Paxum exchange rate USD/EUR.. a little shitty? - GoFuckYourself.com

Paul&John · 12-03-2012, 03:14 AM

Hi there!

Looks a little shitty for me.
Wanted to change some USD to EUR so I can withdraw the money through EFT, but the exchange ratio doesn't looks right:

Exchange Rate* 1 USD = 0.7445 EUR (1 EUR = 1.3432 USD)
*Exchange Rate valid on 2012-12-03 09:58:55 (UTC)

Where my local bank (real physical bank, not an internet bank) would give me a rate of 1 EUR = 1.3197 USD

So theoretically (not calculating the time going to the bank cashing in a cheque) I'm better of with a simple cheque withdrawal.

Let's assume I want to take out 1000 USD and 4000 USD.
PAXUM EFT scenario:
1000USD => 744.49EUR - 6.66EUR (8.95$ EFT fee) = 737.83 EUR in my bank account
4000USD => 2977.96EUR - 6.66EUR = 2971.30 EUR in my bank account
PAXUM CHEQUE scenario:
1000USD => 757.75EUR - 10EUR (min. bank fee) = 747.75 EUR in my bank account (means +9.92EUR)
4000USD => 3030.99 - 30.3EUR (1% bank fee) = 3000.69 EUR in my bank account (means +29.39EUR)

Of course you can't compare the speed of both transactions, where the EFT arrives in a few days and with cheque you wait more then a month (arrives in 2-3 weeks, then the fucking bank deposits it in 1 month.. fucktards lol).

Klen · 12-03-2012, 03:29 AM

And it took you so long to realize they have shitty ratio

Paul&John · 12-03-2012, 04:53 AM

I just recently applied for the EFT option, so there was no need for me to check the exchange rates

Adraco · 12-03-2012, 05:35 AM

Same with Paypal and any other online service like that.

Usually they do not do their own currency trading, but get their rates from a banking partner. And with that, they have to make sure they themselves do not get cooked on the deal, so there will be a "margin of error" of usually around 2% which will compensate them if the exchange rate would differ from that point where you did the exchange till the moment they are actually doing it with their bank.

Just check Paypal's agreement, they even take out a special currency conversion fee. Your local bank will in 99% of all the cases take a fixed fee and then give you an exchange rate which is much closer to the "real one" at that moment. SO the bank gets paid for doing the transaction with their fixed fee, since online payment systems like Paxum and Paypal usually handle much lower sums than your local bank, they give you the chance to exchange currency without the fixed fee but make up for it with a percentage fee coming off as a little worse exchange rate.

Either way, you are using a service and should pay for it either way. Exchanging money isn't free, there is a cost involved. Be smart and only move larger sums, and with that pay the fixed fees at your bank, that will lower the percentage cut form your total.

CrocMint · 12-03-2012, 05:42 AM

1.34 hmm... that sucks
1.29 as of now - http://www.ecb.int/stats/exchange/eu...ph-usd.en.html

Denny · 12-03-2012, 05:48 AM

Same with Payoneer/Paypal, ...

Paul&John · 12-03-2012, 06:57 AM

Quote:

Originally Posted by Adraco

Either way, you are using a service and should pay for it either way. Exchanging money isn't free, there is a cost involved. Be smart and only move larger sums, and with that pay the fixed fees at your bank, that will lower the percentage cut form your total.

Yeah that would be nice in a perfect world, but after the epass money motion thingy I try to not leave large sums in e-accounts

pornguy · 12-03-2012, 07:03 AM

its actually not that bad.

Vapid - BANNED FOR LIFE · 12-03-2012, 07:30 AM

1.30397 is current 1.31 + is a high spread.

LatinaCrazy · 12-03-2012, 08:21 AM

Payoneer charges +/- 4% including cost to with draw, that is based on 1,000 dollars
Paxum charges +/- 3.5% including cost to with draw, that is based on 1,000 dollars

RedPass Payoneer charges +/- 1% including cost to with draw, that is based on 1,000 dollars

All prices are based on inter-bank rates..

If you don't believe me withdraw a 100 bucks from the same machine from each card.

Paul&John · 12-03-2012, 10:46 AM

Quote:

Originally Posted by pornguy

its actually not that bad.

Quote:

Originally Posted by Monotony

1.30397 is current 1.31 + is a high spread.

so its not bad or bad?

