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

I think Stripe is your next best option.

Then you always need a credit card for get the payout from Stripe – once you get the funds, need to send bank-wire .

Yes

And it’s too slow

You guys need something with payout in less than <48h

uphold.com

Speed is nice, but at the same time, the additional time needed protects buyers. As quite frequently problems happen during the first 24 hours, we can attempt the stop the wire if things go bad.

Also, to people just joining the discussion.

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.

How about Revolut as an option? They have a business option,too, but I don’t know if they support this type of business

n26.com and revolut.com work great for me !!

Fast and great support :white_check_mark:

But never tried big amounts on them :thinking:

Lots of ideas here - but although I am sure that @SWAPD will do some due diligence - many will no doubt operate the same way as TW does.

To be honest (as a buyer) if I need to wait an extra couple of days for a transaction to arrive at SWAPD from my own TW account, then so be it. At least I will be paying low bank fees from TW - no point throwing everything out because they won’t be this site’s friend.

I’m going to stay well away from crypto - I have bought and traded it for years previously, but the scrutiny on converting it to $ via Coinbase etc is just as bad, if not worse than PayPal with regards to ‘trust’ - that market is rife for money laundering and aside from the extremely unstable prices, I don’t want to be buying crypto via my business - that just opens up problems for my accountants, etc.

So, as selfish as it sounds - I will stick to bank transfer and suck up any extras charged - in return I am getting stuff that no one else has been able to deliver as of yet.

Keep up the good work team!

ps. Not sure how you do your banking, but perhaps ask your business bank for a client account - like solicitors have to keep funds for their clients during house purchases, etc. That way nothing is flagged weird, as it is normal to move money in/out…

Have a great weekend all!

2 Likes

wait until you get limited for 180 days (which is probably soon) :triumph:

1 Like

N26 is literally a virtual bank running on Transferwise’s API

3 Likes

not sure how it works exactly but the support and the speed is good for me however I never tried big transaction on it and I already use the card they sent me to spend the money :sweat_smile:

Of course speed is good for you, your name is Flash

9 Likes

They are already an online escrow services company with very good fees and flexible terms. Please take a look and see how best you can partner. They are EU based too. Cheers!

“Zelle” is amazing, incredible and faster!!!
“CashApp” is great
“Western union” is perfect
“Coinbase” is good

1 Like

Stripe is not at all an option to consider given the volume and frequency that SWAPD is looking for.

It’s great for a smaller company with a few transactions here and there.

Once you scale up big, you will get banned. Of course, no one knows what the threshold is, but, I can guarantee sooner or later you’d get into trouble IF you’re into SMM.

Stripe is anti-SMM . Again, they don’t make an issue initially, same as PayPal but sooner or later the ban hammer comes.

Also, there is always a high risk of chargeback as you’d be mostly paid via credit card. Unless this option is kept ONLY for VIPs/Diamond club members then it’s fine.

Products or services that are otherwise restricted by our financial partners

Social media activity Sale of Twitter followers, Facebook likes, YouTube views, and other forms of social media activity and online traffic

5 Likes

@rockstard112, the head of our law compliance department.

5 Likes

Look into https://squareup.com/

You can send an unlimited number of invoices for a fee of 2.9% + 30¢. Fees are applied at the time an invoice is paid by your customer with their credit or debit card, Apple Pay , or Google Pay .

I guarantee you virtually every payment processor mentioned here will decline us, if not initially, then after we start depositing 100K in the first month. I believe the reason why Escrow.com ONLY does wire for a reason (PayPal too but under limited conditions), it’s because there is no better alternative and the money is actually safe, period.

4 Likes

Haha. I’ve been through this so many times that I have learned it all like the back of my hand.

And, my site’s volumes are pretty high as well so I can relate to the problem you have with the volume/frequency.

I’m still digging through some options but most that are SMM friendly processors have a high fee of ±5%.

2 Likes