Program owners paying by Epassporte! INFO

So there have been a few posts about it.

Epassporte recent changes on payments to certain countries, to prevent money laundering has caused a large number of smaller sponsors serious problems in paying some of their more remote affiliates. I for one had this issue.

What i can tell you is there is a solution! Its a LENGTHY process, and will cost you $100, but it will solve your problems.

You need to sign up for a business account with epassporte, if you dont already know this. The fee is $100, which also pays for your epassporte VISA ELECTRON card to be mailed to you, for the account.

Once you do this you can pay those affiliate that you couldnt with your personal account.

BUT BE WARNED.
This is the real reason for this thread!

Epassporte use business accounts to get even more money out of you!

1. You can ONLY load money into your business account by wire transfer (costly).

To make payments, instead of the charge of $0.25 with personal accounts, its $2 with a business acount.

There are a few upsides to having a business acount, such as easy access statements, ability to create accounts for affiliates ($5 charge), but generaly its a lengthy, hard process to solve the problem.

Im sure many of you already know all of this, but there will be some who dont.

Hope this stuff helps!

There are some alternatives.

Chad Belville is working with a group of bankers who have an international network, similar to the way ACH works in the US, where affiliates can be paid directly into their bank accounts in many European countries as well as the US. They also offer debit cards usable at almost any ATM if you don't want the money going directly into your bank. We are planning to get set up with that service very soon.

Also, Epoch's noncompete deal with Epassporte is expiring pretty soon and they apparently will have something ready to launch as soon as that happens. Though, right now, I have to say Epoch is not on my "happy people" list.

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Originally Posted by gaybucks_chip

We are planning to get set up with that service very soon.

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Keep us all informed with that Chip!

CHAAAAAAD.....come tell us about your consortium, please!

Yeah business accounts are a pain to fund and expensive. Does anyone know what countries they have banned?

Thanks,
Mark

Why not just send a check? Almost all banks accept checks from a US bank, however depending on your relationship with your bank they might want to clear it before paying you.

I tried to cash a check in Thailand once, got the funds in 3 weeks. Low charge.

In Iceland, my bank buys them with a disclaimer that if its returned that they are allowed to dip into my account to refund it. No charge.

In Czech Republic it takes 3 weeks, maybe because my history with the bank is not that long. Bad exchange rate + 5$ fee.

Is this a viable solution?

Solve the problem?

Well not really? Most programs that offer epassport payouts, pay-out by check also.

Checks for me, when paid into a UK bank, and iv tries a whole bunch (HSBC Bank are the WORST) cost me a lot of money!

If i pay a $600 check in, i get an AWEFUL exchange rate, and i am charged around $22, so i hate checks lol.

Now i get wires from 99% of companies! Come in the same day, and i pay about $14. Much better :china:

You pay 14$ for incoming wire transfer fee? Most banks, that I've worked with offer incoming for free.

In the US, I think BofA charges $10 incoming or maybe it's $15 now. Total ripoff, costs them almost nothing.

Thats true Chip, total rippoff! Traditionally the sender pays a fee, it can be from $5 to $50 depending on how greedy the bank is. However, this system is a bit complicated and some smaller banks that do not have direct relations with the intermediary bank charge a handling fee.

If I get money from Bank X in Latvia and it has a USD Swift relationship with American Express Bank in New York, but my bank Bank Y in Iceland, has USD Swift relationship with Chase Manhattan then that means that AMEX bank has to transfer the funds to Chase before it can reach Bank Y's account, and eventually mine. In these cases, most banks charge incoming fee. (BANK X to AMEX to CHASE to BANK Y to ME)

However, if Bank X and Bank Y both have accounts and do business with the same intermediary bank (AMEX bank in this example) then there would not be a fee. (normally - depends on banks)

Does this make any sense? :boring:

PS. Chip, I added you to my ICQ... hit me up!

You guys only just realised that everything in the UK is a rip off ? lol

When i banked with HSBC, they used to chage me about $10-$11 per-check, when i paid them in. Now i pay a little more but i can pay as many checks and i wish in for 1 cost, so an improvement.

One tip for those of you that get lots of incoming wires:

Call your bank and get details like 1) how much do you charge for incoming and 2) what are your main intermediary banks for USD transfers.

Then you can have the bank or the affiliate program sending you the money tell you what intermediary bank they use, and pick an account at a bank that does have a relationship with that bank. It means you'd probably have to have two or more accounts open, but it will save you on in-comings if the volume is that much greater.

Who wants to feed the banks anyway?

PS. KM BUCKS USD transfers go via these fine banking establishments: Raiffeisen Zentralbank Oesterreich, BANK OF AMERICA N.A., New York, AMERICAN EXPRESS BANK, LTD , NEW YORK and JP MORGAN CHASE BANK, NEW YORK,USA. $0.02

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Originally Posted by samebb

You guys only just realised that everything in the UK is a rip off ? lol

When i banked with HSBC, they used to chage me about $10-$11 per-check, when i paid them in. Now i pay a little more but i can pay as many checks and i wish in for 1 cost, so an improvement.

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HSBC and these international banks are a ripoff, totally agree.

The USA has a very different banking structure than other countries, fees and service included! Sure you can say HSBC fees are more expensive but with my HSBC Premiere Account, I can walk into any HSBC bank around the world and get service and help! It made my life a lot easier coming into Panama and getting fully setup within a couple of days, including getting a mortgage approved too!

cheers,
Luke

Thats true, but thats if you're willing to pay for premium banking :) I can think of much better things spending my money on... like making more porn :french:

I like Laredo National Bank in Texas... :thumbsup:

Quote:

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Originally Posted by gaybucks_chip

In the US, I think BofA charges $10 incoming or maybe it's $15 now. Total ripoff, costs them almost nothing.

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BofA charges fees for EVERYTHING and would most likely try to mortgage your mother too! I hate them with a passion and I mean HATE!

They may have helped to re-build SF after the '06 quake (thanks grandpa Giannini for that) but that was in the last century - Tony factoid...did you know that the giant granite sculpture in front of their SF headquarters on California Street is commonly referred to as "the black heart of the banker?"

E-passporte isn't high up on our list either.....