoneer/

    https://blog.payoneer.com/exclusive/wirecard-prepaid-card-update/

    I will continue to update as/if I receive new information. In the meanwhile, for any further details or if you have any specific questions, please contact Payoneer support directly.

    Thanks,

    Lara

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    RogerAB

    Thanks Lara!

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    aardhiroki

    Dear Lara,

    Thanks for the update. Sorry for 'hijacking' the thread, but while I understand that it's not possible for Gengo to share any information on possible payment methods in the future, I wish to take this opportunity to ask Gengo to seriously consider Transferwise as an option as it offers the best exchange rate as far as I know. Thanks again for your hard work :)

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    Lara Fernandez

    @aardhiroki - Thanks for the suggestion! We will definitely keep it in mind as we explore possible new payment methods.

    Just a word today to inform you guys that the UK FCA has lifted the freeze and you should be able to use your card again in ATMs and for online and in-store shopping. From 7/6 onwards, you should also be able to withdraw your card funds to bank if necessary.

    Payoneer's statement here: https://blog.payoneer.com/home-page/wirecard-in-the-news-update-regarding-wirecard-and-your-prepaid-card/

    The option to request a new card, however, is not available at the moment, and Payoneer has let us know that they're working actively to add more withdrawal methods.

    Thank you all for your patience -- I'm glad to see that the issue is now, for the most part, resolved!

    Please do note that this doesn't mean that we won't continue to explore the idea of adding more payment methods. This is something we were already looking into before this issue came along :) We'll make sure to update you when we have relevant news in this regard.

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    RogerAB

    Wirecard Update: Funds on your prepaid card are now accessible

    https://blog.payoneer.com/home-page/wirecard-in-the-news-update-regarding-wirecard-and-your-prepaid-card/

    That closes the case for now.

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    Yeon

    Hi! I'm thinking of using Payoneer for payouts now, but I saw there may be fees associated with payments. Does anyone currently using Payoneer have extra fees charged (monthly account/maintenance fees, annual fees, etc.)? Or do these fees only apply if you sign up for their prepaid card? I'm not intending to use the card so I'm not sure if these fees would apply. I can't seem to find any specific answers on Payoneer's FAQ on these fees too. 

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    Bruno Callegari

    Hi jnhyn.

    I've been using Payoneer for a while now (no prepaid card, only bank withdraw), and I've never had any extra fee, just the 2% of the conversion rate.

    Edited by Bruno Callegari
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