We're officially parting with TransferWise.com - Let's collaborate on alternatives

As stated in this topic, our company account on TransferWise has been terminated. After a much-heated discussion, it turns out they don’t endorse or support business in the escrow and financial industry. So, no point in crying foul play any longer, even though I find it amazing that they took two years to terminate SWAPD. It’s time to adjust and adapt, so let’s discuss alternatives.

We are going through a major restructure.

We won’t cry over this even though TransferWise was very convenient to use. This month we’re switching to a new tax-bracket which will help our clients from the EU avoid VAT problems. We will use this opportunity to also work on new payment methods.

If you have a suggestion, please check it before posting.

While we appreciate your help, please don’t flood this topic with what you want, but rather with what would be available and compliant with our business model. We’re willing to consider all options, but if you find the time please research if our business model is allowed, so we don’t end up with TransferWise part 2.

We will most likely be pushing bank wire as our main payment method.

Let’s be honest, SWAPD is hardly the place for 25 USD trades. Serious business is being done here, and we all have bank accounts. The most inconvenient part about bank wires is the lengthy transit times. We will investigate bank branches available in our country to see if we can find something that can send payments out fast. We know this is possible as we have a few clients who were able to send us wires even at 1 AM Christmas morning (no joke). However, this only means that sellers will get paid fast, wires sent to us will still be dragged for a few days.

Also, just an FYI:

You can still use TransferWise to pay us or be paid out. However, the payments will go through our bank account which will slow the process, which kind of defeats the purpose. But bank wire to TransferWise payments (in general) are still faster than bank to bank transfers.

Let the discussion begin.

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Payonner :smiling_face_with_three_hearts: :smiling_face_with_three_hearts: :smiling_face_with_three_hearts:

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Coinbase -> USDC

Fast, work with any card, worldwide
It’s stable
Minimal fees
FREE withdrawal to Paypal

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Will they accept an escrow service company?

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Payonner , Skrill , western union

That really looks like a good option but unfortunately it isn’t worldwide. I’m not able to use it or trade my bitcoins for it since coinbase doesn’t support my country.

Maybe @RandyMarsh has already found a solution for that.

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I’m having same problem with Coinbase

Cashapp is perfect for under 5k.

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Damn, didn’t know. Used it in US and EU fine.

Stripe ?

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Again, suggested payment processors here most likely won’t be accepting our business model. Has anyone used Escrow.com recently? If so, can someone tell me what they offer? Because it’s probably the easiest to mirror them, as I am sure they have vetted all possible options.

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Seems like wire and PayPal only (with limits on PP).

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This is probably what we will do, unfortunately. Along with crypto.

Escrow.com is mainly Bank Wire or Bitcoin if I remember correctly

I’d love to see more PayPal support on here. I would use PayPal 100% of the time instead of wire

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Paypal is probably the most common one and easiest - but the fees on Paypal :-1: :grimacing:

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PayPal has limited us for the very same reason TW did, but after working it out with them they let us operate under the condition of not going overboard with volume. Hence our PayPal limits. PayPal will still be an option on SWAPD, but in its current form (for smaller transactions).

PayPal isn’t a good option to rely on imo. If you’re planning to make most payouts on PayPal, get ready to have lots of customers permanently banned PayPal accounts.

I deal with online money for lots of time and after suffering so much from PayPal(they legit don’t have customer support lol) I decided I only use it to pay, never to get paid.

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Stripe is the most solid company but it’s not super user friendly

For a one-time buyer looks overwhelming

I think the solution is not finding ONE PERFECT SOLUTION

But maybe you guys @SWAPD should simply offer a broader option of payment method and then the buyer/seller will pick the best for both parties

Even with transferwise ON, your options were pretty limited. I know it made it easier for creating guides and tutorials but…

Why don’t you activate Cashapp, Zelle and Stripe and offer those in addition to Cryptos, Paypal and Bank Wires ?

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Stripe could be an option. Their invoice system is pretty decent. However, if I remember correctly, the funds on Stripe only clear into your account 30 days after you receive it, no?

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