Paxum wire withdrawals take way too long

[McSpike]

It's been fine up to a few months ago. Wire withdrawal requests were completed in a timely manner and the money came as expected.

But then it started. Each time it takes up to 10 days for wire request to get completed. Then it takes up to 5 days for the funds to land in our account.

And here's the fun part. It costs $50 for an international transfer while money always lands in our account through a SEPA wire, through an EU bank. We reside in EU.

So that $50 that they take for the "international" wire (which is a rip-off by itself) actually costs them a fraction with a SEPA wire.

What I suspect is going on here is they wait for enough wire withdrawal requests to EU are submitted and then they send 1 cumulative wire to the EU bank and from there on redistribute the funds to our local accounts while they pay a fraction of the cost we paid for each wire.

I would understand, if wires came from backwoods Belize directly. Sure, fifty bucks to get the money out of that country with a boat or submarine... understandable. But when you get it from an account in a neighbor EU state and you pay premium for it AND it takes 15 days to land in the account...

Ruth, can you comment on this? Why it takes 10 days for the wires withdrawal requests to even get completed and why do we pay $50 for wires that come as SEPA and take 15 days in total? Last time I checked international wires (EU to BofA) took 3 days to complete and costed $25.

[Feng-PD]

Would like see an answer to this aswell.

[McSpike]

There is no easy answer to this one, or is it? RuthB?

[ContentBay]

Go through a Paxum to Paypall service, it cost less and its faster...I started doing this as well, because of the $50 and the time.

[McSpike]

Originally Posted by ContentBay

Go through a Paxum to Paypall service, it cost less and its faster...I started doing this as well, because of the $50 and the time.

I am sure it's cheaper when you withdraw a couple hundred bucks. But when you withdraw a couple thousand no teller service will match the $50 cost.

Their ETF still works fine, but with that I have to exchange to EUR where they take 3% and they have a 2.5k limit, so...

When it comes to wires that's where the premium is charged and it takes 15 days for a SEPA wire and that's outrageous.

[Fat Panda]

Damn, wire payments are INSTANT and irreversible. Doesn't sound right

[RuthB]

Originally Posted by McSpike

It's been fine up to a few months ago. Wire withdrawal requests were completed in a timely manner and the money came as expected.

But then it started. Each time it takes up to 10 days for wire request to get completed. Then it takes up to 5 days for the funds to land in our account.

And here's the fun part. It costs $50 for an international transfer while money always lands in our account through a SEPA wire, through an EU bank. We reside in EU.

So that $50 that they take for the "international" wire (which is a rip-off by itself) actually costs them a fraction with a SEPA wire.

What I suspect is going on here is they wait for enough wire withdrawal requests to EU are submitted and then they send 1 cumulative wire to the EU bank and from there on redistribute the funds to our local accounts while they pay a fraction of the cost we paid for each wire.

I would understand, if wires came from backwoods Belize directly. Sure, fifty bucks to get the money out of that country with a boat or submarine... understandable. But when you get it from an account in a neighbor EU state and you pay premium for it AND it takes 15 days to land in the account...

Ruth, can you comment on this? Why it takes 10 days for the wires withdrawal requests to even get completed and why do we pay $50 for wires that come as SEPA and take 15 days in total? Last time I checked international wires (EU to BofA) took 3 days to complete and costed $25.

Hi there,
Wire withdrawals do not typically take 15 days to complete. Inside your Paxum account, we ask you to allow up to 7 business days for wire withdrawals to complete.

Can you please email me ([email protected]) your account username, and I can check into this for you?

Thanks,
Ruth

[Paul&John]

I would like to see a possibility to withdraw money from paxum USD account to EUR wire account without the need to convert it first at paxum (using the horrible rates).

[RuthB]

Originally Posted by Paul&John

I would like to see a possibility to withdraw money from paxum USD account to EUR wire account without the need to convert it first at paxum (using the horrible rates).

