MicrostockGroup
Microstock Photography Forum - General => General Stock Discussion => Topic started by: leaf on September 24, 2009, 06:29
-
I am getting tired of the extremely poor conversion rate that paypal offers between american and other currencies (2.5% goes to Paypal)
Does anyone have any good solutions?
I have been thinking of opening a Bank account or an account with E*Trade in the states so that I can withdraw the money there and invest it or something else useful.
I can open an American currency account here at my Norwegian bank but Paypal will not transfer american funds to the account. If i withdraw funds from a Norwegian paypal account, they have to go either to an American bank (US funds) or a Norwegian bank (Norwegian funds).
I just tried checking out opening an E*trade account in the states which is mostly a stock broker but also has a debit card associated with the account which could be usefull - but I found out they are not longer acceptnig applications from europe. ::)
Perhaps one of the other online brokers, or perhaps opening an american bank in person some time when I visit there (October)
Any other suggestions?
-
I opened a bank account in UK, but I can not change my PP account to UK unless I provide a UK address (which I don't legally have, although I could use a friend's) and PP USA requires a USA bank account to cash my money.
I receive my payments through MB to my UK bank account, but there are fees too. I can get money at ATMs or use the card as a debit card here in Brazil, but this also involves fees.
I keep some payments at PP to use when I buy online.
Maybe someone has a better solution?
-
Does anyone have any good solutions?
I don't have a good solution, but I'll give you the one I'm using:
Paypal doesn't work with Argentinian banks, so the only viable option I found so far is Moneybookers and then transfer (all in USD so no conversion rate, just the ~USD2.50 transfer fee) to a local bank which does the currency conversion to Pesos, charges me a fee for the transfer.
-
I use a payoneer debit card. It's great for me. But there are fees too.
-
I live in Croatia, and Payoneer is good solution for me, better than Moneybookers (USD to EUR to HRK) because its only one valute conversion on ATM...
To be honest, at first time, I expect worse conversion rate on ATM with my Payoneer card, isn't too much...
Payoneer rules!
-
to a local bank which does the currency conversion to Pesos, charges me a fee for the transfer.
B79, does the government charge you for these deposits in your bank account? I know our government does, and as far as I know it is not little.
-
Spend it staight away from your Paypal account 8) :D
-
to a local bank which does the currency conversion to Pesos, charges me a fee for the transfer.
B79, does the government charge you for these deposits in your bank account? I know our government does, and as far as I know it is not little.
for the transfers there is a USD 3 +IVA (VAT, 21%) fee for a central bank form that I have to fill that the bank charges me along with their fee (USD40 + IVA) . and then there's the rest of the taxes (that don't discriminate if the income is generated here or abroad)
-
I don't think it would be illegal to open a checking account in the US even with a foreign address. This is what my bank says about opening a checking account here (I put some text in bold):
"Can I apply for a checking or savings account even though I am not a United States citizen?
Yes. To open a checking or savings account over the phone you need several things, including:
* Social Security number
* Current street address (and prior address if you have lived at your current address for less than 5 years)
* Information about the bank or financial institution from which the money will come to open the account
* Some form of identification, including a matricula consular Mexicana, a valid local or international driver's license or a student or work ID.
If you do not have a Social Security number, please visit a banking center to apply for an account."
-
for the transfers there is a USD 3 +IVA (VAT, 21%) fee for a central bank form that I have to fill that the bank charges me along with their fee (USD40 + IVA) . and then there's the rest of the taxes (that don't discriminate if the income is generated here or abroad)
I believe our taxes are around that too - US$30-50 or so.
What reminds me, a colleague used to get his payments through PP using a Brazilian company that has an office abroad. He transferred them an amount through PP, they made a deposit on his bank account here in Brazil charging some fee. It wasn't cheap, but much cheaper than cashing a foreign cheque. I don't know if he is still using it, now that we can get (I think) PP transfers to our credit cards.
-
I don't think it would be illegal to open a checking account in the US even with a foreign address.
