PAXUM - Cards Cancelled
 

Just another day in paradise.

We regret to inform you that, due to circumstances beyond our control, our banking partner Fundstr UAB will no longer be able to support the continued use of Fundstr-issued prepaid MasterCards. As a result, all such cards are being closed with immediate effect.

Now they should be kind enough to refund the monthly maintenance fee partly. I'm surprised the cards lasted this long this time. I also don't understand why the hell they recommend Unioncard, which is not accepted almost anywhere in the EU.

You were lucky to recieve a card in the first place, boss . . .

time to set stablecoin payments and get a Kucoin Card :pimp

I love that it has no data written anywhere on the card :)

They sent a mail last week or so asking where the funds came from etc..
I ignored it, but maybe if lots of other guys replied that they used it for porn transactions maybe they had enough and cancelled it xD

Yeah, most card issuers simply hate adult related stuff that's why most Mastercards were cancelled in the past... Sucks big time. :(

Dunno about you, but I use the Unionpay card almost daily. Both in Hungary (EU), Croatia (EU) and outside of the EU (Serbia). You have to check which banks are supported in which country. For instance, OTP Bank in Hungary, Croatia and Serbia supports Unionpay cards and you can withdraw money without any problems. I also started seeing the Unionpay logo displayed on multiple stores now. There are also new banks partnering up with Unionpay monthly.

I also use the crypto feature at Paxum, which is even better. USDT / USDC withdrawals are almost instant and it simply works. I withdraw to my Nexo account and use me Virtual Card for anything imaginable. :2 cents:

Cheers,
z

Note that Fundstr is equal to Paxum. Interestingly, they are no longer available on the website of the Lithuanian National Bank, nor is there any mention of why they were deleted.

Union Pay works great in EU. No problems here.

For obvious reasons, the cam girl forums are the ones making the most noise today.

We know this card shutdown was sudden, and we're really sorry for the disruption. Unfortunately it was out of our hands, but we get that it’s frustrating.

We're already working on a new card option, and in the meantime you can still use Physical Unionpay cards (in USD and EUR), and Virtual Unionpay cards (in USD), plus we have other withdrawal methods available inside accounts.

We'll send an update as soon as there's news to share! :thumbsup

God I remember feeling like a KING with my Epassport card and chicks were soooooo impressed in my early 20's.

Why do you require uploading documents every 6 months for inactive accounts (inactive because I have no way to spend the money in them), yet you still charge maintenance fees? And why do you force repetitive facial authorization over and over again?

As a licensed financial institution, we’re required to follow regulatory guidelines, and part of that means we need to know who our clients are and ensure all accounts meet compliance standards. It’s all about keeping your account secure and protecting your funds.

We don’t charge monthly fees for active accounts. The only time a maintenance fee applies is if your account goes dormant, meaning there haven’t been any transactions for 180 days. To keep your account active, just make any kind of transaction (a withdrawal, transfer, or deposit) at least once every 180 days.

We’ve got multiple withdrawal options available, so your funds are never stuck. And yes, we take security seriously, that’s why there are some extra safeguards in place.

If you’re having any trouble with your account, our support team is always ready to help. Just reach out from inside your account or send an email to support@.

All good, Ruth.

Good luck with this, and I am sure all will be in motion soon again for lots of people.

Have a nice day!

I gave mine to the queen of this castle. It's part of politics.

Oh, your support is completely useless, and you know it. I don’t know any financial institution that requires uploading documents every six months for a 'doormat account.' My credit cards stay open, my bank accounts stay open—yet yours goes dormant just because there’s hardly anything I can spend the money on. You closed card after card, then issued some shoddy UnionPay card that requires a Chinese national ID to use online. Now it’s just sitting there worthless

Let me add that I have no problem with Paxum and it's very convenient to me. They work for for quite a few years now without major problems and even gained some ( cautious ) trust.

I just want to clear a few things up.

We’re not a credit card company or a traditional bank, and we don’t follow the same rules. As a regulated financial institution, we’re required to keep account information current, even when there’s no activity. That’s not us being difficult, it’s compliance.

Accounts only become dormant after 180 days of complete inactivity. A single transaction every six months is all it takes to avoid that status.

Regarding cards, yes some options were discontinued due to external factors beyond our control. The UnionPay card was introduced to give clients continued access, and while it may not be the perfect solution for everyone, it does work for plenty of clients, and no, it doesn’t require a Chinese ID to use it.

I get that you’re frustrated, but let’s keep it real. If you want help, reach out and our team will try to assist. If you just want to vent, that’s your call, but throwing misinformation around doesn’t help anyone.

Another Paxum success story.

:2 cents:

E-transfer is a great Alternative for Canada :thumbsup

Just saw this in my account but I got no letter or notification about this union card shut down in my paxum account either.

I'm glad to hear you’re enjoying the new Canadian withdrawal option, Brian!

Just to clarify, UnionPay cards are still fully operational.

The card that was cancelled was only available to clients in EEA countries.

Ruling . . . with a gentle hand. That's the way it goes.

We should be fine with an UnionPay card
I cancelled my previous one but now I asked for a new.

As expected, they were looking for a purely formal reason to revoke the Fundstr's license because they couldn't say directly that they don't like the adult business. After all, Lithuanians don't have sex apparently.

The Bank of Lithuania (LB) has revoked the license of electronic money institution Fundstr for serious violations of money laundering prevention. The company can no longer provide any financial services and will have to refund funds to customers.

This decision was made by the board of the central bank after an inspection of Fundstr found that the company did not properly monitor customers at high risk of money laundering or terrorist financing, even though it specialized in this area.

"During the entire inspection period, the institution did not have an appropriate process for monitoring business relationships and transactions that was consistent with the institution's business model. The institution did not establish sufficient measures for monitoring client business relationships and transactions that would be sufficient to timely and effectively detect unusual or suspicious client activities or payment transactions," the LB stated.

According to him, Fundstr did not identify or evaluate suspicious operations, nor did it report suspicious transactions to the Financial Crimes Investigation Service.

According to the LB, although the company reported that it had taken measures to eliminate the violations, this was done only formally, in order to avoid the revocation of the license, and not to actually control the risks of money laundering.

Three years ago, the central bank fined Fundstr EUR 8,000 because the company did not meet its capital requirements.

Hello Ruth

All transfers—wire and SEPA—are being rejected by our bank; they say the bank refused the transaction. Tried all options now; all are refused.

Is there a way this can be looked into? Support answered back but they propose to do the same things again. Another refusal was received today from Paxum.

Which bank rejected wire and SEPA- the transfer order submitted and sent from Paxum side?
Not your receiving bank?
If ETF transfers still supported?

The details are complicated because there are funds in motion. All is well.

No, but AliExpress works. :winkwink:

Hi Ruth,
I emailed you twice, no reply yet. Could you please send me a msg.
Thanks

ING, the receiving bank rejected it.

So, ING rejected without any contact or any prior request for the reason of payment?
This way they could reject any online/ web related transfer....

again .. now again Union Pay which is Chinese, nowhere to pay with it and withdraw from ATM in my city 1 ATM, the best is to stop using paxum .. but great service that you charge me 5 usd for not using the account

most people just use crypto, paypal or wire now