I just got killed on an international wire with fees - is this possible?
 

rounding off cents.. Sponsor in Asia..

$750 - orig owed
$045 - sponsor's wire fee
$705 - wired
$579 - just received

wtf - $126 in fees?

Is this possible? My bank lists no fees altho they normally charge $13 for an incoming non-intl wire. So perhaps they charge more for an intl and it isnt listed yet, but surely not $126. Do corresponding banks charge along the way?

Either the sponsor is not being honest (very unlikely) or I got killed on this deal.

Currency conversion fees maybe? Check the TOS of the sponsor to see what currency in which the payment originates .

Just a thought.

Good point, that is a possibility altho they used to pay me by epass and I got the full amount.

Sort of just wondering if anyone ever lost around 20% in a wire. Then I wont feel so bad. :)

Also wondering if there is a way to see all fees along the way. Maybe the bank in Timbuktu gouged me. :)

maybe they charged $126 instead of $12.6 by mistake

the sending company charged you their fee, there is a fee that the middle bank charges, then there is the fee that your bank charges:2 cents:

Maybe an intermediary bank also charged a fee.

Yup. Currency conversion.

Yeah prob a middle man bank fee. Could be conversion too. Maybe when they do wires things are done differently and they pass the conversion on.

Anyhow. Prob hard to determine without looking into it. But just wanted to show ya. This is my first intl wire and now I know why we need the next epass.

They just put in Payoneer so switched to them thankfully for the next payout.

Only good news is the whopping $171 fee on my orig $750 owed (126 + the sponsors 45) is tax deductible so at least I can knock off like $50. :Oh crap

Nice thread for all these people who keep saying that everyone who will use an e-wallet again instead of going with checks and wires is a dumbass.

I lose a lot of money on bank fees, and know that everybody who touches the money charges but those fees do look disproportionate.

Ask your bank for a breakdown of how the $705 became $579.

If you earned dollars and they sent dollars and your account is denominated in dollars there would be no currency charges. If your account is not in dollars and you converted the amount received back into dollars to see how much you lost, the rate you used may be the problem.

Yeah, they always paid me in dollars. And they are a reliable sponsor you all know. So I doubt they passed the conversion on.

My bank does have an easy way to get an explanation on a certain transaction. I will ask them and let you all know who gouged me.

That is a bit rediculous. Sponsor claims 705 sent and I believe them. But this is Asia. Not Europe. So who knows. I'll call the bank. Easier. At dawn and let you know. Should be interesting.

International bank wires can sometimes be brutal. You really have to keep an eye on shit.

is it a $ account. if not probably shafting you on the conversion rate.

Agree, I live in Asia as well, not an affiliate but I get my wires from CCBill and Zombio. When they "wire" 705$ I get $705 US Dollars into my account, the local currency amount might change due to the exchange rate but the amount that hits the account is the amount wired. For me at least.

Well were gonna find out, should be interesting.

Surely the sponsor started at $705 as they would know I could look into the wire so I trust that it started at $705.

And if they paid me with epass for a long time and a $ was a $, I dont think they would suddenly pass the conversion on. I am a valued affiliate. :)

So I think some far east or Russian bank got me. We started in rubles I think. I'll get the breakdown.

Will call em in about 3 hours.

My bank doesnt disclose the fee for intl wires, you have to call them to find out. :)

I'm guessing they charged me about $45 or more and the middle bank the rest. Had to be.

a wire from German bank to my Canadian bank cost somewhere around there as well :(

Possible, I recently paid EUR 116 at my local bank for cashing US checks, that's ~$160

They assrape you when they feel like it :)

Good to know. I dont think there are any mistakes. Just high fees. I am curious what the two banks charged.

So this deal cost me %23 ($171) in fees. lol Good lesson. Who was saying $7.50 (3.75%) was a high fee on $200 with Payoneer? :)

Actually 3.75% to load and another I think 3% to withdraw. 6.75% total. But only say 3-4% for me.

It's got to be the conversion. The bank will always exchange it in their favor.

Another reason for these third party ewallet solutions.

adapt or die

Not a shill for Payoneer but I did switch this sponsor to them and I need Payoneer to workout. :)

I'll be back with a fee breakdown in a couple hours.