It is not illegal in UK and I could have done it from Brazil - it would take a bit longer, they said. The fact that I was a client here made all the bureaucratic procedures easier when I opened my account in UK when I was travelling there. It is not illegal for our government to have a foreign account, as long as I declare it and can prove the legal original of the funds.
-
I live in Croatia, and Payoneer is good solution for me, better than Moneybookers (USD to EUR to HRK) because its only one valute conversion on ATM...
To be honest, at first time, I expect worse conversion rate on ATM with my Payoneer card, isn't too much...
Payoneer rules!
You must open MB account in USD and normal USD account in you bank than there no additional fees.
As I see you already have MB account but they snich you IP address which point them to "kuna" currency and MB dont have directly conversation from USD to Kuna. First they do conversation from USD to EUR and then from EUR to Kuna.
If you want additional info ask on Balkan Thread and I will explain that.
-
What reminds me, a colleague used to get his payments through PP using a Brazilian company that has an office abroad. He transferred them an amount through PP, they made a deposit on his bank account here in Brazil charging some fee. It wasn't cheap, but much cheaper than cashing a foreign cheque. I don't know if he is still using it, now that we can get (I think) PP transfers to our credit cards.
cashing a foreign check is not that expensive here: USD 5 or 2% if I remember correctly, and you walk out with the dollars in your hand (or pocket). the problem is: checks are usually "lost" in the Post Office.
-
I am interested to learn more about Payoneer but they are very ambiguous on their website about the fees involved. I wonder if this is because it varies between which card you sign on for - Istock or Dreamstime for example. They say that the fees are "better" but you must log into your account to view them.
I import goods a few times a year from the U.S. to Canada and not one of my vendors accepts Paypal. So I have to convert Paypal money to Canadian dollars, place my American order and pay MasterCard for converting my Canadian dollars to American.
I just got a U.S.$ credit card. Can you transfer Paypal balances to credit cards, or just to bank accounts?
If I get a Payoneer card, can I use Dreamstimes for Istock payouts? Or do I need 2 cards?
-
If I get a Payoneer card, can I use Dreamstimes for Istock payouts? Or do I need 2 cards?
You only need one card from Payoneer. When you request your money from Istockphoto or Dreamstime you will find the information about Payoneer fees.
I already had my payoneer card to get my money from other businesses, so I just enabled Istock, Dreamstime and Veer to send my earnings to my card. You can even get Paypal funds in your Payoneer card through a Virtual Account using ACH.
For about 17 years I have been making business with companies which are abroad. Always the same problem: Fees for bank transfers are very expensive for small amounts, cheques get lost and bank fees are not cheap.
Fortunately, I discovered Payoneer about 2 years ago (I think) and since then I've been using it. And I am very happy. Never have had any problem. There are fees of course, and conversion rates, but for me, Payoneer has been the best solution to get my money from abroad.
Hope it will work for you! :)
-
I did not bother so far, because my microstock earning are less than 5k per year. But if you are talking larger numbers and want to get money from the US to EU, check out these guys.
http://fxglobaltransfer.oanda.com/fxglobaltransfer/why-fxglobaltransfer.shtml (http://fxglobaltransfer.oanda.com/fxglobaltransfer/why-fxglobaltransfer.shtml)
at this page you can see a cost comparison for 10k and 1m: http://fxglobaltransfer.oanda.com/fxglobaltransfer/cost-comparison.shtml (http://fxglobaltransfer.oanda.com/fxglobaltransfer/cost-comparison.shtml)
I am not affiliated to this company in any way. I just know a few people who use them for currency transactions and have been happy so far. Pls do any due diligence yourself!
-
I get my iStock payments loaded into a Payooner card.
So far it is working fine, never had a problem.
About the fees those are the info got from their website (I think are specifically relared to the contract iStock have in place with them):
(http://img190.imageshack.us/img190/3001/payooner.png)
Cheers,
Antonio
-
to a local bank which does the currency conversion to Pesos, charges me a fee for the transfer.
