Alternate Payment Platforms for International Transactions (1 Viewer)

[davislane]

Hi PCF,

As the community continues to grow and more and more non-US based chippers join the forum, I thought it best to start a conversation about alternate payment platforms for international transactions that people can use to transfer funds and to also share both positive and negative feedback on platforms that aren't PayPal etc

Being an international chipper is hard enough already due to unavoidable timezone differences and additional postage, however, the amount we pay on transactions can be minimized by using alternate payment platforms like Transferwise and Revolut. These savings can be directed to where they need to be going and that's to the next chip purchase!.

I just wanted to start this thread so members who have had an experience, good or bad, with sending and receiving funds from one of these platforms, can share their experience with the hope that as a community, a level of "trust" can potentially be established.

If more members are open to helping other members save on transaction fees by using these alternate platforms then more money will stay in the community instead of into the greedy hands of PayPal etc.

 

[davislane]

List of Alternate International Payment Platforms that have been successfully used and verified by members.

-Transferwise. https://transferwise.com.
Money goes directly into the receiver's bank account without incurring any fees. The receiver only needs to provide the sender with their first and last name and email address to initiate the transaction. The sender pays and small fee comparatively and gets an amazing exchange rate.

 

[davislane]

@liftapint @Jonesey07. Care to contribute to this?

 

[Josh Kifer]

Sure. Make it easy, user friendly, and commonly used and I'd be happy to use it.

I can't get people to use Venmo, let alone other apps. I'd rather not use PP, but it's literally the only option.

 

[davislane]

Sure. Make it easy, user friendly, and commonly used and I'd be happy to use it.

I can't get people to use Venmo, let alone other apps. I'd rather not use PP, but it's literally the only option.

Unfortunately, Venmo is limited to US people anyway so "international" chippers couldn't use it even if they wanted to.

 

[Jonesey07]

@liftapint @Jonesey07. Care to contribute to this?

I had no issues with transferwise.

 

[warma]

Zelle
Apple Pay Cash

 

[davislane]

Zelle
Apple Pay Cash

Zelle seems to be limited to the US and apple pay im sure would be expensive. Ive edited the post to clarify for International transactions.

 

[FordPickup92]

If there was an alternate option, even something similar to zelle for international folks I would be happy to use it provided it was reputable and secure. I HATE that international people have to pay fees, or we have to pay fees as buyers, so annoying. I know most people in the boat have accepted it and they don't bat an eye at it, but it still really irks me

 

[warma]

Zelle seems to be limited to the US and apple pay im sure would be expensive. Ive edited the post to clarify for International transactions.

Ah, international.

 

[mtl mile end]

For Aussies (and "Muricans), I offer ACR P2P transfers - I can probably do BCP in a pinch.

For Canadians and other nationalities, in addition to ACR, I can transfer Pokerstars, 888, and soon, perhaps, GG Poker.

 

[davislane]

For Aussies (and "Muricans), I offer ACR P2P transfers - I can probably do BCP in a pinch.

For Canadians and other nationalities, in addition to ACR, I can transfer Pokerstars, 888, and soon, perhaps, GG Poker.

Great alternate Solution. Unfortunately most Aussies will have difficulties opening accounts on poker platforms because technically we are blocked

 

[mtl mile end]

Great alternate Solution. Unfortunately most Aussies will have difficulties opening accounts on poker platforms because technically we are blocked

WPN is your friend. Americas CardRoom and BlackChip Poker both accept Aussies.

 

[davislane]

WPN is your friend. Americas CardRoom and BlackChip Poker both accept Aussies.

Still have the issue of depositing funds onto the poker platform and whatever fees, and exchange rates they offer.

 

[mtl mile end]

Still have the issue of depositing funds onto the poker platform and whatever fees, and exchange rates they offer.

That's the benefit of exchanging funds for chips. For me, I think crypto is the only viable cash out choice.

 

[Emitsu]

e-transfer has always been the best choice for canadians, seems similar to transferwise, literally from bank to bank just using email no third party involved. Wish US had something setup like this

 

[davislane]

That's the benefit of exchanging funds for chips. For me, I think crypto is the only viable cash out choice.