RuthB · 12-03-2012, 11:20 AM

Hi Paul&John,

Thanks for choosing Paxum!

We do not have any control over the exchange rates provided within our service. When you transfer funds between accounts in multiple currencies there must be an exchange rate in place, and that exchange rate is determined by the bank, and not by Paxum.

We do provide multiple withdrawal options for your convenience. You can withdraw to your bank by Wire, Check, EFT, or to an already existing credit card (Visa/Mastercard), or to the Paxum Mastercard.

Thanks,

Ruth

CaptainHowdy · 12-03-2012, 03:08 PM

Quote:

Originally Posted by RuthB

Hi Paul&John,

Thanks for choosing Paxum!

We do not have any control over the exchange rates provided within our service. When you transfer funds between accounts in multiple currencies there must be an exchange rate in place, and that exchange rate is determined by the bank, and not by Paxum.

We do provide multiple withdrawal options for your convenience. You can withdraw to your bank by Wire, Check, EFT, or to an already existing credit card (Visa/Mastercard), or to the Paxum Mastercard.

Thanks,

Ruth

There you go. I browsed around a couple of banks and compared which gave me the best exchange rate. Paxum ROCKS!

xshake · 12-03-2012, 03:18 PM

I think so ! Ero Advertising today € 1 : 1.2726 USD

Paul&John · 12-03-2012, 04:07 PM

Quote:

Originally Posted by RuthB

Hi Paul&John,

Thanks for choosing Paxum!

We do not have any control over the exchange rates provided within our service. When you transfer funds between accounts in multiple currencies there must be an exchange rate in place, and that exchange rate is determined by the bank, and not by Paxum.

We do provide multiple withdrawal options for your convenience. You can withdraw to your bank by Wire, Check, EFT, or to an already existing credit card (Visa/Mastercard), or to the Paxum Mastercard.

Thanks,

Ruth

Why it's not possible to withdraw with EFT to an EUR account using my USD funds, so my bank will handle the exchange?

Paul&John · 12-04-2012, 11:45 AM

Quote:

Originally Posted by xshake

I think so ! Ero Advertising today ? 1 : 1.2726 USD

Damn thats nice one

Startzone · 12-05-2012, 05:12 AM

Quote:

Originally Posted by RuthB

Hi Paul&John,

We do provide multiple withdrawal options for your convenience. You can withdraw to your bank by Wire, Check, EFT, or to an already existing credit card (Visa/Mastercard), or to the Paxum Mastercard.

There is no option visa/mastercard with Euro's on it?

12-03-2012, 03:14 AM	#1
Paul&John Confirmed User Industry Role: Join Date: Aug 2005 Location: YUROP Posts: 8,605	Paxum exchange rate USD/EUR.. a little shitty? Hi there! Looks a little shitty for me. Wanted to change some USD to EUR so I can withdraw the money through EFT, but the exchange ratio doesn't looks right: Exchange Rate* 1 USD = 0.7445 EUR (1 EUR = 1.3432 USD) Exchange Rate valid on 2012-12-03 09:58:55 (UTC) Where my local bank (real physical bank, not an internet bank) would give me a rate of 1 EUR = 1.3197 USD* So theoretically (not calculating the time going to the bank cashing in a cheque) I'm better of with a simple cheque withdrawal. Let's assume I want to take out 1000 USD and 4000 USD. PAXUM EFT scenario: 1000USD => 744.49EUR - 6.66EUR (8.95$ EFT fee) = 737.83 EUR in my bank account 4000USD => 2977.96EUR - 6.66EUR = 2971.30 EUR in my bank account PAXUM CHEQUE scenario: 1000USD => 757.75EUR - 10EUR (min. bank fee) = 747.75 EUR in my bank account (means +9.92EUR) 4000USD => 3030.99 - 30.3EUR (1% bank fee) = 3000.69 EUR in my bank account (means +29.39EUR) Of course you can't compare the speed of both transactions, where the EFT arrives in a few days and with cheque you wait more then a month (arrives in 2-3 weeks, then the fucking bank deposits it in 1 month.. fucktards lol). __________________ Use coupon 'pauljohn' for a $1 discount at already super cheap NameSilo! Anal Webcams \| Kinky Trans Cams Live \| Hotwife XXX Tube \| Get your Proxies here