Hi Paul & John,

You can already do this. Simply add your EUR bank account to your Paxum account, but specify the currency as USD instead of EUR.

Then, when you attempt a wire withdrawal, your EUR bank account should display in the drop-down menu. The funds can then be withdrawn in USD and your bank will handle the conversion.

If you have any difficulties with this, please let me know. My email is [email protected]

Thanks,

Ruth

[Paul&John]

Originally Posted by RuthB

Hi Paul & John,

You can already do this. Simply add your EUR bank account to your Paxum account, but specify the currency as USD instead of EUR.

Then, when you attempt a wire withdrawal, your EUR bank account should display in the drop-down menu. The funds can then be withdrawn in USD and your bank will handle the conversion.

If you have any difficulties with this, please let me know. My email is [email protected]

Thanks,

Ruth

Wow and I'm fucking with checks lol Should have said earlier, thanks lol

[Adraco]

Originally Posted by RuthB

Hi Paul & John,

You can already do this. Simply add your EUR bank account to your Paxum account, but specify the currency as USD instead of EUR.

Then, when you attempt a wire withdrawal, your EUR bank account should display in the drop-down menu. The funds can then be withdrawn in USD and your bank will handle the conversion.

If you have any difficulties with this, please let me know. My email is [email protected]

Thanks,

Ruth

Are you with this saying that we are able to withdraw to a bank account in Europe in USD?

So if I have a bank account, in Europe, being handled in USD by my bank, I can now withdraw USD from my Paxum account, without any EUR conversion??

Before, Support always told me that all wires to Europe gets automatically converted into EUR and if it was going to my USD account there would be another exchange at my local bank, which everyone understands is totally unacceptable.

I am all for being able to withdraw my Paxum USD funds via a wire directly to my USD bank account. I have been requesting this for years now!

[BigFurry]

Originally Posted by RuthB

Hi Paul & John,

You can already do this. Simply add your EUR bank account to your Paxum account, but specify the currency as USD instead of EUR.

Then, when you attempt a wire withdrawal, your EUR bank account should display in the drop-down menu. The funds can then be withdrawn in USD and your bank will handle the conversion.

If you have any difficulties with this, please let me know. My email is [email protected]

Thanks,

Ruth

But then this is a wire withdrawal with a $50 fee, not an EFT withdrawal with a $8.95 fee. Correct?

[Blackrose]

some really serious paxum issues... i had to have them "investigate" where my money is. withraw by wire request completed after 7 days on sept 6 but then the money still wasnt in my bank account on sept 15. huge amounts of funds have been withdrawn by wire through the years without problems and funds arrived in my bank in 3 banking days after the wire request was completed like clockwork.

now im out $xx,xxx my money is in motion

[Nicky]

A quick SEPA withdrawal option with a $15 fee or something would sure be very nice

[BigFurry]

Originally Posted by Blackrose

some really serious paxum issues... i had to have them "investigate" where my money is. withraw by wire request completed after 7 days on sept 6 but then the money still wasnt in my bank account on sept 15. huge amounts of funds have been withdrawn by wire through the years without problems and funds arrived in my bank in 3 banking days after the wire request was completed like clockwork.

now im out $xx,xxx my money is in motion

Sorry to hear that.

This is exactly why I'm afraid to do wires at them. Even if EFT works out more expensive (because of the horrible exchange rate that Paxum uses for the USD->EUR exchange).

SEPA withdrawals in Europe are way more reliable than Wires (called EFT at Paxum).

[webgurl]

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.

[McSpike]

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.

[McSpike]

Originally Posted by webgurl

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.

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?

[Adraco]

Originally Posted by McSpike

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

Please answer the question about fees.

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!

[McSpike]

Originally Posted by Adraco

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

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.

Originally Posted by Adraco

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!

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.

[NewNick]

Tick tock.

[BigFurry]

Originally Posted by McSpike

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.

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".

