Nick_awt

Hi

How long does a transfer from Paxum to external debit card take ?

Is it an automated process or do Paxum manually approve before the transfer takes place ?

Anybody done this to the UK ? What % did you end up losing in Ex-rate fees approx ?

Something like this should be instant to 3 days max. But who knows with Paxum atm, so i thought i would ask before trying the transfer.

Thanks

crunkedge

It is an automated process. I transfered many times to my Visa platinum card. Got money within one minute. Russian bank. You have to call your bank and ask them do they accept Visa Direct money transfers on your card.
The Associated Fee is $6 USD + 3% per transaction
Daily Limit = $2,500 USD
Monthly Limit = $30,000 USD

Adraco

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.

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The truth is not affected by the beliefs, or doubts, of the majority.

Denny

Also, my bank charges 1% for this kind of transaction.

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Nick_awt

Thanks for all the info guys. Much appreciated.

I have just tried the transfer to debit card.

However its saying :
"You don't have enough money to transfer. Please enter a correct value for Amount field.".

I am trying to transfer ALL my checking account balance , minus $5 (also tried deducting $6) for the transfer fee.

So not sure why i am seeing this message. Any ideas ?

Thanks

Denny

Try minus $6+3%

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Nick_awt

Actually, dont worry. I figured it out.

I clicked on the 'maximum amount' button next to the 'amount field'.

It reduced it by 2c ! And the transfer went through.

So on top of the shit looking website and shit service, they are stealing 2c off you.
I bet that soon adds up !

Thanks again guys.

crunkedge

What the problem to open an USD account? In 2018 you can apply for new card from home and get it within one week.

Nick_awt

Actually you were right.

Adraco

From where do you get 2.95% ???

It clearly says $6 + 3% on their page with overview of fees:
https://www.paxum.com/fees/personal-account/

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The truth is not affected by the beliefs, or doubts, of the majority.

Nick_awt

https://www.paxumbank.com/personal/fees/
That was my mistake then.

If those fees on https://www.paxum.com/fees/personal-account/
are indeed correct and exact. Then they undercharged me by about a dollar.

Anyway, the money hasnt even arrived at my bank.
So its not looking good atm.

Adraco

But are you a customer of "Paxum Bank" ?
Or are you a customer of "Paxum" ?

You are aware that they are separate?

And about the transfer time, wait 24 hours, then make a judgement. You made the withdrawal few hours ago and if it's the first time you get funds like this, your bank's security department may want to look into it a bit first. This is a highly unusual transfer method for cards in European banks.

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The truth is not affected by the beliefs, or doubts, of the majority.

Nick_awt

Paxum. Yeah i will give it until Thursday.

Its not a lot of money.
Im more pissed off about how bad the support has been from Paxum since the card fiasco began and that are not offering basic concise information in a timely manner.

My cards not even printing yet. Apparently tho, tomorrow Ruth is going to give us a timeline regarding replacement cards or at least an update.

Thanks for your assistance.

k0nr4d

They transferred to my bank in Poland in the same day, but it wasn't instant. Ironically, they refused to send a bank wire to the same bank.

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