Wirecard issues and Payoneer

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  • cutiecutie Member Posts: 15 ✭✭

    I am able to successfully withdraw the funds to my bank account ,and they have arrived as well,ty

  • badbadgerbadbadger Member Posts: 30 ✭✭
    > @Trinity said:
    > (Quote)
    > Happy now?

    Almost :)
  • FoxtrotDeltaFoxtrotDelta Member Posts: 10 ✭✭
    > @MohMort said:
    > @FoxtrotDelta
    > I may be paranoid, but unlike you I'm not naive, I take my hat off when I get results, not words.

    Lets agree to disagree, i care about intensions and you actions. :)
  • CanyonesCanyones Member Posts: 6
    Expectedly announcement.

    Wirecard Vows to Continue With Activities Amid Insolvency Steps - Bloomberg news
  • CanyonesCanyones Member Posts: 6
    Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.

    Wirecard AG expects its provisional insolvency administrator to be appointed shortly as the scandal-hit payment company said its business activities will continue.

    Once lauded as one of Germany’s most successful up-and-coming businesses, Wirecard filed for insolvency on Thursday after the company said that 1.9 billion euros ($2.1 billion) previously reported as cash on its balance sheet probably doesn’t exist.

    In a statement on Saturday, the company said its management board believes continuation of operations “is in the best interests of the creditors.” That includes its banking unit, which is currently not part of the insolvency proceedings.

    “The electronic funds transfer of Wirecard Bank are not affected,” the company said in the statement. “Payouts to merchants of Wirecard Bank will continue to be executed without restrictions.”

    Wirecard said on Thursday it’s ceding control of funds at its banking unit after Germany’s financial regulator stepped in to prevent the money from being deployed elsewhere at the company. Wirecard Bank AG is not part of that process and BaFin -- as the watchdog is known -- has appointed a special representative for the unit.

    How German Fintech Darling Wirecard Fell From Grace: QuickTake

    The fallout from the company’s shocking collapse reverberated over the weekend after Germany’s state-owned development bank KfW said it’s facing potential losses of 100 million euros from a credit line that its unit granted the company in September 2018.

    Other banks are on the hook for about 1.6 billion euros in loans, people familiar with the matter have said. The group of more than a dozen lenders led by ABN Amro Bank NV, Commerzbank AG and ING Groep NV were in negotiations with Wirecard aimed at keeping it afloat and were surprised by the insolvency filing, Bloomberg has reported.

    Despite claims to continue with business as usual, digital bank Curve temporarily froze services, Financial News reported on Friday, citing a company spokesperson. Curve is one of a number of U.K.-based fintech firms that relied on Wirecard’s services.

    Also on Friday Financial Conduct Authority, the U.K.’s financial markets regulator, imposed a number of requirements including that it must not dispose of any assets or funds. Wirecard is not supervised by the FCA.
  • emilmatei_roemilmatei_ro Member Posts: 28 ✭✭
    that's pretty old (2 days ago), just google "yahoo finance wirecard" to see a lot more recent news.
  • cmorgancmorgan Member Posts: 1
    > @cutie said:
    > I am able to successfully withdraw the funds to my bank account ,and they have arrived as well,ty

    Are you talking about Payoneer balance, or card balance?
  • tropicalfrogtropicalfrog Member Posts: 4
    edited June 29
    https://www.youtube.com/watch?v=CkbMv-7AaMQ&feature=emb_logo
    That's good news. Anyway let's think as grown-up entrepreneurs. If a business fails because it has only one client, or one supplier in a critical resource, should it be product of financial service, it means the business is fragile. We can't have all the advantages of a free market and a 100% regulated economy at the same time (be sure I'm also talking to myself...)
    Stay safe and good luck.
  • bubadubabubaduba Member Posts: 21 ✭✭
    MORE GOOD NEWS, GUYS!

