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When looking over missing payments with my partner and trying to do some trouble shooting from our end.. I noticed that the minimum payment amount for Bank wires is $1000.00…
That is insane. Has it always been so high? We’re currently marked for ecocard, but after not receiving commissions… figured we’d change to bankwire in case there was some problem sending to eco card as we’re in the US.
Cathy
Hey LH,
Because bankwires involve staff at the banks – the charges are usually way above any e-wallet. And I understand that these days with the UIGEA there is also the possibility of rework due to bank rejections?
Costs can be between $15 and $30 depending on where your bank is and whether they use a correspondant bank for international transactions (which of course involves another fee).
These days a bankwire threshold of $500, $1000, or even $2000 is not unusual – if you want it to be paid “free”.
I’m sure if you are prepared to accept the charges then the payout can be made – but most places we deal with have a bankwire limit of at least $1000 – usually more.
Hope that helps?
:hattip:@TheGooner 149127 wrote:
Hey LH,
Because bankwires involve staff at the banks – the charges are usually way above any e-wallet. And I understand that these days with the UIGEA there is also the possibility of rework due to bank rejections?
Costs can be between $15 and $30 depending on where your bank is and whether they use a correspondant bank for international transactions (which of course involves another fee).
These days a bankwire threshold of $500, $1000, or even $2000 is not unusual – if you want it to be paid “free”.
I’m sure if you are prepared to accept the charges then the payout can be made – but most places we deal with have a bankwire limit of at least $1000 – usually more.
Hope that helps?
:hattip:i never get paid free by anyone! no matter the size of the wire, i always end up paying my bank’s fees. nowadays, even have cases where i lose out on $300 on average when aff. programs send money in USD not to my USD account, but to EUR account because i’m located in EUR. lose out on exchange rate big time. but this doesn’t relate to revenue giants.
for some reason i flat out stopped making any money with them, down from half a grand per month for a while…
Gooner, you are absolutely right.
because of this insane wire commissions and exchange currency we created a limit of $1,000, but then we have decided to remove the bank wire fee to be fair. when any other option doesn’t work for the affiliate who is located in the US, aff programs are trying to take the extra mile and offering a bank wire, let alone the risk involve in these transaction it is also cost the aff program more, but it is beneficial for the affiliate if his bank also charge him fee per each wire.
Lady Holdem, ecocard doesn’t accept US clients, feel free to contact me or my assistant monica@revenuegiants.com for other options rather than a bank wire.
splinterfree, if you need some fresh content or creative to increase your traffic, please contact us as well. :wink-wink
Cheers, M:santa2:
@splinterfree 149143 wrote:
i never get paid free by anyone! no matter the size of the wire, i always end up paying my bank’s fees. nowadays, even have cases where i lose out on $300 on average when aff. programs send money in USD not to my USD account, but to EUR account because i’m located in EUR. lose out on exchange rate big time. but this doesn’t relate to revenue giants.
for some reason i flat out stopped making any money with them, down from half a grand per month for a while…
I make foreign payments by wire all the time and can tell you that fees apply at both ends. They are somewhat lower for the recipient if I choose “all fees paid by sender”. This only means that the sending bank deducts currency exchange (ouch!) and their own fees from my account. The receiving bank still charges the recipient their own fees, which vary in amount by bank and are beyond my control.
The time the receiving bank takes to credit the account also varies enormously, usually the smaller banks will be faster and cheaper once they know you. Bigger banks take up to 12 days sometimes to credit wires from abroad. Yes, they say they take 4 days, but I have had an opportunity to watch this for some time now and it’s a blatant lie.
I strongly recommend you use small local banks and make a point of letting them know you. They can both save you money and time.
@Dominique 149154 wrote:
I make foreign payments by wire all the time and can tell you that fees apply at both ends. They are somewhat lower for the recipient if I choose “all fees paid by sender”. This only means that the sending bank deducts currency exchange (ouch!) and their own fees from my account. The receiving bank still charges the recipient their own fees, which vary in amount by bank and are beyond my control.
The time the receiving bank takes to credit the account also varies enormously, usually the smaller banks will be faster and cheaper once they know you. Bigger banks take up to 12 days sometimes to credit wires from abroad. Yes, they say they take 4 days, but I have had an opportunity to watch this for some time now and it’s a blatant lie.
I strongly recommend you use small local banks and make a point of letting them know you. They can both save you money and time.
i use wire transfer both internationally and nationally almost on a daily basis. if you send the amount and pay for the recipient’s fees, then most likely the person in question will receive the exact amount of money sent. international payments usually take 3 working days no matter how big the bank is. i’m not sure how it works in the US.
i have not encountered 12 day timings ever (even before SWIFT codes and IBAN were introduced) unless the information was wrongly filled out. all my payments take 3 days internationally (working days that is) and a couple of days nationally.
as far as small banks, all small banks i know in EU hold operations in switzerland and they are actually a lot more expensive than normal banks (ie. charge $50/month for holding the account). plus they require a minimum deposit that must be held at the bank, 20k+ … imho, small EU banks are only better for larger funds.
cheers.
US banks is what I was talking about. I wire money regularly from Europe to the US. And I hear exactly what happens at the receiving end of these wires. And I have a decent comparison base.
The sum sent does arrive intact since I elect to “pay all fees”, but the US banks still add a charge after the money arrives.
And in the US, the smaller banks tend to be cheaper and more efficient, as well as more prompt, at least when it comes to processing wires. Being personally known to them also expedites things, once the same wire has come in a few times processing speeds up. The shortest time until the money is made available has been two days, the longest 12 days. These wires were send within minutes from each other, one to a small bank and one to a large one. The rest fall in between these two, mostly around 5 days.
This has been the same for months with all the different recipients.
Very interesting guys n gals. There seems to be a lot of variation out there.
:hattip:I’m using a local banking facility which piggybacks off of a CitiBank setup in London – through some sort of strategic alliance.
We have accounts in GBP, EUR and USD to match the payment currencies of our partners and I can categorically state that the amount received for each and every payment is exactly what was earned and sent by ALL of our partners.
Of course the accounts are not “fee free” we pay a monthly charge of GBP 3, USD 5, EUR 5 to operate the accounts – but that is a tiny fraction of the fees and deductions that you mention.
Basically there are NO PER TRANSACTION FEES deducted at the CITIBANK end – and I have assumed that this was because our partners absorb the fees at their end (using the facilities that Dominique mentioned).
That does mean higher payment thresholds at programs – and if we miss then we’re usually happy to rollover payments to a subsequent month to minimise costs for both parties.
I have to agree that $1000 minimum is out of line for wires.
IMO, this makes it too difficult to reach for the average affiliate if they prefer to be paid by wire.
I prefer to be paid by ASP first, wire second and choose check or bank draft only if the minimum for wire is high like in this instance or if the fees associated are high for that form of payment.
Rick
Universal4Hi,
I agree with Gooner and Dominique, also the less direct your wire i.e middle banks, the longer it will take you to receive your wire, in that case it may take 10 days or 14 like Dominique said.
I still don’t consider our limit as a high amount considering that we take the wire fee on ourselves plus, the average “small” affiliate managed to exceed this amount in max 3 months, so it isn’t bad.
I’m willing to consider an exception for you universal4, please email or send me a PM, with your account details, if indeed I’ll see it is difficult for you to reach the limit I’ll find a solution for you.
(I reply quicker to emails than PM
)Happy New Year,
Malci :wavey:
