Nequi and Payoneer announce their integration to offer more flexibility to global entrepreneurs

Nequi and Payoneer announce their integration to offer more flexibility to global entrepreneurs

Colombia, March 3, 2024– Nequi—the neobank, business line of Bancolombia S.A.—introduces its new integration with Payoneer Global Inc. (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses to transact, do business, and grow globally.

Thanks to this integration, millions of Nequi users will have the service enabled and will be able to transfer their dollars and euros from Payoneer to Nequi and receive them in Colombian pesos typically in minutes. This new service is added to the more than 30 that Nequi already has, allowing Colombians to get paid internationally as if they were local and bring, for the first time, euros through Nequi, as well as dollars.

“At Nequi we work to adapt to new global dynamics by facilitating the reception of international payments in an efficient and economical way. That is why this new integration with Payoneer has us very excited because we continue to strengthen the possibilities for our users and this will undoubtedly be a great option for freelancers, entrepreneurs and people who do international business, since they can receive payments from clients in other countries, with different currencies, in a fast and secure way at a global level,” explained María del Pilar Correa, business strategy leader at Nequi.

“By partnering with the most popular neobank in Colombia, Payoneer is helping to address a critical need in the region: enabling entrepreneurs in Colombia receive payments with increased flexibility in fund usage. Working with Nequi to enhance our functionalities further fulfills Payoneer’s mission to empower businesses from anywhere in the world to scale to their businesses globally. We aim to support the ambitions and boost the international competitiveness of Colombian professionals,” said Mar Fernández, SVP Growth for Payoneer in Latin America.

Step-by-step: Bringing funds from abroad to Nequi with Payoneer

To link your Nequi account with Payoneer, you must meet the following requirements: be a Colombian citizen by birth, be over 18 years old, and possess a valid national ID.

If you already have a Payoneer account, you can link it directly through the Nequi app. If not, no worries—you can create one without leaving the Nequi app.

For a successful link, it’s essential to use the same email address on both platforms.

1. Once you’re set, open the app. Go to the Services button, select Finance, and then Payoneer.
2. Choose whether you want to transfer dollars or euros. Fill in the amount and indicate the source of the funds (select one of the options).
3. Confirm the information by pressing “Done.”

The new service offers highly competitive market rates. The total fee is divided into two parts: Payoneer currently charges up to 3% of the transfer value, while Nequi applies a fixed fee of 3 USD (VAT included) regardless of the transaction amount.

It’s important to clarify that VAT is only applied to the transfer fee, not the total transfer amount, in compliance with current legal provisions.

Additionally, if your Nequi account has limits or is not exempt from the Financial Transactions Tax (GMF or 4×1,000), this tax will apply according to legal regulations. If the user has a savings account in Nequi, and it is not marked with the 4×1000 exemption, the Government tax will apply, as defined in the regulations; if it is marked, it is exempt from the 4×1000 up to 350 UVTs ($17.429.650).

Are there limits to using Payoneer with Nequi?

Limits depend on whether your Nequi account is a low-value deposit or a savings account.

• If your Nequi account is a savings account: You can transfer up to USD 5,000 per month, with a maximum of USD 2,000 per transaction.
• If your Nequi account is a low-value deposit: You can transfer up to USD 2,000 per month, with a maximum of USD 2,000 per transaction.

About Nequi

Nequi is a digital financial platform that seeks to help improve people’s relationship with money. We have a wide range of financial and non-financial services, which allow users to pay with the Nequi Card, pay for public services, recharge their cell phone, receive money from abroad, buy insurance or a bus ticket, and much more. Currently, we have more than 21 million users, with operations in Colombia. Nequi is a business line of Bancolombia SA.

About Payoneer

Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business, and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable any entrepreneur and business anywhere to participate and succeed in an increasingly digital global economy. Since our founding, we have built a global financial stack that removes barriers and simplifies cross-border commerce. We make it easier for millions of SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid, manage their funds across multiple currencies, and grow their businesses.

Media Contact:

Alison Dahlman

PR@payoneer.com