    FCA:

    "We have been working closely with Wirecard UK and other authorities over the last few days to ensure that the firm was able to meet certain conditions required to lift the restrictions we imposed on it. We are now in a position to allow Wirecard to resume operational activity.

    This means customers will now, or very shortly, be able to use their cards as usual.

    If any customers are still experiencing difficulties in using their card, they should contact their card provider directly and should do so using the contact details on their website.

    We know that some people may have faced difficulties over the weekend and we worked with DWP, HMT and the Home Office in order to help anyone suffering financial distress. Anyone who is still in difficulties should see our website for more details."

    https://www.fca.org.uk/news/statements/fca-statement-wirecard
  • Drake7018Drake7018 Member Posts: 4
    That's some good news
  • FoxtrotDeltaFoxtrotDelta Member Posts: 10 ✭✭
    Glad now payoneer doesn't have to put money from its own pocket hopefully by the looks of it
  • user7842332user7842332 Member Posts: 23 ✭✭

    https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

    On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.

  • abdelrahmanmabdelrahmanm Member Posts: 59 ✭✭
    edited June 29

    Good news everyone!

    We have been working closely with Wirecard UK and other authorities over the last few days to ensure that the firm was able to meet certain conditions required to lift the restrictions we imposed on it. We are now in a position to allow Wirecard to resume operational activity.

    This means customers will now, or very shortly, be able to use their cards as usual.

    If any customers are still experiencing difficulties in using their card, they should contact their card provider directly and should do so using the contact details on their website.

    We know that some people may have faced difficulties over the weekend and we worked with DWP, HMT and the Home Office in order to help anyone suffering financial distress. Anyone who is still in difficulties should see our website for more details.

    We continue to work with the firm and are monitoring it closely to ensure it meets the conditions we have imposed and continues to protect consumers money. Find out more information.

  • astridmachastridmach Member Posts: 21 ✭✭
    https://youtu.be/CkbMv-7AaMQ

    That's what the CEO said one hour ago
  • tagrendytagrendy Member Posts: 7
    The funds will be unfrozen in a few hours!!!
  • dpxdpx Member Posts: 21 ✭✭
    That's amazing news.
  • JMilanJMilan Member Posts: 9
    Great news! As I said earlier, this is a great opportunity to show the commitment to the customers. I will continue with Payoneer, and no, I will not run to withdraw the funds.
  • TracertTracert Member Posts: 18 ✭✭
    edited June 29
    On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.

    https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation?fbclid=IwAR39wQw5OC3sN9HOIDRCx1vdtDRtmfFFOGEz1N2hzjTbh3zDRFWsV13zqik
  • abdelrahmanmabdelrahmanm Member Posts: 59 ✭✭

    Hi everyone. Following our ongoing updates on the current situation with Wirecard, we are happy to share that the UK Financial Conduct Authority has declared Wirecard can resume regulated activity at 00:01 on June 30, London time.

    You can read the full update from the UK FCA in the link below. Please make sure to continue following our official media channels for updates in the coming hours on what this means for Payoneer customers, and what steps you can take to access the funds on your Payoneer cards.

  • slivaroslivaro Member Posts: 12 ✭✭

    Great news! I’m pleasantly surprised by the fast pace things moved forward.
    Many of us maybe overacted but we trusted Payoneer with all of our savings, I won’t empty my balance tomorrow to show support and trust in Payoneer.

  • perspecperspec Member Posts: 14 ✭✭

    Great news!, I will continue to use payoneer for sure as it has been the best option for me for years

  • suBsuB Member Posts: 5
    Thank you Payoneer for such great news! I was confident things would resolve favourably and quickly.
  • vino97vino97 Member Posts: 17 ✭✭
    TIME. That's all they needed. Now we can all take a breath. But let that teach us a good lesson as well. Let's be confident and be as farsighted.

    Thank to Payoneer. Keep us update for the next steps !
  • perspecperspec Member Posts: 14 ✭✭

    Will we be able to use all services, including converting currencies and making transfers between users?

