Thinking about getting a Payoneer Card.. opinions please?

[quicksilver]

Hi Guys,

I'm thinking of applying for a Payoneer card. My current broker allows me to register for a Payoneer card directly from their site.

Do any of you guys use Payoneer regularly and do you find any issues that one should be aware of in regards to using Payoneer?

My basic idea is to stop using Bank WIRE transfers. The laws are so vague that one person tells me forex profits are taxed but others give a different opinion. So i'm thinking of using a Payoneer card to withdraw profits.

Any info on this would be appreciated.

Thanks.

 

[Pharaoh]

Taxes would depend on what country you are located in. Some countries tax forex profits, others don't.

I don't have enough info to know if payoneer is a good thing or a bad thing. Hopefully someone else has. If not, try it out carefully.

 

[quicksilver]

Thanks for your inputs Pharaoh.. Is there a section on FPA regarding such issues (forex taxes?). If not, it would be good to have one so people from the regions will know the local laws.

Regarding Payoneer.. looks like i'll have to wait until someone who has used this chips in.

Cheers.

 

[Pharaoh]

Somewhere buried in this folder or else in Beginners Bootcamp, there are a couple of threads. One for USA taxes on forex and one for UK. If you are from somewhere else, you'll need to check your country's regulations.

One note: A few scam brokerages and other scam investment services have been known to withhold money from clients and say that's to pay taxes to your government. If a company is licensed, regulated, and based in your country, there is a TINY chance they may be authorized to do this. If they are some offshore outfit, then the taxes are between you and your government, not between the broker and your government.

 

[quicksilver]

Hey Pharaoh, is it possible to make a tax thread on Europe? Considering that most of the EU laws are uniform it would be ideal to have a thread (or maybe direct me to one if it already exists?)

 

[Pharaoh]

I don't think there is a thread for that. General Forex Talk seems like a reasonable place, so go ahead and start one.

 

[duderex]

The only problem that I had is the fee. It is very high when I withdraw my cash from my local ATM. but, when I was not using it for just two months, it immediately suspend my card. I only can activate it with the website where I get this card.

 

[quicksilver]

I only can activate it with the website where I get this card.

That's something. Thanks for pointing this out. I'll stick with moneybookers for now until I max out my limits.

Cheers.

 

[FringFX]

The only problem that I had is the fee. It is very high when I withdraw my cash from my local ATM. but, when I was not using it for just two months, it immediately suspend my card. I only can activate it with the website where I get this card.

Thanks for that information. I have a friend interested in that card and I'll tell him about this.

 

[khanderao]

It's the month-to-month cost. It's very higher after i pull away my personal money through my personal nearby ATM. however, after i wasn't utilizing it just for 8 weeks, this instantly postpone my personal greeting card. We just may trigger this using the web site exactly where We understand this greeting card.