Sedo GBP Payment - Where are Charges Coming From

[accelerator]

Hi All

I recently sold a domain in GBP on Sedo. I have been paid by Sedo, and I was expecting amount £X after their sale commission has been taken, but I received £9.29 less than this.

It was paid by them from Deutsche Postbank AG into a GBP account at a major UK bank. I can see sender's charges of £1.29, but then there is another unaccounted for £8 charge that has been taken off.

Anyone know who's making the £8 charge and what's it for?

Thanks

 

[Brassneck]

I queried this too - according to my bank the money first went to an Abbey account who took the £8 before passing it on to my bank (First Direct). Hugo at Sedo verified that the charges were correct when I asked. I switched back to accepting payments using paypal as there are no charges that way.

Stephen.

 

[redbird]

Yes, it's quite a recent thing, I think thye used to absorb the charge but had email a while back saying that they no longer would and recommended being paid via paypal, which I have done.

 

[accelerator]

Thanks guys, good to know I'm not the only one. Could anyone provide more detail on exactly what this £8 charge is, especially who's making it, is it Sedo's bank??

Rgds

 

[redbird]

Not 100%v sure but think it is your bank and because it originates from a foreign bank

 

[redbird]

I just found the original Sedo email....

"...Sedo members have recently benefited from lower fees we’ve negotiated for international payments with both our banks and with PayPal. But we need your help to make sure we put more money into your pockets, not the banks’. In an effort to reduce the impact to the larger Sedo community, we will continue to cover our fees for paying money via international wire transfers, however we will no longer cover your own bank’s fee and intermediary bank fees. We invite you to join us in our effort to lower collective payment costs by doing the following:

• Go to https://sedo.com/member/bankdata.php4 and switch your preferred payout option to PayPal. We have negotiated a deal with Paypal so that you don’t pay a cent when receiving money! If you’re not already using Paypal, please check the list of approved countries at PayPal Worldwide - PayPal to sign up......"


Edit - The email was dated 29 June 2009

Dave

 

[accelerator]

Thanks for this, it looks like I'll be switching to PayPal.

When making international wire transfers, the payment sender can usually choose to pay any charges themselves, or let the beneficiary (us) pay them. It looks like Sedo have switched to specifying that the beneficiary pays the charges.

Rgds

 

[accelerator]

One other thing, I assume it's free to move money from your PayPal account into your bank account?

Rgds

 

[aZooZa]

One other thing, I assume it's free to move money from your PayPal account into your bank account?

Rgds

Yes, it's free.

 

[rawkinrich]

Apologies if this is a daft question, however if you've sold a domain for say £500, Sedo take £50, then the money is transferred (using the International method, IBAN etc) and the bank takes £8 leaving you with £442?

 

[scooter]

Yes. This is correct.

When a business is sending an international payment, the receiving bank always has a "service" charge.

The business sending the money has the facility to pay the receiving banks service charge if they so wish. Sedo used to do this but have recently stopped.

.

 

[rawkinrich]

Yes. This is correct.

When a business is sending an international payment, the receiving bank always has a "service" charge.

The business sending the money has the facility to pay the receiving banks service charge if they so wish. Sedo used to do this but have recently stopped.

.

So the "service fee" is fixed and not by the amount received? I'm sure I can settle at £8+, as harsh as it is.

 

[rawkinrich]

Alliance and Leicester charge £10. Great stuff.

 

[rawkinrich]

• Go to https://sedo.com/member/bankdata.php4 and switch your preferred payout option to PayPal. We have negotiated a deal with Paypal so that you don’t pay a cent when receiving money! If you’re not already using Paypal, please check the list of approved countries at PayPal Worldwide - PayPal to sign up......"


Edit - The email was dated 29 June 2009

Dave

Can I accept Paypal for sales of £500+ with no fee? Seems to make sense to avoid the International transfer fee.

 

[devolution]

Banks are greedy... Plus the sender paying all charges doesn't always work - some receiving banks still charge a fee despite that...

 

[rawkinrich]

How long does it take to transfer to the specified bank account, from the moment Sedo has paid?