Sedo Now Applying Bank Charges to Wire Transfers

[Johnp]

Chaps

Not sure whether anyone else has had an issue, I certainly have with a recent sale and an escrow payment which came as part of the same bank transfer.

Payment was £ 6.00 short which I was advised by my bank was because the senders bank had applied a charge, and just for clarity there was no exchange rate issue as the payment was in £ GBP. I have queried this with sedo and had a reply back as follows:

'In the past sedo did cover the charges for sending payment to customer, but it is no longer so, the new policy is that the recipient of the funds to covers all charges'

So not only have sales fees gone up i.e. 15% but additional rather opaque bank charges are being applied.

Perhaps someone from someone from Sedo could come on here and explain the most cost efficient to receive funds, perhaps Sedo might even think about opening a UK bank account?


JohnP

 

[rob]

Relevant:

http://www.sedo.co.uk/uk/about-us/price-list/?tracked=&partnerid=&language=e

"Effective Date: Aug 1st 2011
Posting Date: July 1st 2011"

and

http://www.sedo.co.uk/uk/about-us/policies/terms-of-use/?tracked=&partnerid=&language=e

"Posting Date: 16.03.2012
Effective Date: 16.03.2012"

 

[Rob_F]

If you you choose to receive payments via PayPal you won't get charged PP fees, they have an agreement with them. Then you can withdraw to your bank account free of charge.

- Rob

 

[Pred]

sedo has a new german ceo
haven't you heard?

 

[Johnp]

RobF

Thanks for the suggestion on paypal, I will use that for any future ones as long as the amount is below 5K (upper limit on paypal amount), above that still an issue.


Thanks



JohnP

 

[Brassneck]

RobF

Thanks for the suggestion on paypal, I will use that for any future ones as long as the amount is below 5K (upper limit on paypal amount), above that still an issue.


Thanks



JohnP

I wouldn't mind paying £6 if I could sell a domin for £5k!

Stephen.

 

[Edwin]

I wouldn't mind paying £6 if I could sell a domin for £5k!

Stephen.

I was thinking the same thing.

 

[foz]

Escrow.com charge US$40 for a wire payment.
My bank will deduct a further US$20 (inward foreign payment)

£6 looks pretty good compared to the above.

 

[Johnp]

update

Chaps

Had a long chat with Joanna Birch (she rang me after reading this post), Sedo currently investigating as apparently they changed bank recently and were not aware of the charges their bank were making. I'll update when I have any further news.

JohnP

 

[solaris]

If you you choose to receive payments via PayPal you won't get charged PP fees, they have an agreement with them. Then you can withdraw to your bank account free of charge.

- Rob

Recently Paypal changed the fee structure on their MassPay, which is what Sedo use to pay you Paypal. Masspay used to be a flat $1.00 per transaction, now according to Paypal it is higher and in many cases it is a percentage of the transaction.

So is Sedo still sending via Paypal without charge to the recipient?

 

[max_rk]

We have two choices - let some of our domains drop or stop doing business on sedo.

Why bother selling domains for $100 - $200 or there about on Sedo because after all charges, currency exchange rates, internal admin and accounting you not getting anything.

I know what I am going to do – moving away from sedo.

 

[LastPost]

Paypal are using 1.5847 to convert USD to GBP today versus a spot rate of 1.5415 so however you process Sedo USD receipts back to GBP, you end up getting stung.

The icing on the cake at Sedo is when you sell a domain for $60 and get $10 back, then get ripped off by Paypal to get your GBP back.

 

[max_rk]

Joana called me (which was nice) to tell me that this is not Sedo’s fault it’s all to do with the bank Sedo has switched to. Sedo are working on a solution. Until they work it out, I suggest we defer pending domain transfers on Sedo. I certainly will do it.

One of the things people ask when they switch to new back - what are the charges. It’s interesting that Sedo forgot to ask the question. I believe its Sedo’s fault and they shall reimburse expenses.

 

[LastPost]

It is Sedo's fault. The first question you would ask a new bank is how much they charge to process transfers, how they route USD and EUR transactions to the UK for example, and how much any intermediary bank charges. Then they have the option of bearing those charges themselves and if they haven't stated to a buyer that there is a charge or deduction, they have a contractual obligation to pay the net proceeds less the 15% commission. Escrow.com charge $40 for a wire transfer but they state this upfront and there are then no further deductions.

 

[solaris]

For info, the exchange rate on a Sedo sale is set at the time the final bid is accepted - the TOS say so, so if you get your money weeks later the exchange rate should be unchanged.

 

[diablo]

It is Sedo's fault. The first question you would ask a new bank is how much they charge to process transfers, how they route USD and EUR transactions to the UK for example, and how much any intermediary bank charges. Then they have the option of bearing those charges themselves and if they haven't stated to a buyer that there is a charge or deduction, they have a contractual obligation to pay the net proceeds less the 15% commission. Escrow.com charge $40 for a wire transfer but they state this upfront and there are then no further deductions.

Agreed.

This is nothing new by the way. Sedo have been doing this for years. And they always blame the bank when they could and should pay those bank charges out of their generous commission.

 

[bulkcorn]

There is usually an 'intermediary bank' charge when money is transferred across borders via banks. Your local bank cannot guarantee what the 'intermediary bank' charge would be but it is usually around $40.