B79, does the government charge you for these deposits in your bank account? I know our government does, and as far as I know it is not little.
for the transfers there is a USD 3 +IVA (VAT, 21%) fee for a central bank form that I have to fill that the bank charges me along with their fee (USD40 + IVA) . and then there's the rest of the taxes (that don't discriminate if the income is generated here or abroad)
What!?
40 bucks + tax only for trasfer deposit???? :o :o
-
Moneybookers fees:
https://www.moneybookers.com/app/help.pl?s=fees (https://www.moneybookers.com/app/help.pl?s=fees)
-
I am getting tired of the extremely poor conversion rate that paypal offers between american and other currencies (2.5% goes to Paypal)
Does anyone have any good solutions?
The PayPal rates are actually not as bad as most people assume. They're generally on a par with the banks' commercial rate (which is obviously far better than the tourist rates you'd get on the high street) and there's no 'transaction fee'. If I want to send money via my bank (HSBC) then I'll get their commercial rate but will also have to pay a transaction fee of £25 (about $40) irrespective of the amount.
There's always a cost when exchanging/transferring money and most places are significantly more expensive and/or more hassle than PayPal as far as I'm aware.
-
paypal fees
http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/fees-outside (http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/fees-outside)
-
No, paypal isn't terrible, but I think there must be a better way. All this exchange of american -> local currency and back again when I buy something in the states is costing too much.
I just checked my bank and for example to purchase with the debit card in another country they charge 1.75% on the currency, whereas paypal charges 2.5%. So paypal isn't being a thief like the exchange booth in the airport but it is a little worse than a bank - however all things considered I suppose quite acceptable.
I also checked an online savings company and their exchange was at 0.15% - quite good compared to the bank or paypal.
Moneybookers exchanges at 1.99% but also charges a 1.8 Euro fee for withdrawl (US $2.64)
So for $1000 exchanged
Paypal takes $25
Moneybookers takes $22.54
At $5000
Paypal takes $125
MoneyBookers takes $102.14
So really it is quite similar. What I am hoping I am able to do with Moneybookers however is transfer the american funds to a savings company I use and keep the $$ as US$$ for a cost of $2.64 then just keep the money there until I need IT and THEN transfer it to my own currency for a cost of $7.5 (for every $5000). That would save me over $100 every time I make $5000 which is a considerable amount.
Paypal doesn't let you withdrawl american funds to an american currency account in a foreign country. The withdrawn funds HAVE to be taken out in the same currency as local currency where you are located.
edit:.. now I am unsure if you can withdraw USD from moneybookers to a foreign account. I will have to check on this more.
-
Interesting. Moneybookers appear to have a significantly better exchange rate than Paypal (and it's much easier to find it out too).
-
No, paypal isn't terrible, but I think there must be a better way. All this exchange of american -> local currency and back again when I buy something in the states is costing too much.
Why not opening a bank account in the US then?
-
well 2% does look better than 2.5% but in the end results I would call $3.86 difference on $5,000 echanged significant. I wouldn't even consider it worth my time of having accounts at both places at that amount.
The deciding factor for me is that I can transfer American currency to a foreign bank account with MB
scratch that I just found out that MB only transfers local currency as well :( ...
edit: er well I am not sure again. They say this on their website
We will process your withdrawal in EUR, USD or the official currency of the country where your bank is located. Information regarding the currency in which Moneybookers processes every particular withdrawal request is displayed in the final confirmation screen of your withdrawal.
I will have to wait and try it out when I have a US $$ bank account set up.
-
No, paypal isn't terrible, but I think there must be a better way. All this exchange of american -> local currency and back again when I buy something in the states is costing too much.
Why not opening a bank account in the US then?
yeah, well that is one solution I considered (and perhaps am still considering). There would probably be a international bank transfer fee though to get it to Norway. If I can get US funds out of money bookers and into a Norwegian bank US$ account then I think that will be simplest.
-
to a local bank which does the currency conversion to Pesos, charges me a fee for the transfer.
