Central bank tightens regulations in my country can I still use Payoneer ?

Radamel
Radamel Member Posts: 7 ✭
in Popular Questions and Tips
Hello,

I'm a freelancer living in Central Africa and I have friends using Payoneer but I'm concerned with the regulation put in place by the Central bank of Central African countries stating that; citizens are forbidden from having foreign bank accounts (https://www.businessincameroon.com/bank/2803-8989-beac-tightens-conditions-for-opening-a-foreign-currency-account-in-and-out-of-the-cemac-region).

What does Payoneer do to help its users overcome this challenge?
Does it mean that every Payoneer user in Central Africa is outlawed?

Thanks

Answers

  • Kiara_Payoneer
    Kiara_Payoneer Administrator, Moderator, VIP Member Posts: 450 ✭✭✭✭✭✭

    HI @Radamel !

    You can apply for a Payoneer account from a Central African country, we have no restrictions for those countries. o:)

  • Radamel
    Radamel Member Posts: 7 ✭
    Hello, thanks for your reply. Our central bank forbids us from having foreign bank accounts (Payoneer provides foreign bank accounts), does Payoneer provide a special means for us to get paid without having to open a foreign bank account?
  • Kiara_Payoneer
    Kiara_Payoneer Administrator, Moderator, VIP Member Posts: 450 ✭✭✭✭✭✭

    @Radamel , actually Payoneer is not a bank, we do use intermediary banks that help us with rutes for transferring funds but having a Payoneer account is not a bank account. I'm not sure what you mean by "special means", but I hope this helps.

    Havea great day!

  • Radamel
    Radamel Member Posts: 7 ✭
    @Kiara_Payoneer , I know that Payoneer isn't a bank. You seem to get me wrong. I'll rephrase myself: Payoneer offers foreign bank accounts to receive payments in foreign currencies right? I'm one of those persons who leave in a country where citizens are forbidden to open foreign bank accounts. What does Payoneer do to help people in countries like mine to get paid if they can't open a foreign bank account please ?
  • Kiara_Payoneer
    Kiara_Payoneer Administrator, Moderator, VIP Member Posts: 450 ✭✭✭✭✭✭

    Hi @Radamel , I do think I understood you well in this case. As I mentioned above Payoneer is not a bank therefore you'll not have a Payoneer bank account not local nor foreign. We are an online platform to receive, store or use your funds to pay your providers. The bank details you'll be provided with are just a tool for us to assist you with the management of your transfers, but you'll not be owning those accounts personally.

    Unfortunately, we have no measurements regarding your country's regulations, so in this case I recommend consulting with the corresponding governmental entity.

  • Radamel
    Radamel Member Posts: 7 ✭
    @Kiara_Payoneer thanks for your reply Just to be sure, what proves that Payoneer accounts do not belong to their users? In case there is any issue, what argument can I use to defend that?
  • Kiara_Payoneer
    Kiara_Payoneer Administrator, Moderator, VIP Member Posts: 450 ✭✭✭✭✭✭

    Hi @Radamel, you do own your Payoneer account. But not a Payoneer bank account as that doesn't exist.

    I cannot advise you what argument you should use to defend yourself or your belongings, I recommend consulting your legal representative.

  • Radamel
    Radamel Member Posts: 7 ✭
    Hi @Kiara_Payoneer thanks for your reply.

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