GoFuckYourself.com - Adult Webmaster Forum - View Single Post - Tip for foreign webmasters considering checks or wire from programs

Dirty Dane · 09-10-2010, 07:02 AM

Epassporte is great for collecting smaller or middle sized amounts but now that the situation is unclear or until it's fixed some of you also consider using checks or wire directly from your programs.

The cost at sender side and in your bank is obvious but you also have to be aware of parity. Currency exchange is a trade and banks sell or buy currency calculating it from the parity. They handle checks as cash (they buy cash) which will give less than the parity. In my case that is about 1.5%. BUT if the amount is sent by wire transfer then you will get the same as the parity (if not, then the bank is screwing you).

Example with 1.5% difference from parity:
Administrative costs of check: $15
Cost of wire: $30
Amount: $1000
In this case the cost of wire will be the same as check because you will get 1.5% ($15) more money than using check. Choose wire, it's faster and more secure. If the amount is above $1000 you will lose money if using check.

So in the end, regardless of where you live and the costs, it's about your minimal payouts and the "cost" of efforts.

If you are a starter or "live on the edge" and have to deal with many smaller checks to keep your monthly income stable and your bank is greedy by charging per check instead of per visit, then I suggest you get a business account with your bank with fair deals and a buffer for rainy days. You should do that under any circumstances, don't mix your private economy with your business. If they do not offer you that then fuck them, find a better bank relation you can grow business with.

09-10-2010, 07:02 AM
Dirty Dane Sick Fuck Industry Role: Join Date: Feb 2004 Location: www Posts: 9,491	Tip for foreign webmasters considering checks or wire from programs Epassporte is great for collecting smaller or middle sized amounts but now that the situation is unclear or until it's fixed some of you also consider using checks or wire directly from your programs. The cost at sender side and in your bank is obvious but you also have to be aware of parity. Currency exchange is a trade and banks sell or buy currency calculating it from the parity. They handle checks as cash (they buy cash) which will give less than the parity. In my case that is about 1.5%. BUT if the amount is sent by wire transfer then you will get the same as the parity (if not, then the bank is screwing you). Example with 1.5% difference from parity: Administrative costs of check: $15 Cost of wire: $30 Amount: $1000 In this case the cost of wire will be the same as check because you will get 1.5% ($15) more money than using check. Choose wire, it's faster and more secure. If the amount is above $1000 you will lose money if using check. So in the end, regardless of where you live and the costs, it's about your minimal payouts and the "cost" of efforts. If you are a starter or "live on the edge" and have to deal with many smaller checks to keep your monthly income stable and your bank is greedy by charging per check instead of per visit, then I suggest you get a business account with your bank with fair deals and a buffer for rainy days. You should do that under any circumstances, don't mix your private economy with your business. If they do not offer you that then fuck them, find a better bank relation you can grow business with.