Lets not even bring crytpo into the mix. For now Im just trying to find / advocate a solution that the majority would consider outside of Paypal

 

[davislane]

e-transfer has always been the best choice for canadians, seems similar to transferwise, literally from bank to bank just using email no third party involved. Wish US had something setup like this

they don't hence me trying to start a dialogue and to get members talking about what they have tried and are happy to recommend to other members instead of just Paypal. In my short time here I have easily burned through at least an additional $500USD on fees above and beyond what I would have paid using a more economical service. I know I would have rathered put that towards chips etc than into the Paypal ether

 

[Emitsu]

they don't hence me trying to start a dialogue and to get members talking about what they have tried and are happy to recommend to other members instead of just Paypal. In my short time here I have easily burned through at least an additional $500USD on fees above and beyond what I would have paid using a more economical service. I know I would have rathered put that towards chips etc than into the Paypal ether

I agree the prices are insane for paypal, i'd be open to other forms certainly, it is pretty outrageous

 

[Thomacetti]

If you think PP is expensive now...
Back in the day they took 2% on the transfered amount, now they have a flat fee.

It's not the fees...it's the conversion that hurts most

 

[PocketAces]

If you think PP is expensive now...
Back in the day they took 2% on the transfered amount, now they have a flat fee.

It's not the fees...it's the conversion that hurts most

To go around the problem of outrageous FX conversions, I use Revolut. Extremely easy to setup, very easy to use, allows you to setup different fx accounts and trade all G10 currencies at mids. I execute all PayPal transactions through my Revolut card and allow the card provider (Revolut cards are issued by MasterCard) to do the fx conversion (I have a USD account with Revolut so no actual conversion takes place, my USD account just gets charged).

 

[Thomacetti]

Yes, now you can keep payments you receive in dollars, ... while the main currency is EUR.
Not so long ago, they auto-transfered the money in EUR.

Now I just keep the dollars in my account and pay with them when needed...but there were other times.
PP clearly feels the pressure of other players growing...so they took away the robbery part.

Now I feel it's the shipping, customs fees & VAT that hurt us most....flat rate boxes were half the price 10 years ago and most stuff passed customs no sweat.

 

[BillyBluff]

I use Revolut too for the currency conversion and it's a great option.

Now I feel it's the shipping, customs fees & VAT that hurt us most....flat rate boxes were half the price 10 years ago and most stuff passed customs no sweat.

Tell me about it, I've just got a customs bill for £71.00 (£52 of that is VAT) for a package that has a value of $200 . I'm not sure what has been declared on the box, but it looks like they've used a random number generator and then added a zero!

 

[Thomacetti]

They just took $ for £....30% sound about right then

20% on 200 + shipping cost (about $50 ?) is 50 in VAT
rest is fees

Highway robbery I tell you...and with the Brexit lingering...you will be paying a lot of it in the future.

 

[BillyBluff]

Highway robbery I tell you...and with the Brexit lingering...you will be paying a lot of it in the future.

Don't get me started on Brexit (no politics here). I think I have two viable options; stop collecting or come and live with you. Simples

 

[Thomacetti]

I have combined room & chip leasing rates

Ps. there is a fondle tax, shuffling fee, table rake, door fee, ... but hey, still beat ol'England

 

[LeGold]

So, let me just make sure I understood correctly:
* One CAN receive money in USD now with Revolut? Last I checked, it was not an option.
* One CAN pay with PayPal using the Revolut card and there are no fees when paying to a US customer?
* I assumed the fees are linked to the person's location... if so, would I need to open a new PayPal account in the US to avoid the fees?

TransferWise looks very similar, with a different cost scheme and fee percentages (and a more solid reputation, from what I understand), so I'd just need to see what's best for me.

 

[Thomacetti]

So, let me just make sure I understood correctly:
* One CAN receive money in USD now with PayPal

FYP
Yes...rest is void imho

 

[LeGold]

I don't think I follow you there... I know I can receive USD with PayPal, my problem is the $2.26 in fees per transaction (and the fact that they seem to be slowly but surely, country by country, remove the possibility to let the card issuer due currency conversion instead of PP doing it... so far I still do have that option).

 

[Thomacetti]

I just dont do any conversions...I keep the $$ in my account.
The fee is the least of my concern for a hassle free, safe & instant payment

You can always open a second bank account (specific in USD), link it in PP and convert it that way