Anyone has experience with Payoneer?(Out-of-country bank account)
Hi,
I am a non-resident alien living in the US. Since I have an address here it was not hard for me to open a bank account. Other Non-US citizens I know also want to invest in the US but opening a bank account is a challenge (it is the topic of multiple discussions in this forum).
I came accross this service called Payoneer. They claim that you register to their system and they provide you US bank account details as if you have a local account. They advertise that people use them for collecting Airbnb payments. When you listen to their advertisements it sounds like the perfect and simple solution to out-of-country bank account problem.
However, I believe there should be a reason that opening an account from abroad is hard. I don't see a reason why Patriot Act, money laundering concerns etc wouldn't apply to Payoneer. Thus I am skeptical. Currently it sounds too good to be true.
Does anyone (especially foreign investors) have experience with collecting rents via Payoneer? How was your experience with them? Any input is appreciated. Thanks,