12-03-2012, 04:53 AM	#3
Paul&John Confirmed User Industry Role: Join Date: Aug 2005 Location: YUROP Posts: 8,605	I just recently applied for the EFT option, so there was no need for me to check the exchange rates __________________ Use coupon 'pauljohn' for a $1 discount at already super cheap NameSilo! Anal Webcams \| Kinky Trans Cams Live \| Hotwife XXX Tube \| Get your Proxies here

12-03-2012, 05:35 AM	#4
Adraco Confirmed User Industry Role: Join Date: May 2009 Location: Onboard an airplane around the globe Posts: 3,735	Same with Paypal and any other online service like that. Usually they do not do their own currency trading, but get their rates from a banking partner. And with that, they have to make sure they themselves do not get cooked on the deal, so there will be a "margin of error" of usually around 2% which will compensate them if the exchange rate would differ from that point where you did the exchange till the moment they are actually doing it with their bank. Just check Paypal's agreement, they even take out a special currency conversion fee. Your local bank will in 99% of all the cases take a fixed fee and then give you an exchange rate which is much closer to the "real one" at that moment. SO the bank gets paid for doing the transaction with their fixed fee, since online payment systems like Paxum and Paypal usually handle much lower sums than your local bank, they give you the chance to exchange currency without the fixed fee but make up for it with a percentage fee coming off as a little worse exchange rate. Either way, you are using a service and should pay for it either way. Exchanging money isn't free, there is a cost involved. Be smart and only move larger sums, and with that pay the fixed fees at your bank, that will lower the percentage cut form your total. __________________ ---------------------------------------------------------------------------------- The truth is not affected by the beliefs, or doubts, of the majority.

12-03-2012, 05:42 AM	#5
CrocMint Confirmed User Industry Role: Join Date: Oct 2010 Posts: 227	1.34 hmm... that sucks 1.29 as of now - http://www.ecb.int/stats/exchange/eu...ph-usd.en.html __________________ Our Herbal Supplements for Adult Health - a New Revenue Stream for You - mike[at]crocmint.com

12-03-2012, 05:48 AM	#6
Denny Too lazy to set a custom title Industry Role: Join Date: Feb 2005 Posts: 17,260	Same with Payoneer/Paypal, ... __________________

12-03-2012, 03:29 AM	#2
Klen Industry Role: Join Date: Aug 2006 Location: Little Vienna Posts: 32,235	And it took you so long to realize they have shitty ratio

12-03-2012, 07:03 AM	#8
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	its actually not that bad. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

12-03-2012, 07:30 AM	#9
Vapid - BANNED FOR LIFE Barterer Industry Role: Join Date: Aug 2004 Posts: 4,864	1.30397 is current 1.31 + is a high spread.

12-03-2012, 08:21 AM	#10
LatinaCrazy Confirmed User Industry Role: Join Date: Apr 2004 Location: South America Posts: 323	Payoneer charges +/- 4% including cost to with draw, that is based on 1,000 dollars Paxum charges +/- 3.5% including cost to with draw, that is based on 1,000 dollars RedPass Payoneer charges +/- 1% including cost to with draw, that is based on 1,000 dollars All prices are based on inter-bank rates.. If you don't believe me withdraw a 100 bucks from the same machine from each card. __________________ ICQ: 288-147-085 \| Email: promolata [at] gmail.com

12-03-2012, 11:20 AM	#12
RuthB Let's Get Paxumized! Industry Role: Join Date: May 2005 Location: Vancouver, Canada Posts: 7,247	Hi Paul&John, Thanks for choosing Paxum! We do not have any control over the exchange rates provided within our service. When you transfer funds between accounts in multiple currencies there must be an exchange rate in place, and that exchange rate is determined by the bank, and not by Paxum. We do provide multiple withdrawal options for your convenience. You can withdraw to your bank by Wire, Check, EFT, or to an already existing credit card (Visa/Mastercard), or to the Paxum Mastercard. Thanks, Ruth __________________ Send & Receive Mass Global Payments - Mass P2P/Wire/EFT/SEPA - Adult Industry Friendly - Award Winning Payment Service - Fast, Reliable & Secure! Paxum ...... Paxum Bank Email: [email protected] ~ Telegram: PaxumRuth

12-03-2012, 03:18 PM	#14
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