[Test] Paxum vs Redpass: ATM withdrawal comparison
 

Step 1: Ordered a Redpass and Paxum Mastercard.

Step 2: Rolled the dice to determine which card I should test first.

Step 3: Drove to the bank.

Step 4: Waited in line at the ATM.

Step 5: Withdrew 50 euros using my new Redpass card.

Step 6: Withdrew 50 euros using my new Paxum card.

Here are the results:

Redpass:


Paxum:

Comparison:
Redpass fee: $ 3
Paxum fee: $ 2

Exchange rate used by Redpass: 1.3104 (50 euros cost me $ 65.52)
Exchange rate used by Paxum: 1.3498 (50 Euros cost me $ 67.49)




- Used my Paxum card immediately after I used my Redpass card. (I withdrew money using my Paxum card less than 1 minute after I used my Redpass card)
- Used an ATM operated by BNP Paribas Fortis.

So redpass fee was less despise having higher atm fee?

yes, looks like it. The paxum atm fee was $2 and the redpass atm fee was $3, but the exchange rate used by redpass was more favorable.

for larger amounts the gain could be quite high with better currency rates, the $1 difference in fee doesn't really matter then.

Well nice but almost nobody uses redpass of sponsors so no use of it so far.

the last time i used paxum i took out 140 cad at the atm and in the the fees were close to $10.

So let's move to redpasS?

All most all programs that matter offer paxum. How many offer redpass?

When Paxum just started they've had pretty good exchange rates for foreign transactions.
Too bad things have changed. And this makes me think that the same may happen to RedPass as soon as they get enough cardholders...

Why exchange rates are not centralized?

withdrawing an amount that low on any atm card is a waste :2 cents:

Right... But his point is that if you withdrew $1000 you are looking at 10's of dollars difference in exchange rate.

because it is a great money maker for all financial institutions
especially companies like paypal make good money on this

The exchange rate for MasterCard is set for all cards based on the previous days bank rate. So its the same for everyone issuing MasterCards since MasterCard sets the rate.
If you check xe.net the rate on March 7th were 1.31

Issuing banks then have the option of adding a flat fee for for ATM transactions, a surcharge on exchange rate or a combination of both.

RedPass only charge a flat fee of $3 and have no surcharge on the exchange rate and do not plan on adding one.

Bump and if any company wants to do a deal that will save both you and your affiliates money let me know.
I will be in Phoenix and available on email 7 days a week. [email protected]

Is it possible to fund a RedPass account with a mastercard? Is it possible to fund a RedPass account with a Paxum mastercard?

Good question.

I seriously doubt it :pimp

:2 cents::2 cents:

Wow, amazing.

So PAXUM lies in several threads stating that there is NO MARKUP fee what so ever.

I really hope more programs will offer red pass after this...

I don't think much of either one. It's just not useful for your average US or Canadian affiliate. Worse some sponsors seem to be making backroom deals to try to push affiliates into it. There's one in particular who used to offer free ACH. Well they stopped their free ACH and replaced it with some Payoneer based ACH solution and started sending out full color promos with the checks trying to get people to sign up for Payoneer. As if we're stupid and we don't realize what is going on. Why the hell should I pay an annual fee and all sorts of other transaction fees to some middle man to get MY money? It's almost like paying some homeless bum on the street to act as a middle man for you when you go make a withdrawal from your bank. It's stupid. I get why certain affiliates who don't have checks or ACH as a reasonable option might want it but for the rest of us it's useless. Then we also have Paypal already which usually works fine for sponsor payments.

Paxum had a huge head start. I doubt they'll loose it over this. How many Paxum users actually use the ATM card to withdraw their funds compared to those that withdraw their money using let's say wire transfers?

I don't get what you're trying to say...

You're moving too fast for me ...

I use my Paxum account to aggregate small payments from several programs. I then wire those funds to my bank account. I imagine most affiliates do the same unless they like to spend their time going to an ATM every day.

Hey is the free card promo still going on? I need to do that. :)

I'm pretty confident that most affiliates withdraw money from ATM :pimp
Should we make a poll?

done: https://gfy.com/showthread.php?t=1060608

Voted :thumbsup

I like redpass

Sorry missed your question first time around.
We do not allow any credit card loads because of the risk involved, its not worth the headaches.

Good decision. See here for more info :1orglaugh https://gfy.com/showthread.php?t=1061034

Sorry for the laughs btw, I know it's not funny for the EnjoyBucks owner who got $12k taken off his Paxum account because some guy 3 or more steps up the ladder was a carder and Paxum passed it on to the very last part of the chain.

I love my empty Paxum account ...

So who offers redpass payouts?

So far:

Serious Cash
WTF Bucks