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Fiverr Card Warning - Not Secure


chrizze

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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.

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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.

These Fiverr cards are nothing but a income stream for these two companies

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.

Is Fiverr & Payoneer listed in the Paradise Papers?

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:

en.wikipedia.org
300px-Countries_implicated_in_the_Paradise_Papers.svg.png

List of people and organisations named in the Paradise Papers | Companies

1.CAMMESA (Compañía Administradora del Mercado Mayorista Eléctrico) | 2.Macri Group

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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

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Hello Chrizze,

I can understand your dismay, and I used to think like this before i began setting up my companies internationally. Let me tell you how you can take advantage of the situation (if you wish to do so).

Crazy as it may sound Belize is a great country to set up an Internet corporation: its main language is english, it has the same banking regulations as the UK, taxation on profits is 0% AND you can open a corporation without ever going there (I have never been to Belize city… but they told me it’s ugly… who knows?). Plus it has good internet protection and security regulations.

Anyway, here’s my suggestion: Set up a Trust, so that you will not be the owner of anything you actually pay taxes on right now. Then have the trust set up a corporation in Belize and then open a bank account in … Panama, or St. Kitts… there’s a lot of places…

what will this accomplish?

1 - by transferring all of your properties to a foreign Trust (I would suggest Nevis for best legal protection) you can save yourself a lot of money. Think about it in these terms: if you make more money, you can also afford to make your customers pay less for your services, all the while they would get a better deal. win-win for everyone.

2 - the trust also protects you against civil asset forfeitures (a way in which your local council/police can appropriate your things without due process)

3 - the trust protects your assets against frivolous civil suits.

4 - you can set yourself as an employee of the Belize corporation (hence paying your employee taxes where you are living, but NOTHING MORE).

5- by putting the card in your corporation’s name you can cash it in at a Belize bank or have you bank (where it is ) do that for you. There are going to be fees, but you save on those by paying less taxes!

6- you can pass your assets to a family member or anyone you wish without problems oo inheritance taxes.

There are a host of additional advantages in setting up things this way that i cannot spend too much time talking about it here. I teach these kind of things on my company website (for FREE so no worries about that), and I can also introduce you to my lawyers’ firm. They have offices in 86 countries, so i am pretty sure they can help you there.

have a look if you wish.

www.kilmarnonconsulting.com

I hope this was helpful for you. I know it sound like a lot of hassle… but once it’s set up you will ask yourself “why didn’t I do this before?”

by transferring all of your properties to a foreign Trust (I would suggest Nevis for best legal protection

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

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by transferring all of your properties to a foreign Trust (I would suggest Nevis for best legal protection

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

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

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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

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.

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It looks my initial post was flagged (i guess writing my website was not a

good idea) I’m reposting it here - without the website - for

clarification…

please THIS IS NOT ADVERTISING and YOU DO NOT HAVE TO FOLLOW MY ADVICE. I

am just trying to help someone with an issue they have.

here’s my previous post:

Hello Chrizze,

I can understand your dismay, and I used to think like this before i began setting up my companies internationally. Let me tell you how you can take advantage of the situation (if you wish to do so).

Crazy as it may sound Belize is a great country to set up an Internet corporation: its main language is english, it has the same banking regulations as the UK, taxation on profits is 0% AND you can open a corporation without ever going there (I have never been to Belize city… but they told me it’s ugly… who knows?). Plus it has good internet protection and security regulations.

Anyway, here’s my suggestion: Set up a Trust, so that you will not be the owner of anything you actually pay taxes on right now. Then have the trust set up a corporation in Belize and then open a bank account in … Panama, or St. Kitts… there’s a lot of places…

what will this accomplish?

1 - by transferring all of your properties to a foreign Trust (I would suggest Nevis for best legal protection) you can save yourself a lot of money. Think about it in these terms: if you make more money, you can also afford to make your customers pay less for your services, all the while they would get a better deal. win-win for everyone.

2 - the trust also protects you against civil asset forfeitures (a way in which your local council/police can appropriate your things without due process)

3 - the trust protects your assets against frivolous civil suits.

4 - you can set yourself as an employee of the Belize corporation (hence paying your employee taxes where you are living, but NOTHING MORE).

5- by putting the card in your corporation’s name you can cash it in at a Belize bank or have you bank (where it is ) do that for you. There are going to be fees, but you save on those by paying less taxes!

6- you can pass your assets to a family member or anyone you wish without problems oo inheritance taxes.

There are a host of additional advantages in setting up things this way that i cannot spend too much time talking about it here. I teach these kind of things on my company website (for FREE so no worries about that), and I can also introduce you to my lawyers’ firm. They have offices in 86 countries, so i am pretty sure they can help you there.

[here previously i posted my website, but some people didn’t appreciate, so i took it off. if you want to contact me you’ll have to write me back and WAIT until i have the time to reply. SORRY!]

I hope this was helpful for you. I know it sound like a lot of hassle… but once it’s set up you will ask yourself “why didn’t I do this before?”

END of previous post


as a response to Misscrystal

"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."

that is 100% correct. and I do not wish to go into a prolonged discussion on why this is the best solution. However here’s the short version:

1- if this is a bad solution why ALL the wealthy (and I really mean ALL) use this system?

2- having things in your name means that any government can legally take them away from you (examples from the 20th century: the communist regimes in Russia under Stalin, In China under Mao, the case of the Jews in n**i Germany and in Italy under the Fascists… I quote here ONLY the most famous… but between 1901 and 1999 there have been HUNDREDS of similar cases - so, this is the norm, not the exception - when government feel the need, they steal from their citizen!)

3- a trust does not have ownership, but has BENEFICIARIES. You would be the beneficiary, and therefore have control of everything that the trust controls.

4- The Bank issues control of the accounts only to you, even thought the account is in the name of a company. You Are the “manager”, not the owner.

5 - even if you “find” the papers, you will need documentation that the control/benefit of the Trust have been legally transferred from the initial person to yourself. It’s not as easy as you may think to ‘steal’ those papers.

I hope this helps… but as i said, there’s about a million details for anyone willing to know more.

if you want to… i’ll send you my contact… but it’s clear that a lot of people on the forum do not appreciate that. so let me know and i’ll do it just for you. Also i think that since this discussion is not directly relevant to FIVERR… there may be some complaints.

I think that it is relevant for anyone trying to set up one’s own business… but that’s my point of view. You don’t need to agree with me.

cheers

Kcl5rr

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.

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