Paxum wire withdrawals take way too long

I agree, these wires do take a very long time. I don't think this day and age electronic fund transfers (even international) should take more than 7 full business working days.

Ok I get this. Wires get sent to payment providers like Chexx Americas, The Payments Factory, Option Logic and so on.

What is problematic (mind that Paxum used several different such payment providers in the last year) is that out of the blue some of them add additional fees of up to aprox $30 to the wire on top of that $50, which at the end nets aprox $80 in fees for the wire.

That is ridiculous!

On top of that, this happens inconsistently! It means it happens with one wire and doesn't happen with the next and that with the same payment provider.

I am being told it's going to cost $50 and not $80 and I base my withdrawal threshold based on that info. If it's $50 it's $50. If it's $80 it's $80.

And, yes, Ruth, wires take 10 days to complete (and they got completed only after I sent a support ticket) and then it usually took 3 working days for the funds to show in my bank acc. Add to that non-working days and you get to 5. 5+10=15.

And by the look of it I am not alone that experiences this.

Please answer the question about fees.

Unless some backwoods US bank is used US to EU wires take 3 busines days.

Which is what materializes once the wire is "completed" by Paxum. It's this "completion" period (which I assume is Paxum's internal process that they use when fulfilling wire withdrawal requests) that takes way too long.

Compare that withdrawals to Payoneer's or Paypal's.

Also... all the payment providers use local EU banks to fulfill Paxum's orders so there is no way the wires should cost $50. $50 would be charged, if Chase Banks sent us a wire from offshore directly. If you send a wire US to EU $25 is standard. If a payment provider uses local accounts it means it sends cumulative payments or has a buffer in local banks, which should decrease the costs even further.

Then who takes the lion's share of that $50 per wire?

The "extra-fee" that you are experiencing, isn't that the (unfortunately) normal agent fee in a wire transfer?

International bank wire transfers have one sender, one recipient and often times an intermediary or agent bank in between them.

Since you, as sender or recipient, normally do not have an established relation to this intermediary bank or agent, they just serve themselves out of the honey pot that is your money when they are in transfer. They normally just take out $25 or $30 for their "services" and the fun part is that you never get a receipt for this!

Fun times trying to explain to your accountants or even better the IRS in an audit why earnings and received in company bank account mismatches with a few thousands per year... Fun times!

No, that's not the case here, see the fees get added once and not the other time. I am talking about the same payment service provider for wires coming from the same bank account that they send the wires from. Get it? Once the add the extra fees and other times they don't.

The fact that Paxum tells us this is going to cost $50 and then costs $80 is Paxum's fault. $50 is more than enough for all intermediary BS (that you normally have to use when you bank from offshore). But when you use BofA for example there ain't no intermediary BS in between.

Even less so when you use the same payment provider and then then provider charges you the extra fees, IF that was the provider. If it was Paxum that added the extra fees before sending to the payment service provider, that would be even worse - because we paid $50 for this very service and nowhere did it say we may incur "hidden", "suprise" charges.

That's a big difference.

This motherfucking thing exactly. THIS! Explain this to the dumb fucks of the IRS. Amount mismatch and no records who that fuck took the money. This of it all pisses me off the most. Fucking 3rd world services. You have a withdrawal noted on Paxum's statements and a bank statement where nothing matches. Neither Paxum as the sender, nor the amount. If only the memo said (Paxum - trans. ID #########) which matched the trans ID from your Paxum statement for the wire. But nooo....

So, Ruth, what is that? Fix that stuff. No one needs to email you for it. It's right here. Public.

Tick tock.

I think it is easily possible that their bank uses a different intermediary for different transfers, and some of them charge a fee.

However, if Paxum already charges you $50, it really should send the outgoing wires with the "OUR" payment instructions. Both because it's the fair thing to do at such a high initial fee, and also because it's clear that the sent and received amounts should match for accounting reasons, as you said. I think they might be using "SHA".

Above is the correct answer.
Banks can and will use different intermediaries from one day to another. Depending on who offer to "broker" or "handle" the transactions at the lowest cost. So your money may be on one route month1 and take a different route in month2. This is also why the fee can sometimes vary (most of the time the fee is $25 or $30). It's a nice system for banks, where they more or less freely can dip their fingers into your little honey pot and grab a nice little commission for themselves and you can't do anything about it and those fees are seldom or never disclosed before sending the transfer.

15 days for a fucking wire? Lol ROFL what a fucking joke

Are you trying to justify a $88 wire because someone here is using of a fucked up poorly connected banks? Last time I debated this with a bank they said the cost depends on the amount of intermediaries between banks. Better connected the bank is (read bigger and better it is) less of these routes they need to take and less the wire costs.

Using such an excuse like you posted is having no problem with DHL telling you the parcel delivery is gonna cost $50 and then it costs $88 because, well, you know, their airplane broke down so they had to use a regular line to deliver your parcel so it's entirely your fault it's more expensive.

That sort of thing never happens with DHL. And so it shouldn't with Paxum. If $50 doesn't cover a wire from CA to EU and it has to rise 50% to 60% just because a shitty bank was used that thinks that can be imposed on their clients AND at the same time Paxum feels that's ok then we have a problem.

What I find disturbing is Paxum not commenting on this. How that can you charge $50 for a wire and then have it cost $88 at the end and not give a fuck about it?

It's difficult to say what they use. Last 2 times they used "The Payments Factory" as a payment provider and one time we had an extra fee added and the next time we didn't.

What I believe is happening here is that a wire going from Paxum to the payment provider is hit with the extra fee so it may not be the payment provider's fault, but Paxum's

$50 is perfectly enough for a wire, but that is in a normal banking world. Since Paxum changes banks all the time (almost each time we add funds to our account we have to use a different intermediary of theirs) it may be they change different routes for outgoing wires, too, yet they just don't care whether more fees than initially claimed will be added. Like it's our problem that their business model uses a Belizean Choice bank with very limited connections, so we should expect the unexpected, right?

They may use different banks, or the banks may use different intermediaries.

But if the payment instruction is "OUR", all of these extra fees will appear on their side, and you will get the full amount. That's how it should be, they should use "OUR".

Bump an old topic.

How does this looks like these days for you?

I'm waiting 11 days for WIRE

Well im stuck in the same position, Ordered Card 6 months ago and did not get it.

Get my $50 back -$7 cancelation for a card never received LOL .....

Tried an EFT and it Bounces back to our paxum account 20 days later....

Now i tried last night WIRE to my bank $1000 Canadian.

Will keep you posted how this worked out see you in a months LOL ... Fuck me

paxum.com: Withdraw Funds By Wire Request Initiated

Transaction Details

Account: [email protected]
Amount: 1,089.62 CAD
Date/Time: 2017-06-19 01:43:56
Transaction Type: Withdraw funds by wire
Transaction Status: Initiated
Estimated Time: Takes 3 business days <<<<< REALLY

Cant wait to see this happen in 3 days lol....

And what was the reason?