Why was I deducted more than I was expected during my transaction?

If you’re reading this article, it means that you are wondering why your total balance is different from what you thought you would receive. This article is directed towards our members who jumped the ship with a transaction, without actually reading and agreeing to our SWAPD Fees Explained page.

Why was I deducted more than 10% during my transaction?

The 10% only covers the SWAPD fee, which includes the following things:

  1. Checkout Ticket oversight
  2. Stats verification
  3. Audits
  4. Transfers and securing the properties
  5. Protection from chargebacks

However, there are additional fees associated with each transaction, as stated on our SWAPD Fees Explained page. If you reached this page, this means you’ve successfully conducted a sale, but neglected to read our Fees Explained page, as required in each checkout ticket. SWAPD will cancel every ticket if the buyer/seller do not agree to our terms.

For more information on our services and the current prices please visit our Fee Chart.

If buying/selling via PayPal…

… you will lose an additional 6-10%, on top of our SWAPD fee. The reason for these additional costs is that the money goes through our company account, thus adding another PayPal fee. While this increases the costs considerably, it is the very thing protecting our clients from chargebacks. As if a situation shall arise, it’s our company who suffers the loss, and not our clients. PayPal charges 2.9% to 5.5% each way, depending on account type and which country the money is being sent from.

For example, a 500 USD transaction would look like this:

(The following example uses the highest possible fee rate)

  1. Buyer sends SWAPD 500 USD. PayPal deducts 5%, leaving a total of 475 USD.
  2. SWAPD deducts 10%, pre-PayPal fee, which is 50 USD. This leaves a total of 425 USD.
  3. SWAPD sends the rest of the balance to the seller. Once the money reaches the seller, PayPal will deduct an additional 5%, which in this case is 21.25 USD, leaving the seller with a total balance of 403,75 USD.

To ease the sting of these fees, sellers are encouraged to raise their rates to reflect these costs.
Please remember, while these fees seem high, the comfort and protection you receive of not worrying about chargebacks is well worth it.

If buying/selling via bank wire…

… you will lose an additional 30-90 USD. Usually, payments over 1000 USD require a bank wire. Bank wires are 15-45 USD one way, depending on your bank fees and country of residence. Bank wires are our preferred method of payment for all transactions over 1000 USD. Bank wires are very cost effective for all amounts over 1000 USD, as it doesn’t matter if you’re sending 1000 USD or 10,000 USD. The fee will stay the same.

For example, a 1000 USD bank wire transaction would look like this:

(The following example uses the highest possible fee rate)

  • Buyer wires SWAPD 1000 USD. Our bank deducts 45 USD. This leaves a total of 955 USD.
  • SWAPD deducts 10%, pre-wire fee, which is 100 USD. This leaves a total of 855 USD.
  • SWAPD wires the rest of the balance to the seller. Once the money reaches the seller, their bank will deduct an additional fee, which ranges from 15-45 USD.

The good news is that bank wire fees stay the same, which means selling something for 10,000 USD will cost the sellers the same as selling a property for 1000 USD.

To ease the sting of these fees, sellers are encouraged to raise their rates to reflect these costs.

If buying/selling via BTC…

The charges are kept to a minimum. It usually costs a few pennies to move BitCoins. However, the volatile market of cryptocurrency means that at any moment your payment may suffer (or rise) in value. SWAPD will not be responsible for any market fluctuations during the transfer of the money.

If buying/selling via TransferWise…

A borderless TransferWise account offers huge savings. TransferWise works just like a bank account, where you can wire/receive bank payments. They’re very cheap compared to international bank-to-bank transfers (usually 2-3 dollars per wire).

If you still have questions or comments please PM your nearest admin or email support@swapd.co.

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