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Adraco · 05-08-2018, 02:22 AM

You will pay the $6 + 3% in transaction fee to Paxum, then your money will be converted according to the exchange rate set by Visa or Mastercard - perhaps - depending on your bank's agreement with the card company - there is a possibility that even your bank has any type of currency conversion fee - however that will worry from bank to bank if that is the case.

But if you calculate you'll lose around 5% each time you do a currency conversion, you will get a "rough" estimate of around what to expect.

How long time it takes to show up in your account is also mostly dependent on your bank. Money leaves the sender, Paxum, at once but it is up to your bank how efficient they are in receiving it and crediting it correctly. Far from all banks have an automated process for this - yet.

Edit:
So take the example with the fee @Denny mentions here below.
Imagine making a withdrawal for the max amount $2500
This will generate a fee of $6 + 2500 x 0.03 =$6 + $75 = $81 on top of the $2500 that you withdraw.

Let's in this example assume a 5% currency conversion loss, it's not totally true but for the example, let's use this:
$2500 arriving to your account but after the conversion, you'll have 95% of that
(but in other currency, but let's continue in USD just for the example!)
$2500 x 0.95 = $2375
(yes, a currency conversion loss of $125 USD, again - this is just an example calculation, your milage WILL vary!)

And then, the final kicker - the 1% fee to your bank, from what now remains, the $2375 which was converted.
$2375 x 0.99 =$2351.25
so another $23.75 in fees.

All in all, we have now paid
$81 in fees to Paxum
$125 in fees to Visa/Mastercard
$23.75 in fees to your bank

A Grand Total of $229.75 in fees - to withdraw $2500
$229.75 / $2500 = 9.19% in total fee percentage / loss from doing this transfer.

I am not saying other methods are better / cheaper, you will always lose a few percent in a currency conversion, which is the largest part of the fees mentioned above. However, the Paxum fee of $81 seems a bit hefty too, indeed.

05-08-2018, 02:22 AM
Adraco Confirmed User Industry Role: Join Date: May 2009 Location: Onboard an airplane around the globe Posts: 3,734	You will pay the $6 + 3% in transaction fee to Paxum, then your money will be converted according to the exchange rate set by Visa or Mastercard - perhaps - depending on your bank's agreement with the card company - there is a possibility that even your bank has any type of currency conversion fee - however that will worry from bank to bank if that is the case. But if you calculate you'll lose around 5% each time you do a currency conversion, you will get a "rough" estimate of around what to expect. How long time it takes to show up in your account is also mostly dependent on your bank. Money leaves the sender, Paxum, at once but it is up to your bank how efficient they are in receiving it and crediting it correctly. Far from all banks have an automated process for this - yet. Edit: So take the example with the fee @Denny mentions here below. Imagine making a withdrawal for the max amount $2500 This will generate a fee of $6 + 2500 x 0.03 =$6 + $75 = $81 on top of the $2500 that you withdraw. Let's in this example assume a 5% currency conversion loss, it's not totally true but for the example, let's use this: $2500 arriving to your account but after the conversion, you'll have 95% of that (but in other currency, but let's continue in USD just for the example!) $2500 x 0.95 = $2375 (yes, a currency conversion loss of $125 USD, again - this is just an example calculation, your milage WILL vary!) And then, the final kicker - the 1% fee to your bank, from what now remains, the $2375 which was converted. $2375 x 0.99 =$2351.25 so another $23.75 in fees. All in all, we have now paid $81 in fees to Paxum $125 in fees to Visa/Mastercard $23.75 in fees to your bank A Grand Total of $229.75 in fees - to withdraw $2500 $229.75 / $2500 = 9.19% in total fee percentage / loss from doing this transfer. I am not saying other methods are better / cheaper, you will always lose a few percent in a currency conversion, which is the largest part of the fees mentioned above. However, the Paxum fee of $81 seems a bit hefty too, indeed. __________________ ---------------------------------------------------------------------------------- The truth is not affected by the beliefs, or doubts, of the majority. Last edited by Adraco; 05-08-2018 at 02:42 AM.. Reason: Calculation added