  • perspecperspec Member Posts: 14 ✭✭

    Just saw that only atm and pos will be available today, and the rest of the features will be available on July 6th

  • abdelrahmanmabdelrahmanm Member Posts: 59 ✭✭

    Payoneer on twitter

    Hi everyone, we're glad to announce that the FCA"s card freeze has been lifted. You will be able to use the card at an ATM, POS, or online. The additional features (withdraw to bank, make a payment) are unavailable until July 6. Thanks for staying with us through this.

  • badbadgerbadbadger Member Posts: 30 ✭✭
    > @user7842332 said:
    > https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation
    >
    > On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.

    what time zone?
  • IsaBiIsaBi Member Posts: 4
    @Leonid_Payoneer

    @Trinity , I understand what you are saying and I appreciate that you are explaining thoroughly, which should be Payoneer job by the way. But I don't find it correct that we have to be responsible for their third party fault. We have a deal with Payoneer as customers and we should not be affected by the issues caused by the partners that they choose. I signed up with Payoneer and not with a third party.
    Besides, what if this money I have on my Payoneer balance was everything I owned?? how would I be able to survive? This situation is absolutely unacceptable. And regardless of everybody's personal situation, it is the principle that is completely outrageous. They simply cannot refuse to let us use our money. Period. And I don't accept that they are "working hard". They should expect this kinds of situation and have a plan in place to make sure their clients (us) are not affected.
  • abdelrahmanmabdelrahmanm Member Posts: 59 ✭✭

    @IsaBi said:
    @Leonid_Payoneer

    @Trinity , I understand what you are saying and I appreciate that you are explaining thoroughly, which should be Payoneer job by the way. But I don't find it correct that we have to be responsible for their third party fault. We have a deal with Payoneer as customers and we should not be affected by the issues caused by the partners that they choose. I signed up with Payoneer and not with a third party.
    Besides, what if this money I have on my Payoneer balance was everything I owned?? how would I be able to survive? This situation is absolutely unacceptable. And regardless of everybody's personal situation, it is the principle that is completely outrageous. They simply cannot refuse to let us use our money. Period. And I don't accept that they are "working hard". They should expect this kinds of situation and have a plan in place to make sure their clients (us) are not affected.

    The funds have been unfrozen :)

  • Emma20Emma20 Member Posts: 4
    edited June 29
    Hi everyone, we're glad to announce that the FCA"s card freeze has been lifted. You will be able to use the card at an ATM, POS, or online. The additional features (withdraw to bank, make a payment) are unavailable until July 6. Thanks for staying with us through this.

    Twitter Payoneer
  • unstopabl3unstopabl3 Member Posts: 23 ✭✭

    The cards will supposedly start working again after midnight tonight London, UK time.

  • IsaBiIsaBi Member Posts: 4
    > @abdelrahmanm said:
    > (Quote)
    > The funds have been unfrozen :)

    @Emma20

    I have just tried to withdraw to my account and I still get the usual message that they are still frozen.
  • unstopabl3unstopabl3 Member Posts: 23 ✭✭

    Has anybody tried using the card yet? Not working for me.

  • badbadgerbadbadger Member Posts: 30 ✭✭

    @unstopabl3 said:
    Has anybody tried using the card yet? Not working for me.

    Still frozen but I can't let it go :)

  • abdelrahmanmabdelrahmanm Member Posts: 59 ✭✭

    Give it a few guys.

  • badbadgerbadbadger Member Posts: 30 ✭✭

    @abdelrahmanm said:
    Give it a few guys.

    They expect some delays up to 24 hours

  • serjhermanserjherman Member Posts: 17 ✭✭

    Not working for me either. I’m risking getting shanked here at night, and Payoneer is toying with me like that. 😑

  • astridmachastridmach Member Posts: 21 ✭✭
    Payoneer posted this on Twitter: Hi everyone, we're glad to announce that the FCA"s card freeze has been lifted. You will be able to use the card at an ATM, POS, or online. The additional features (withdraw to bank, make a payment) are unavailable until July 6. Thanks for staying with us through this.
  • TrinityTrinity Member Posts: 62 ✭✭

    @IsaBi said:

    @abdelrahmanm said:
    (Quote)
    The funds have been unfrozen :)

    @Emma20

    I have just tried to withdraw to my account and I still get the usual message that they are still frozen.

