Best way of withdrawing money from Paxum
 

I am located in the EU and I have an USD account with a Master Card attached to it in the country where I live. I also have another account with another Master Card card in my local currency. I also have a Paxum account and a Paypal account. I want to withdraw around $250.00 from Paxum and I am not sure what is the best way of going about this.

I realized that Paxum charges a fee of $50.00 for a wire transfer, which is obviously too high, but I can also withdraw money to an external card for a $6 + 3% fee. They recommended this option to me as it will be costing less money. I don't fully understand how this works though. They money will be transferred to my card, but it wont be on the account? There may be also some conversion fees, so they told me to direct it to the USD Master Card that I have.

I was thinking about doing a Paxum - Paypal exchange but I've never done this yet. All these sites seem a little shady and I am not sure if I can find something legitimate. I would then transfer some of this money from Paypal to my bank account, and as far as I remember this was inexpensive or for free, but I am not sure.

In the end, there is a lot of people here who deal with something like this, so maybe you can tell me what would be the best way to go. Minimum fees for Paxum to EU bank account transfer (bank account in USD and with a Master Card).

Thanks.

I'm also in the EU and I always withdraw money via ATMs.

nobrainer - atm.

If you plan on getting much funds to Paxum, then you should get the Paxum Mastercard and withdraw from ATM. The card costs $44.95 per year, and if you get Paxum funds regularly, that is the most cost effective method, since each withdrawal only costs $2 ATM fee.

If it's more seldom, and for really small amounts like this, you would be better off by one of two options:
1. Wait for Paxum to reinstate Electronic Funds Transfer (ETF) for European accounts. Right now, that service is not operational, but it would be a transfer directly to your bank account for the low, fixed price of $8.95, regardless of the amount.

2. Use any of the exchangers here, and expect a reasonable fee to be somewhere between 5-10% of the transfer amount, to get your Paxum money exchanged into Paypal.

Given the above, you will see that:
A wire transfer at $50 is absolutely out of the question, since the card would be cheaper.

If you plan on doing ~5 ETF withdrawals in a year, that would be around the same price as the Paxum Mastercard - so if you plan on getting Paxum funds and withdraw around every second month - then get the Paxum Mastercard.

If you do an exchange at 5% that is $12.50 in fee, a 10% fee would of course be $25. So 2-4 of those exchanges and you will, again, find yourself with fees that are in the same region as the Paxum Mastercard.

In conclusion,
if this is a one time thing, then either wait for ETF to be re-instated or do an exchange for Paypal funds.

If this is a regular thing, do get the Paxum Mastercard as it will be cheaper in the long run.

Yearly maintenance fee for the card is $44.95. This would not make sense to me. Waiting for that ETF thing would not make sense to as I would need the money asap. I guess I can try the transfer to the credit card, but I am not sure how this works. Again, it will be on my credit card and not on my account? This is the option with the $6 + 3% fee.

I was not aware that they had enabled the "transfer to external card" again. They had that service long ago, then it disappeared and I have never seen any announcement that it was ever re-instated.

How it works is this,
you submit a credit or debit card, they do a reverse charge on the card, in this case crediting it with money instead of charging it like you would do in a normal purchase.

The funds will show up in your bank account, if you have a debit card that is directly connected to your bank account. If you have a credit card, the reverse charge will show up as a credit on your monthly statement and will be deducted from the amount on your bill to pay.

Be careful though, not all banks, card issuers or credit cards accepts reverse charges. Some see it as some type of fraudulent transaction if you receive money on your card from someone where you have not made an initial purchase. Most will then issue a warning to you, let you know such transactions will not be accepted in the future. Others, might even say directly that now you have violated the card tarms and they will revoke your card.

Paxum themselves, for example, completely forbid any such type of reverse charges (funding to Paxum's own Mastercards from external parties) and they will cancel your card for any such transaction.

Transfer it to PayPal for 10$ and wire it to your bank for free.
Contact me for Paxum/PayPal exchanges https://gfy.com/business-services/118...exchanges.html

This is what I do - You will it in your account within an hour...

Why not exchange your money to let's say paypal? Contact Ruby or Chosen for that.

ruby?? roby?

https://gfy.com/fucking-around-and-pr...highlight=roby

see my comment and others . I recommend :thumbsup

Good luck

Need to look into thios option.

Do a search for "ackerman+scam" first.

This is proof that you're not Paul Markham ...

DO NOT DO exchange with this person

Go with Roby or Chosen :thumbsup

Create an invoice on PayPal and send it to yourself. Do not send it to the same email you use for PayPal.

When you get the invoice choose to pay with credit debit card.

Pay the invoice with your paxum MasterCard and do not enter the same email that you use for your PayPal account at the bottom of the form.

That is how you move money from paxum to PayPal if you have a paxum MasterCard

:thumbsup :thumbsup

Since they lost the EFT. I've been making sure there a lot of money to withdraw when I do. $50isn't much out of $1,000s.

:1orglaugh read the thread again.

There are a lot more fees attached to ATM withdrawals since they will be a foreign transaction on a third party ATM in a different currency. For a small amount of 250$ it could cost over 10% in combined fees plus unfavorable exchange rates. That's daylight robbery!

Isn't European EFT reinstated? Or is it shut down again?

European EFT is only possible in EUR as far as I know. So you'd have to exchange your money to EUR in Paxum first, at horrible exchange rates. So you could say that's an extra fee. Might still be the best choice though.