Likewise, Payoneer did not have good news for its customers recently, especially to those customers who were restricted from withdrawing or disposing of their money “overnight”. This seizure of funds occurred because the German company Wirecard AG went bankrupt, after which all cards of Payoneer users were blocked, as those payment cards related to Payoneer accounts were issued by the aforementioned German company.
The drama continued for several days, and on June 30, 2020, Payoneer came out with an official announcement in their blog post that the crisis has been overcome. Payoneer has informed its customers that the UK’s Financial Conduct Authority (FCA) has carried out controls and audits and has unfrozen the Payoneer cards issued by Wirecard, which are now active again.
Payoneer answered in the affirmative to the most important question: “can I access my funds on the card”. Users can now withdraw their money from ATMs or use the card to pay in stores. Another important information for users is that they will be able to withdraw funds to their bank accounts starting from July 6, 2020. Until then, Payoneer waives the fee for withdrawing money from ATMs, according to the statement.
For security reasons, Payoneer also announced that it will soon offer its customers new cards, even though the competent authorities (FCA) announced that the cards are safe to use.