Ok so everytime i receive a payment through SWIFT i get a letter from my bank with details of who sent the money and how much was it, and i noticed another $30 missing from the total amount i should be receiving, i think there is an intermediary bank involved and they are charging that amount, as it happened before in one of the SWIFT transfers.
I guess if we choose paypal all they will charge is currency conversion, no $35 swift fee and no other hidden charges.
dtbaker saidYeah i think so too, i will try paypal for the next withdrawl, lets see.
chilly_orange saidthe bad PayPal exchange rate is actually better than my bank exchange rate/fees involved in receiving a SWIFT transfer.
You can go ahead and try Paypal, however I can tell you their exchange rates are FAR WORSE then any real bank!
chilly_orange saidThats a very good idea, Thanks
You can go ahead and try Paypal, however I can tell you their exchange rates are FAR WORSE then any real bank! You also might want to consider opening a foreign currency account in your country, that way you’ll receive USD and keep USD. Then you can decide later on what to do with it, use the USD to pay for things or wait for a better exchange rate. We incur quite a few costs which we can pay in USD, so this works out well for us.
Charges, Charges & Charges.
50% commission + 40% Tax + Paypal Charges + Currency Conversion charges, LOL
That is absurd, i will try paypal next time, if there are no transaction charges and in UK there are no withdrawl charges then i should be getting what i recieve
Okay so i was expecting $7560 after the deduction of $35 SWIFT transfer fee.
I am in the UK so money offcourse was converted in to british pounds.
Now i have tried XE, Google and other sites and the minimum amount i should be getting is : 4530 in British Pounds, but the amount i received is 4419, that is 111 british pounds less than i expected which is almost $185.
I have spoken to the bank and the department was closed so i will discuss with them on monday, the lady from the bank told me its auto converted so there is nothing we can do, she also pointed out that this money might be sent in british pounds and the company that sent the money converted and sent you this amount, i think envato send all payments in USD.
Do you think its normal for HSBC or any bank for that matter to charge almost $200 in currency conversion?
Update, just got my SWIFT payment, WooHoo!!
How long does it take for the SWIFT transfer to UK, still nothing in my account!