On 22 July, entrepreneurs who had accounts with bank Mercury received a notice that they would no longer be able to provide services to customers with Ukrainian citizenship. Also this decision applies to companies whose founders have passports from Russia, Belarus, Cuba, Iran, North Korea, Syria, Venezuela, Croatia and Nigeria. Until 6 August, customers from these countries will have full access to their accounts, but on 13 August, the accounts will be blocked permanently.
This decision is due to changes in the rules for servicing customers from some countries. Mercury will continue to provide services to Ukrainians living in other countries, subject to verification of their addresses.
Immad Akhund, CEO of Mercury, noted that accounts of users from Ukraine, Nigeria, Pakistan, Croatia, and the Philippines account for only 1% of all the bank’s customers, but their service accumulates 50% of efforts and risks.
Our position and support for entrepreneurs
We, the Finevolution team, are already working to ensure a smooth transition of our clients to other payment institutions. The fastest and most effective solution is to open an account with Payoneer. For over seven years, we have recommended Payoneer as a reliable partner to our clients. More than 50% of our clients who register companies in the USA use Payoneer services, and 90% of our clients who register a business in Estonia have accounts with this payment system.
Payoneer is a global payment platform that supports businesses worldwide, including Ukraine. It allows you to send and receive payments anywhere in the world easily. It provides a whole set of local accounts for receiving payments in one account. Allows you to accept payments from anywhere and transfer funds between the following currencies: US dollar, British pound, euro, Australian dollar, Canadian dollar, Singapore dollar, Hong Kong dollar, UAE dirham, Chinese yuan, and Japanese yen, which significantly simplifies doing business internationally.
Our clients receive priority support to ensure the reliability and security of their funds.
The platform enables payments in more than 190 countries and territories and supports over 70 currencies, making it easy to send and receive funds anytime, anywhere. It also allows you to pay international suppliers and contractors, receive funds from global customers and marketplaces, and open accounts in different currencies worldwide.
What’s more, Payoneer is registered with FinCEN (Financial Crimes Enforcement Network, a bureau of the US Department of the Treasury), and therefore, they are required to comply with the Bank Secrecy Act (BSA) and other relevant anti-money laundering (AML) laws and regulations that apply to MSBs in the US. Payoneer files SARs regularly as part of its regulatory responsibilities and is subject to regular audits.
While Mercury account closure is unfortunate, we at Finevolution are committed to resolving this issue quickly for our clients. We recommend you save time and promptly consider other non-banks and payment institutions, as Mercury’s position will remain the same. No one can say for sure what will happen after the automatic closure of accounts, but there is a 99% chance that the process of transferring and withdrawing funds may become more complicated. The deadline is 6 August 2024.
Our team is ready to promptly assist you with selecting payment solutions and preparing for the transition. Business Hours: Monday to Friday, 9:00 AM — 7:00 PM. Contact us via WhatsApp, Telegram, or Viber, or submit an inquiry through our online form.