* BEN: Charges are borne by the beneficiary.
The beneficiary bears all charges of the banks engaged in the transfer of the payment. You only pay the remittance amount. All charges will be deducted from the remittance amount and the beneficiary will receive the remaining balance.

* SHA: Charges are shared.
You pay your bank charges and the remittance amount. Your beneficiary bears the charges of all the other banks (the intermediary bank, beneficiary bank, etc.). The beneficiary will receive the remaining balance.

* OUR: Charges are borne by the remitter.
You bear all charges of the payment, which includes the remittance amount, your bank charges, as well as all the other banks' fees (intermediary bank), so the beneficiary receives the complete payment.

[Adraco]

Originally Posted by McSpike

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.

...

Originally Posted by BigFurry

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

...

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.

[Fat Panda]

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

[McSpike]

Originally Posted by Adraco

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.

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?

[McSpike]

Originally Posted by BigFurry

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".

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?

[BigFurry]

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".

[lucas]

Bump an old topic.

How does this looks like these days for you?

I'm waiting 11 days for WIRE

[Brian mike]

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....

[lucas]

Originally Posted by Brian mike

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

And what was the reason?

[BigFurry]

We get wires to our European bank within a few days, without any issues.

Had no issues with EFT either when we used it.

[Brian mike]

Originally Posted by lucas

And what was the reason?

no reason specify , ( like usual ) no notification your money is back in your paxum account. Etc...
They reverse the EFT or some bank have refuse to do it SAME BS we all get in so many thread about Paxum. unfortuntely

[lucas]

Originally Posted by BigFurry

We get wires to our European bank within a few days, without any issues.

Had no issues with EFT either when we used it.

Few days after request or few days after validation?

[BigFurry]

Originally Posted by lucas

Few days after request or few days after validation?

Not sure what you mean by validation. We get the "Withdraw Funds By Wire Request Initiated" email right after initiating the wire. Then receive the wire within a few working days, a week sometimes.

"Withdraw Funds By Wire Request Completed" email is received randomly - sometimes before, sometimes after actually receiving the money.

I think they use a number of different banks/routes though. It probably helps if you have an account at a large bank.

[robwod]

Originally Posted by Brian mike

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

I'm not exactly a big fan of Paxum, but I will say that a wire I initiated in USD, to my TD Canada Trust USD (borderless) account, was there within 24 hours. I was absolutely shocked. I did another one just to make sure it was not a fluke, and the same result happened -- the wire was there in under 24 hours again.

The only downside is their ridiculously excessive $50 wire fee -- which makes their service less attractive.

[Brian mike]

Originally Posted by robwod

I'm not exactly a big fan of Paxum, but I will say that a wire I initiated in USD, to my TD Canada Trust USD (borderless) account, was there within 24 hours. I was absolutely shocked. I did another one just to make sure it was not a fluke, and the same result happened -- the wire was there in under 24 hours again.

The only downside is their ridiculously excessive $50 wire fee -- which makes their service less attractive.

If my calculation is right i paid $66+ for this wire ( and i think my bank charge a fee for incoming wire too) Will see how much left when it land in my bank account

[Bryan G]

Wire payments from Paxum usually take about 5 days, worst I've seen was 7 days and best was the next day! lol

[robwod]

Originally Posted by Brian mike

If my calculation is right i paid $66+ for this wire ( and i think my bank charge a fee for incoming wire too) Will see how much left when it land in my bank account

It's typically the Paxum fee of 50 USD, and then whatever fee your bank charges to accept the transfer, usually 10 or 15 dollars. So, figure 65 dollars or so per wire from Paxum, which is really quite nuts.

[Brian mike]

Originally Posted by robwod

So, figure 65 dollars or so per wire from Paxum, which is really quite nuts.

I agree! Not really worth it unless you wired $700+ minimum. IMO

[Brian mike]

Originally Posted by Brian mike

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 business 3 days lol....

Got this Wired today around 4pm Mountain time in my bank account

Fuck me they did in 3 days LMAO

[Fat Panda]

my wire is too long