A couple of points specific to Payoneer. As I almost always start these posts – please make sure you are doing business with a company that is actually licensed to provide escrow or money services. The fact that they are licensed assures you they are following the laws and compliance regulations set forth by the governing bodies. Payoneer has many domestic as well as international licenses needed to support the global needs of our customers. As such, there are requirements that we know who we are doing business with. Know Your Customer requirements, commonly known as KYC, procedures are fairly standard. Although the implementation can be done differently. As an example, when I set up my Payoneer account I was not required to submit any kind of government ID. The Payoneer system was able to garner enough information from my name, address and bank account information to approve me. Should the information within the application not have been consistent I may have been required to submit additional proof of who I am or explain the inconsistencies. The fact that Payoneer has been doing this for over ten years has allowed us to develop a system that is much more customer friendly and less invasive than our competitors. The account was approved within 24 hours. Payoneer does not require ID copy from every applicant, only if we're unable to validate your identity will an email be sent requesting copy of government issued photo ID or additional information.
When setting up your payout preference through Payoneer Escrow you can choose to be paid directly to your local bank account or to your Payoneer Account. If you are in the United States and choose to receive funds directly to your bank account there is no charge. If you are an international customer and would like to receive a USD SWIFT wire to your bank account there is a fee of $15. If you are an international customer and would like to receive a local bank transfer in a country where the local route is supported no transfer fee will apply, only currency conversion where applicable. If you select Payoneer Account as your payout preference you can withdraw your funds to a Prepaid Debit MasterCard card or transfer funds into your local bank (where local currency transfers are supported). Currency conversion fee will apply for changing US dollars into local currencies. Through the Payoneer global network conversion fees are typically lower than standard bank conversion fees.
Payoneer Escrow fees start at $10. If a buyer funds escrow and the transaction does not complete the buyer is entitled to a full refund. Other escrow companies may take the complete escrow fee before returning your funds, check their terms of service. We look forward to the opportunity to earn your business.
Thank you and best regards,
Brandon
Brandon Abbey
[email protected]
1-949-444-3623
