Fiverr Forum

Fiverr Card Warning - Not Secure


#1

I recently got the Fiverr Card to be able to withdraw my funds. Only to discover what a disappointment it is. First, the card is issued by a banking corporation in Belize, a well known off-shore tax haven. Is Fiverr & Payoneer listed in the Paradise Papers?

Secondly, being an off-shore bank, they did not connect the MasterCards to 3D secure, which in turn leads to the majority of shopping sites to deny this card. It’s up to the shop owner to decide wether they want to accept an un-safe mastercard.

Third, I have have found a serious amount of non-3D-secure MasterCards from Payoneer on Darknet and various websites, all offering these stolen card numbers for sale. Since Fiverr card does not have the 3D-Secure it’s easy for anyone to just use your card online and steal all your funds, all without even breaking a sweat. IE. Your funds are not safe at all with Payoneer.

Then, on top of all these things, both Fiverr and Payoneer charges hefty fees and set exhchange rates in their own favor. These Fiverr cards are nothing but a income stream for these two companies, and they hide these funds in Belize. Hide from what you say? There’s a reason why companies use these off-shore banks.

And according to the terms, they can close your account on a wim’s notice, pretty much.

Ultimately it’s your choice, but you have been warned.

EDIT: I proceeded to try and cash out through an ATM, but no. There is a limit on how mych you can withdraw per day. And they have a overpriced exchange rate, and a withdrawal fee on top of it.

The maximum I could get was 250 USD, with a 4% markup on the bad exchange rate plus the 3.15 USD fee, and 3 x 1 USD fee for denied transaction as well, because I could not withdraw more than 250 USD in any 1 time transaction.

So in total I paid 6.15 USD in fees to Fiverr and 12 USD in other fees to get my 250 USD, a total of 18.15 USD or 7,26%.I will move my funds and take the cost of it, no one on Fiverr cares, nor does anyone else for that matter.

But moving 1000 USD costs me about 100 USD or more in total. Not calculating the time it takes to sit here and wait for the timer to run out, so I can continue securing my hard earned dollars.

I’ve noticed that you can add the card to PayPal, but Paypal also have a hefty fee table (3,4% plus fixed fee). For EU citizens, there is Skrill, they charge 2,25% Upload fee. (2,25 USD on every 100 USD). And they have a 3D Secure enabled MasterCard, like a real bank.

Only Payoneer or MasterCard is setting their own exchange rates, which is 7-12% below official market rate. For every 1000 USD transferred, you can rest assure they will take about 70-120 USD from that, on top of fees.

Conclusion: Fiverr Card is a very expensive and unsafe service. If you value your money, stay away.


#2

I think you need to talk to CS about this


#3

That’s normal for any company with it’s own credit cards. I wouldn’t worry about that.

Also I don’t care about it being a banking corporation in Belize as that wouldn’t affect me if I had this card.

The rest of it is a good point.

I transfer my funds to Paypal and have had no problems.

I haven’t read the Paradise Papers but I can assure you that neither one is listed.

I thought the place mentioned that was used for banking was Crete.

According to the papers, Facebook, Twitter, Apple, Disney, Uber, Nike, Walmart, Allianz, Siemens, McDonald’s, and Yahoo! are among the corporations that own offshore companies as well as Allergan.

You can check all the companies worldwide here:


#4

And reading their blog does not help them either, http://blog.payoneer.com/how-to/general/everything-you-need-to-know-about-conversion-rates/

Ex. to transfer 100 USD to EUR would cost you $8.50 USD, plus a bad exchange rate with Payoneer AND MasterCard, they are both charging exchange fees for the same transaction. Now, imagine you are transferring $1500 USD or more…how much work do you have to do for $127,5 USD in fees. Outrageous is what this is!

Fiverr fees: https://sellers.fiverr.com/en/article/are-there-any-fees-when-withdrawing-revenue


#6

Since you teach this you must know how expensive it is to do this? Nevis has a minimum amount most of us cannot afford.


#7

hello Misscrystal. I am not sure what are the amounts you got quoted… but
with a 10~20,000USD will give you a first class treatment (for these fees
however you will have to consult the lawyer I use… i don’t do his
prices… he may have updated them) and set up everything (the Nevis trust,
the Belize corporation the company where you are and the bank accounts,
plus the recording, the accounting and reporting every year…)

And I know that this is not an easy accessible amount for everyone, but the
truth is that you have to begin from somewhere, and if you really want to
have any kind of serious results in business you need to find solutions
where there are none.

i Also am aware that it sounds like a platitude. when i didn’t have money i
heard this advice from my coach and it pissed me off. But also spurred me
to use my brain to find a solution, and i did.

The fundamental issue in ANY business is that there is NEVER enough money
to develop a business. But being able to find the money is the key
essential element that you need to learn to accomplish that. If Everyone
had the money, then everyone would do it, and it wouldn’t be a challenge.

And if it’s not a challenge then it’s not a business.

Business = solving problems. No problems = no need to develop a business to
solve the problem(s), for yourself AND for the customers. I know plenty of
people that are happy with pennies. If that’s you, well i suggest you don’t
change… because you are happy!!
But my message was directed at Chrizze which had a problem to solve and was
clearly unhappy.

There are cheaper solutions, but they are either illegal or very temporary
(i.e. more expensive in the long run). when I set up my system I thought it
was expensive, but even with a minimum income (20k USD yearly) i was able
to save because i paid 0 taxation.

the point is: ask and get information first, because things change every
day. And then do your accounting.

hope this clarifies it.

Kcl5rr


#8

So if you have all your money in a bank in Nevis in a corporate account owned by a trust and NOTHING IS IN YOUR NAME, seems a little bit risky.

All you have are some papers for the corporation, for the trust and none have your own name on them. But, all your money is there, in that bank. You walk in the bank and ask for it back, then what?

You could have found those papers anywhere and not be the owner of the money…for all the bank knows.


#10

I use paypal then send money from it to my us based payoneer master card 1% fees + free transfer and 1 - 3 days to appear on the bank balance, i send 1000 from paypal to payoneer they take 10$ of fees, but new holders of similar cards to mine cannot link it with paypal, i was just lucky to get mine 7 years ago.