Payoneer Prepaid Mastercard Concerns

[Vladimir G]

Hi Mostafa,

Payoneer has advised that but if you have additional questions or would like to double-confirm, please reach out to Payoneer customer support.

[Lina Z]

WOW! Just got an email from Payoneer, that my account was freezed, because Wirecard AG filed for insolvency... Who else uses Payoneer and received the same email? I have no idea what to do...

[shelece d]

Me too. It looks like we will lose our funds. The email from payoneer is very vague. Many people do not have over 10k on their card so they will lose the little they have or it will be frozen until the investigation is over.

[Abinadab A]

Nah, you don't lose any money.

The money is still in your account, only, can no longer be spent through your card.

[Lina Z]

Well...I just tried to withdraw money to my local bank and the transaction was declined

[shelece d]

No one can use their funds. You cannot even withdraw to your bank account.

[Natalie J]

Payoneer would not even allow the funds on the card to be sent to my bank account dispite a customer care rep assuring me that is was another option. 

It kept sending an error notice.

Insolvency is technically bankruptcy; add this to the fact that they are unwilling to give a timeframe of when they will release our hard earned monies, it seems very clear that the freeze will be permanent. 

A decision to go insolvent doesn't just spring up overnight and there was no warning to card users of this crisis. If there had been a warning given am certain most would have switched to anothe method to get paid thus avoiding losing their money. 

Thus freeze seems like another fraudulent scheme by Wirecard to hold the funds and use them to mitigate some of their debts whilst keeping cardholders in limbo. 

[Petra R]

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Natalie J wrote:

Insolvency is technically bankruptcy; add this to the fact that they are unwilling to give a timeframe of when they will release our hard earned monies, it seems very clear that the freeze will be permanent. 

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Payoneer is not insolvent or bankrupt. Even Wirecard Card Solutions Ltd in the UK isn't insolvent or bankrupt.

Even Wirecard AG in Germany isn't. Only a small part has filed for insolvency.

Payoneer can't tell anyone how long it will take, because they don't know. They didn't freeze the funds, nor did Wirecard Card Solutions Ltd in the UK.

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Natalie J wrote:

Thus freeze seems like another fraudulent scheme by Wirecard to hold the funds and use them to mitigate some of their debts whilst keeping cardholders in limbo. 

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Huh? Wirecard Card Solutions Ltd didn't freeze the cards. The FCA (Financial Conduct Authority) in the UK did. You are conflating Wirecard AG, Wirecard Card Solutions Ltd in the UK, and Payoneer.

[Abinadab A]

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Lina Z wrote:

WOW! Just got an email from Payoneer, that my account was freezed, because Wirecard AG filed for insolvency... Who else uses Payoneer and received the same email? I have no idea what to do...

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Your account was not frozen; the card was.

I got the email too.

Of late, I see little value in using that card, since Payoneer also offers me the ability to transfer from the balance to local bank. It's also way cheaper than trying to use the card to transfer through third parties like Skrill, WorldRemit, Transferwise.

[shelece d]

It was frozen. I have more than 20k in my account and I cannot withdraw to
my bank account. I keep getting an error. Payoneer said that we would have
access to anything in excess of the card limit but that is not the case for
me.