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.