B79, does the government charge you for these deposits in your bank account? I know our government does, and as far as I know it is not little.
for the transfers there is a USD 3 +IVA (VAT, 21%) fee for a central bank form that I have to fill that the bank charges me along with their fee (USD40 + IVA) . and then there's the rest of the taxes (that don't discriminate if the income is generated here or abroad)
What!?
40 bucks + tax only for trasfer deposit???? :o :o
yep :(
[sarcasm] we have really nice, efficient and honest banks here.... [/sarcasm]
-
[sarcasm] we have really nice, efficient and honest banks here.... [/sarcasm]
I don't know if these high fees are defined by the banks or by the government. :-\
-
[sarcasm] we have really nice, efficient and honest banks here.... [/sarcasm]
I don't know if these high fees are defined by the banks or by the government. :-\
For what I know the bank fee is defined by the bank, (but government regularions have probably some incidence on the final price).
either way, there aren't any nice or honest banks or government here
-
yeah, well that is one solution I considered (and perhaps am still considering). There would probably be a international bank transfer fee though to get it to Norway. If I can get US funds out of money bookers and into a Norwegian bank US$ account then I think that will be simplest.
For bigger amounts, an international wire transfer fee might be less than what MB or PP would charge. My US bank charges $40 for international wire transfer. I think that's less than some $100+ amounts people have calculated for MB or PP.
-
I am from Singapore and I use Paypal and I think the charges are high too. It is just slightly better than banking a US$ cheque into the bank. The exchange rate is terrible and I hope to look for another solution too. So if someone has a better way, please help.
(Thanks for telling me that PayPal does not allow US$ to be transfered to a US$ account in a foreign country. I was deliberating on opening a US$ account in Singapore and transffering the money from Paypal to the US$ account. Now that is dashed.)
If a foreigner wants to open a US Bank account. Is it easy? Are we allowed? Who knows - if i go to US one of these days, I should try to open one. Which is a good bank? Are there charges? Will we receive interest for putting money in the savings account.
-
People, Payoneer is solution...
-
People, Payoneer is solution...
How can I make that judgement? Payoneer won't let you see what the costs are unless you sign up for an account with them. That always makes me suspicious that they're actually quite expensive and/or you're going to be inundated with spam.
-
What about an international bank? Something like ING (was just remembering those annoying tv commericals here in Canada) Would something like work?
-
People, Payoneer is solution...
How can I make that judgement? Payoneer won't let you see what the costs are unless you sign up for an account with them. That always makes me suspicious that they're actually quite expensive and/or you're going to be inundated with spam.
I think you are wrong...
Fee outside of US is 2$ + up to 2%...
Everything on fee list is correct....
They can tell you their provisions but they can't tell you ATM bank's provision (exchange rate included), which can be different from bank to bank...
But I think that Mastercard has contract with every partner bank that cost of exchange can be only up to 2 %...
But that is also provision of my bank which let me to have their Mastercard, provision is the same for every Mastercard...
Also you pay 2 $ monthly for account and that is all...
So, you don't transfer money onto your bank account, your account is Payoneer account...
Ufff, Payoneer have to pay me for their promotion... :P :P ;D ;D
-
I get my iStock payments loaded into a Payooner card.
So far it is working fine, never had a problem.
About the fees those are the info got from their website (I think are specifically relared to the contract iStock have in place with them):
([url]http://img190.imageshack.us/img190/3001/payooner.png[/url])
Cheers,
Antonio
I have to pay monthly fees for not using the card? I don't have to pay anything to Paypal for just letting the money sit in there. Do I get any interest for having my money on Payoneer? What if I loose the card? Can someone take my money?
-
The risk is the same as the loss of any other debit card...
Also you pay monthly or yearly account and card in every other bank, right...
-
Also you pay monthly or yearly account and card in every other bank, right...
Actually, there are free checking and savings accounts in the US. They may have fees if you perform certain transactions (like international wire transfer), but they dont charge for just having an account.
