Payments received are loaded directly to the Payoneer card

A slightly technical question:

 

To circumvent dreadfully slow payment by cheques and instead receive direct deposit payments from say Amazon, one needs an american Bank Account. And thats what Payoneers US Payment Service is for. In my case the bank is 'First Century Bank' and Payoneer has given me an (checking) account-number and a Bank Routing Number to use when registering with one of the white-listed US companies. 

 

On the back of my Payoneer card it states that the card is issued by Choice Bank Limited in Belize and in Nissims pinned post "What Is The Us Payment Service? How does it work?" he writes "All payments received are automatically loaded to your Payoneer card". As I read it my money is INSTANTLY transferred from the american 'First Century Bank' to Choice Bank Limited in Belize

 

I assume that the account in the American 'First Century Bank' is a 'NON interest bearing account'. These days theres a lot of talks about the FATCA agreement and my question as a 'Non-resident Alien' is:  Will 'First Century Bank' exchange or report anything about my account to IRS?!?

Comments

  • NissimNissim Head of Community Posts: 4,013Administrator ✭✭✭✭✭✭✭

    Hi,

     

    The US Payment Service is a collection account, it is not an actual bank account and can only be used to receive funds. The Payoneer card is issued by Choice Bank, however there is no bank account with choice bank opened in your name. Payoneer is a fully regulated US company and we follow up to make sure that all services we provide comply with applicable online payment regulations.

     

    In regards to your question about reporting, Payoneer is not required to report earnings as we only provide you with a payment method. These earnings are already being reported by the company paying you, in this case Amazon. We are of course required to comply with any specific government requests for information.

     

    I hope that helps to answer your question.

    Nissim
    Director of Community at Payoneer
  • lavinalavina Posts: 1Member
    Hello,

    I have 2 concerns... FATCA and OECD's Automatic Exchange of Information with the Common Reporting Standard. Both U.S. and Belize are signatories. If the home country is a signatory as well of the multilateral agreement, should the prepaid card owners have any fears about being reported to the home country's tax office? Thanks, L.
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