newbee

Samar_R

Hi,I am new here. no online business yet, which type shall i chose, individual? would it still work for freelancing and online selling? can i change it in the future?
If I use payoneer without a local bank (i am living in Finland), which tax rules shall be applicable on my situation? and from where can i withdraw my money?
Thanks in advance.

Kiara_Payoneer

Hello @Samar_R ,

Please note that both individual and company Payoneer accounts are business accounts. If you're a freelancer, you can apply for an individual account.

If you wish to have a company account in the future, you'll have to re-apply as it's not possible to switch an individual account to a company one.

Regarding tax procedures we cannot advise you, you should consulte your tax advisors.

You'll be able to withdraw your funds received on your Payoneer account to your personal bank account anytime.

Samar_R

Thanks for the reply.
I have searched a bit about opening an actual account with a card, but the app didn't give me this option, because: the service is not available in Finland.
That means i can only open a payoneer account if I link it to a local "finnish" bank, right?
Then in that case, the taxes which are applicable in Finland would apply to any amount i would be receiving online, correct me if i am wrong plz.
Then, when i withdraw my money, another fee from my local bank would be applicable (+ payoneer's 2% of the whole amount), right?
Please do not mind these bunch of inquiries on my behalf, I just need to know where i am standing when I open an account.
Thanks in advance.

Kiara_Payoneer

Hi again @Samar_R

If you're registering from our website directly, Payoneer does not have an only card account anymore. You have to apply with a personal bank account for verification reasons, in most cases, yes it has to be local bank account. Once you have a Payoneer account and you've earned at least 100 USD you'll be eligible to request a Payoneer card.

Please note that the fact that you're adding your bank account does not mean that your funds will automatically be withdrawn to the bank account. You'll have balances in your Payoneer account, and the funds will accumulate in these balances. After you can choose if you wish to withdraw these funds or wait to issue the card and use it with the card.

For fees please visit this page and you'll find the full list.

Samar_R

Ok, thanks:
1- If I link my payoneer account to my local bank, the balance of Payoneer would be seen through my local bank as well as through your platform, right?
Therefore any funds in my payoneer account would be considered as income and taxable here in Finland, even if I kept them in my payoneer account, without withdrawing them. correct?
2- Is there any specific time to earn the minumum 100USD?
3- I am planning to move outside EU, would this affect my payoneer account if the local bank would still be open, i.e: can I use the payoneer account from another country than where the local bank is? or I have to change the linked bank to the country i would be living in outside EU?
4- In that case, for my earnings through payoneer, i would pay the taxes for the country outside EU in which i am living, or I would still pay taxes to the Finnish entity , even if I am living abroad, just because my payoneer account is linked to Finnish local bank?
Thanks again.

Kiara_Payoneer

@Samar_R

1. No, once you add your local bank account to your Payoneer account you can choose to withdraw your funds anytime and any amount you want within the minimum limit. The funds you earn will remain in your Payoneer account unless you choose to withdraw them. If you don't withdraw the funds, they'll not show on your personal bank account. Regarding tax procedures we cannot advise you, you should consulte your tax advisors.
2. The threshold for the card must be collected within a 6 months period.
3. If you move out of the European union, you'll have to re-apply according to the regulations of the union, but you can still use the same bank account.
4. We are not aware of the Finnish tax regulations this is why I recommended previously that we cannot advise you regarding this matter.

Please note that these questions are being answered in a general way. Every account may vary so it's always better to consult with customer support for a more precise answer that will suit your personal account.

Samar_R

Hi, thanks alot.
I opened an individual account.
How can I reach tge customer support to further get more precise answers?

Kiara_Payoneer

To contact customer support click here or you can also contact them on Twitter, Instagram or Facebook. The response via social media is not immediate but we can assist you with anything that you need.