Quote:
Originally Posted by Thomas007
Paxum do not need to be in business for long before we have saved enough in banking fees for caching checks or receiving wires to cover an eventual loss if they close shop.
Plus we'll also save us for the hassle of checks. It's labor intensive to open the letters and make lists which shall then be mailed to the bank with the checks.
My calculation is that it costs us $8 per check and a rough estimate on $30 per wire (sending and receive fee) to receive money.
I'll calculate with 50 checks and 10 wires per month.
It's $700 saved.
If we withdraw from Paxum via Wire 2 times a month, then the cost for that is about $120 a month.
700 - 120 = 580 saved per month by Paxum.
A year = $6960
Keep your balances low with Paxum, it's not a bank.
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Great Post Thomas.
We did the same with epass for 7 years in a row.
Saved me +70.000 dollars in wire and banking fees.
While I've lost $6000 at the end.
Still at least $64.000 profit
As you said, don't use it as a bank.
Keep your balance low and just enough for your daily operations.