Real good point. The original bank (prob Russian, poss Netherlands - Ill find out - prob took like $95)

The main US "Correspondent" bank is Bank of America out of NY. Maybe they took a cut too. Maybe there was another bank along the way too.

in the future you should have the wire sent it whatever currency they use, let your bank convert to dollars, youll get a way better rate.

Ive never known anything like it! I wouldnt have thought different countries mattered considering its your bank that charges not the other. My international charges should be similar from US to UK as Asia to US.

Could your bank have taken all the monthly charges in one go? Maybe its your bank you should contact rather than us at GFY....

Goodluck with finding out the problem :2 cents:

My experience with international wires is that it costs 10-25 to receive and 30-50 to send, depending on the bank.

You may have been subjected to multiple currency exchanges, this would cause your funds to dwindle fast as each time it is exchanged the exchanger is making a profit on top of an already unfavorable exchange rate.

Don't forget taxes too man. When I receive international wires the bank always deduct the taxes.

Well after about 20 mins on the phone with my bank all they can tell me was their fee was $20. They are unable to tell me what the orig amount was for or where it originated. That is what they tell me. They also cant tell me the fee breakdown either.

They did say the Correspondent bank (Bank of America New York) would not take any so the orig bank must have taken the rest.. about $106.

It may have been a currency change. But they couldnt tell me that either. So it is a mystery.

Do you see that breakdown on your statement? Or is it just taken out. Do you get some kind of notice on that?

Maybe I'll get something come tax time that something was deducted.

I could pester the sponsor but I wont do that. I took my chances. :)

this is the reason we need some epass alternative adopted widely in the industry and we need it fast... It would save this industry millions in fucking banking fees, also it would save time (time=money)...

This is why I want Paxum!

Well, at least you have it confirmed that your money was indeed in motion!

;)

It is impossible that you got killed, because you are still talking.

Paxum could be it. Payoneer generally does NOT allow loading by non sponsors (link bottom right on Payoneer main page thats says "now anyone can load your acct")

I tried to load my own acct to try the card out and no go. The response arrived in about 1 hour (all transactions are aprroved) and said after a few transactions they may approve me for some loading but it is mainly only for sponsors and their connected affils. Payoneer should be fine for intl sponsor payments but not for "a form of p2p" as was first thought.

Paxum tho I assUme has p2p.

lol Your right! This thread title is a little disconbobulated. :)

At least I know I can do intl wires and my swift codes and all are right. So it was a good learning experience.
They say it is extremely reliable.

Just have to give 20%+ to the man. Some man, somewhere. :)

Hello Vjo, in order to waive the intermediary acct fee, you should delete any intermediary bank info and only use the "swift code" that your bank uses, this will avoid charges for any intermediary bank, intermediary banks were used in the past not anymore, now wires are direct :)

thats brutal.. huge fees

Wow that could be it. I did provide the sponsor with the two swift codes and they sent it as I directed. Through the BOA New York first.

Frankly the girl at my bank knew less than this board and she thought BOA NY would not charge me a fee but maybe they did.

Anyhow good point. I will try that next time. The reason I did it that way is my bank's faq said to and I thought you in fact needed two codes for an intl transfer.

Great contribution. Thanks. :)

It also took a little longer.. sent Monday.. got to my acct today. They say 2 days usually. Looks my wire spent some spendy time in the Big Apple for a day or two. BOA NY.. please you know they took a fee.

That is prob it. Good, we all learned to use just our own local Swift code.

I am prob the only American yokel in the prog who provided two Swift codes. lol :) "ok, this dummy want two banks, we send through two banks" :) [add Russian accent :) ]

always the hard way for me :)

stop using emoticons.

I hear ya, bad habit. It sounds good in my head but bad on the screen.

Anyhow, turned out to be a good educational thread. Thanks to all.

Onward and upward.

:thumbsup

Intermediary banks are obselete. When any bank in the world types a swift code into their wire console, the intermediary bank info is included, and they follow that, rather than what you wrote down. I haven't included intermediary info for international wires for 4 years and have never had a problem.

Shit that sucks.

:(