Following Brexit, all our UK and European customers held accounts with Payoneer Europe Limited (PEL), who have been authorised to provide services to UK customers under the UK Regulator the Financial Conduct Authority’s (FCA) Temporary Permission Regime. In January, Payoneer’s UK entity, Payoneer Payment Services UK Limited (PPSUK) obtained FCA authorization as an E-Money Institution and all UK and Gibraltar customers will be migrated to PPSUK for the provision of their Payoneer account.

This means that the legal entity providing of all UK and Gibraltar customers account will change from Payoneer Europe Limited to Payoneer Payment Services UK Limited. However, this will not impact your use of our services, the security of your account, or require you to re-register or re-verify your account and you can continue to use your services as usual.

Absolutely. Payoneer Payment Services UK Limited (PPSUK) is regulated by the Financial Conduct Authority in the UK, adhering to the same strict security and safety standards as Payoneer Europe Limited. The security and privacy of your account remain our top priorities, and this change will not affect them.

Funds held by PPSUK are not covered by the UK’s Financial Services Compensation Scheme (FSCS), which applies to bank deposits or investments. PPSUK is however, authorised and regulated by the FCA and as such, is subject to strict safeguarding requirements under the Payment Service Regulations 2017 and the Electronic Money Regulations 2011. PPSUK has elected to hold all funds which are within the definition of ‘relevant funds’ in a segregated, designated Safeguarding bank account at an authorised financial institution. This account will comply with all FCA requirements to ensure these funds can be identified as separate to PPSUK’s own funds.

This transition will commence towards the end of October 2023, aligning with the expiry of the UK's Temporary Permission Regime for cross-border trade. Rest assured, we will communicate specific dates and any necessary steps well in advance via email and also within our app.

You don't need to do anything right now. Your account and all associated data will be transitioned smoothly to the new entity. If there's anything you need to do during the transition, we will notify you with clear instructions.

As there's nothing you need to do now, there is no specific deadline for you. If there are actions to be taken in the future, we will provide you with ample time and clear instructions.

We will carry out the transition process towards the end of October 2023. Remember, our dedicated customer support team is here to help with any questions or concerns you may have.

No, this change will not impact how you use our services. The methods and speed of your transactions will remain the same. We are committed to ensuring this transition is as smooth and seamless as possible for all our customers.

No, there's no need for you to re-register or re-verify your account. We'll transition your account and all associated data smoothly to the new entity.

No, this change will not affect the speed or method of your transactions. You can continue to use our services as you have been doing so far.

The security and privacy of your account will remain our top priorities. This change in legal entity will not impact this. Additional details on how we use your data and ensure your security can be found in our Privacy Policy which can be located here.

If there is any issue during the transition period, our dedicated customer support team will be ready to assist you. Don't hesitate to contact us if you have any questions or concerns.

No, our commitment to providing top-notch customer support will remain unchanged. You can reach out to our customer service team using the same channels as before.