Payoneer / firstpaychoice and Automatic data exchange from OECD
- Thread starter LisaSimpson
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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.
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.
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
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
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)
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)
Yeah, i think you're right. Payoneer has one big bank account at the︁ Bank of Amerika where they receive your earnings. Next they send that money to your︂ card. So I'm quite sure you, as Payoneer customer, don't have a bank account in︃ Belize.
When you read the FirstChoicePay terms of usage:
The Card does not constitute a︄ checking, savings or other bank account and is not connected in any way to any︅ other account you may have.
But I don't know if they need to report your︆ 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 send︈ you (officially) an email about it.
When you read the FirstChoicePay terms of usage:
The Card does not constitute a︄ checking, savings or other bank account and is not connected in any way to any︅ other account you may have.
But I don't know if they need to report your︆ 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 send︈ you (officially) an email about it.
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
However i never received a message from those 4︂ 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 the︅ fiscal residency information should be always up to date.
I still wonder if those 4︆ banks could report me to the place where i live.
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.
However i never received a message from those 4︂ 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 the︅ fiscal residency information should be always up to date.
I still wonder if those 4︆ banks could report me to the place where i live.
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 tax︀ residency every year. Nobody has received such an email.
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 tax︀ residency every year. Nobody has received such an email.
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 .
thanks for the heads up, it's mysterious subject that need deep search .
i hope you 'll come back for some updates , does paxum report ? i'm mostly debit card client-personal account
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.
None of those banks reported me.
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
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 is︀ time to empty your accounts before the end of the year. If you have no︁ money on the 31st of december or little money, the tax authorities will not be︂ interested in your account. On the other hand, if you have more than $15000 on︃ your account, the tax authority will be interested in it right away.
Even if you︄ have little money on your payoneer account and if it was reported, your local tax︅ authorities may monitor you in the future. So, if this scenario occurs it will be︆ time to close your Payoneer account.
I have read in AEOI guidelines, that the financial︇ insitution should contact the account owner to confirm the fiscal residency address. In worst case︈ scenario, i hope payoneer will contact the payoneer account owners if they are about to︉ report them. I tell you so because i know this E bank named N26 and︊ I think that they don't contact their account owners before reporting them.
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 is︀ time to empty your accounts before the end of the year. If you have no︁ money on the 31st of december or little money, the tax authorities will not be︂ interested in your account. On the other hand, if you have more than $15000 on︃ your account, the tax authority will be interested in it right away.
Even if you︄ have little money on your payoneer account and if it was reported, your local tax︅ authorities may monitor you in the future. So, if this scenario occurs it will be︆ time to close your Payoneer account.
I have read in AEOI guidelines, that the financial︇ insitution should contact the account owner to confirm the fiscal residency address. In worst case︈ scenario, i hope payoneer will contact the payoneer account owners if they are about to︉ report them. I tell you so because i know this E bank named N26 and︊ I think that they don't contact their account owners before reporting them.
It's 2021, and I am curious if Payoneer is reporting its user transactions via CRS?
In Serbia, there is a massive crackdown by the local tax authorities on freelancers who are not reporting their taxes (tens of thousands of them, they are now organizing protests in front of the parliament). So far, they only managed to catch those who withdrew funds from Payoneer to their bank account. Still, many people consider Payoneer MasterCard as a "tax haven," withdraw funds on ATMs, and believe Payoneer isn't going to rat them out the tax authorities. So far they didn't.
Serbia signed CRS in 2019. Do these people︀ live with a false sense of security? Are things going to change?
In Serbia, there is a massive crackdown by the local tax authorities on freelancers who are not reporting their taxes (tens of thousands of them, they are now organizing protests in front of the parliament). So far, they only managed to catch those who withdrew funds from Payoneer to their bank account. Still, many people consider Payoneer MasterCard as a "tax haven," withdraw funds on ATMs, and believe Payoneer isn't going to rat them out the tax authorities. So far they didn't.
Serbia signed CRS in 2019. Do these people︀ live with a false sense of security? Are things going to change?
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