-
Payoneer only charges the monthly fee if there is money on your account. So if you withdraw everything the same month as you get the money, the price for one withdrawal would be:
2$ monthly fee
2,15 $ ATM fee
up to 2,2% above market rates, based on the current exchange rates. I don't know what that would mean in real money?
Right now I wouldn't withdraw anything in Norway, since the exchange rate for dollars is at a all time low; 5,8 NOK for one dollar. You would loose more because of this than because of any banking fees.
-
Also you pay monthly or yearly account and card in every other bank, right...
Actually, there are free checking and savings accounts in the US. They may have fees if you perform certain transactions (like international wire transfer), but they dont charge for just having an account.
As I know, you don't paying to have account but you are paying for using card, Mastercard,Visa, Maestro etc....
P.S.
Gaya makes good point, bad rate is bigger problem than every fees together...
I remember years when I get 8,2 HRK (croatian kuna) for 1$, now is ONLY 4,8HRK.... Disaster!
How can be problem to me 24$ (maximum) per year now...
And Payoneer is certainly one step more in simplicty of use...
Also,in US you can get more goods for 100 $ than here in Croatia, maybe twice more...
-
Antonio, thanks for posting the Istock Payoneer fees. Does anyone have the Dreamstime fees or some other Payoneer card so we can compare?
-
Antonio, thanks for posting the Istock Payoneer fees. Does anyone have the Dreamstime fees or some other Payoneer card so we can compare?
Everything is the same, you can check it on a Dreamstime site...
-
As I know, you don't paying to have account but you are paying for using card, Mastercard,Visa, Maestro etc....
There are no fees for just using the card, unless it's an international transaction. Actually, as I have a bad habit of carrying very little cash, I end up using my card even for very small charges like buying a coffee or bread.
I agree that a dollar can buy you more in the US than almost anywhere in Europe, especially when it comes to everyday expenses. It is only housing that makes total cost of living pretty high in some parts of the US.
-
So paypal introduced additional fees. You can see them at your accout page on the right side "Policy updates". The new fee is for receiving the money. I'm almost certain that the agencies won't cover it and it'll come out of our pocket. However they this should only start on Jan 21, 2010.
When I recieved payment from MP I had to pay a fee for recieving money. With other sites there aren't any fees, at least I didn't have to pay any yet. Anyone else with this problem?
-
I opened a US bank account (I'm from Canada). It's a bank that has a presence in Canada so I also opened a US currency account in Canada and can transfer back and forth free of charge. The money will stay in the US account until I need it. This way money doesn't get converted into Canadian dollars then again in US dollars when I'm travelling or buying something in the US. There may be a bank in your country that can provide a similar service.
-
I know this is an old thread, but I was wondering if anyone ever came to a conclusion about this?
Also is there any recent comparison of how the exchange rates vary between Paypal and Payoneer?
-
I am getting tired of the extremely poor conversion rate that paypal offers between american and other currencies (2.5% goes to Paypal)
Does anyone have any good solutions?
I have been thinking of opening a Bank account or an account with E*Trade in the states so that I can withdraw the money there and invest it or something else useful.
I can open an American currency account here at my Norwegian bank but Paypal will not transfer american funds to the account. If i withdraw funds from a Norwegian paypal account, they have to go either to an American bank (US funds) or a Norwegian bank (Norwegian funds).
I just tried checking out opening an E*trade account in the states which is mostly a stock broker but also has a debit card associated with the account which could be usefull - but I found out they are not longer acceptnig applications from europe. ::)
Perhaps one of the other online brokers, or perhaps opening an american bank in person some time when I visit there (October)
Any other suggestions?
sounds like it's about time now to also embrace Bitcoin and similar Crypto coins for microstock in order to lower those "fees" (or at least destroy that apparent "reason" for fees there). Also, that would add more speed, better safety, and the ability to send micro payments and not wait for thresholds to be passed etc.
There is actually one up and coming concept out there: they are called coinstock.info (http://coinstock.info) and want to do just that -- on top of offering 81% payouts to artists! Still in beta AFAIK though.