    Jeez, give it a rest. You like many others here are a victim of both a lack of patience and an unwillingness to read and understand the terms, conditions and procedures you signed up for.

  • tagrendytagrendy Member Posts: 7
    edited June 29
    On Wirecard website it says it will take a while for all cards to activate, but should take less than 24 hours.
  • TrinityTrinity Member Posts: 62 ✭✭
    edited June 29

    @serjherman said:
    Not working for me either. I’m risking getting shanked here at night, and Payoneer is toying with me like that. 😑

    @badbadger said:

    @abdelrahmanm said:
    Give it a few guys.

    They expect some delays up to 24 hours

    @badbadger said:

    @unstopabl3 said:
    Has anybody tried using the card yet? Not working for me.


    Still frozen but I can't let it go :)

    @IsaBi said:

    @abdelrahmanm said:
    (Quote)
    The funds have been unfrozen :)

    @Emma20

    I have just tried to withdraw to my account and I still get the usual message that they are still frozen.

    INFORMATION

    Again for the benefit of those that didn't read or understand what has happened in the past few hours.

    It's my understanding that from 00.00 UK time the block on the card has been removed and ATM withdrawals will be available. (Understandably this might not go completely smooth given the high volume of people trying it out etc so please be patient.)

    Additionally, I have read that making payments and transfers of the card balance will be operational from the 6th.

    Hope this helps.

  • TrinityTrinity Member Posts: 62 ✭✭

    @tagrendy said:
    On Wirecard website it say it will take a while for all cards to activate, but should take less than 24 hours.

    Thanks :) Good info.

  • EukaNubEukaNub Member Posts: 1
    edited June 29
    Well the card worked for me. I just used it to order food online and worked (got my food already).

    Although the charge doesn't appear yet on my account, Uber eats processed the payment just fine (which was not possible since Friday).

    I guess the cards are slowly getting activated.
  • moisespujadasmoisespujadas Member Posts: 20 ✭✭

    To receive a payment while the card is frozen Payoneer created a virtual balance. Do you know where is this virtual balance? I can’t see it in my account.

  • TracertTracert Member Posts: 18 ✭✭
    https://www.wirecard-cardsolutions.co.uk

    "...There may be a delay before all card programmes are fully operational, so some customers could find themselves unable to transact immediately but we anticipate this lasting no longer than 24 hours..."
  • abdelrahmanmabdelrahmanm Member Posts: 59 ✭✭
    edited June 30

    Be aware that receiving new payments will still go to virtual balance instead of the card. Payoneer intends to produce new cards with a new issuer.

    I wish that Payoneer would allow receiving on cards until they're ready to send new cards. Since there's still no time frame for when new cards will be issued.

  • sarojsthasarojstha Member Posts: 8
    edited June 30
    @Leonid_Payoneer I could wait my money till it released, however, is it possible to load money again to payoneer and use it to buy services on fiver, renew domain and hostings and pay some other monthly subscriptions?.

    I am using payoneer as I don't have any other options of global payment. And this is making me quite difficult as I need to pay my monthly subscription otherwise the services I am receiving might get interrupted from sunday. Please reply, if there is a way to do that.
  • xteraxtera Member Posts: 12 ✭✭

    I tried to pay a domain now and not worked. Maybe will work on next 24hrs? Thanks

  • MeijiMeiji Member Posts: 22 ✭✭
    edited June 30
    It would be best if Payoneer issues the cards in house or finds multiple card issuers.

    This Wirecard situation is not reassuring.

    If we have to deposit the payments into the virtual balance for a couple of days, I am okay with that.
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