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I was excited that finally we can let go off PayPal which charges a lot but found that Payoneer on one hand says company cannot wire transfer and on other hand it says
"Generally, you will not need to provide a bank account address when asked for receiving account details.
For local bank transfer to your EUR receiving account and for USD wire transfer, you may be asked for a bank account address. Look for the address details together with the receiving account details."
So their claims are contradicting and do not help in feeling safe that a business will get paid easily. An actual wire transfer is less complicated than your process. Additionally, they do not include Bank Address by default for a account holder to know making it difficult not easy to transact using Payoneer.
Why would I opt for a service that is more complicated for my client company and costs $30 instead of $7?
Tip for consumers:
Only switch to Payoneer if you are ready to make processes more difficult for your global client companies.
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Hi There G S., I hope you are well and I thank you for submitting this review. I do apologize if the information regarding receiving wire transfers was a bit confusing. The Global Payment Service allows you to accept payments from companies such as the US, UK, and EUR (and more), and we provide banking details of bank accounts in these regions to allow you to receive payments.
These payments are meant to be local bank transfer payments. However, since the way that funds are transferred via bank transfer in EUR are different and fairly more complex, we do allow SEPA/wire transfer for companies in EUR. We also allow payments to come from bank accounts of individuals in EUR provided that any requested information is provided, such as the bank account's address. We understand that this is confusing but we can assure you it exists as the easiest option, and we only request information for compliance reasons. It is not meant to inconvenience you or jeopardize you, and is in fact helpful to provide a network on Payoneer that is safe and secure. We are thankful to provide an experience with this service that our users enjoy and utilize effectively. Additionally there is no fee to receive payments from EUR companies, whereas for US it would be 1%.
We do hope you decide to try our service again should you find that we would fit the needs of your business. If you have any questions please send us a private message, contact us on social media, or connect with our customer care team via phone or chat.
Best,
The Payoneer Team