Wanted: Service Best / cheapest escrow service

[markb]

hi all, just looking for some advice, I'm about to buy a domain for £10,000 from a domainer not based in the uk, they are not a member of this forum.

They want me to pay via escrow.domains or another similar service.

Can anyone recommend the best website to use which is safe and has low fees.

Cheers

 

[AdminAdmin is verified member.]

transpact

 

[Adam HAdam H is verified member.]

I've only ever used escrow.com for large transfers of 10k and above, I always air on the side of causion and stick to what I know for the sake of a 100 quid or so saved in fee's ,

10k ( 11600 Euros ) at escrow.com transfer fee's would be :

€179.66 Standard Fee
€359.32 Concierge Fee

https://www.escrow.com/fee-calculator

 

[EdwinEdwin is verified member.]

Escrow.com. Certainly not the cheapest but their reputation is very strong.

 

[lazaruslazarus is verified member.]

I have used transpact before for a large amount.
100% Excellent UK based service and it only cost about £30.

 

[getmeingetmein is verified member.]

Transpact is very good, cost effective and you can do everything in GBP - which should speed everything up (and save you money on the FX).

 

[bonusmedia]

+1 for Transpact - very cheap, excellent service, to the point where they phone to make sure everything is ok

-1 for Escrow.com - using them right now on the insistence of a seller for a $10K deal, has cost me $10,250 already, now they want me to send another $61 (plus $25 intermediary fee, plus my bank fee, plus conversion cost) to cover an unforeseen shortfall

 

[EdwinEdwin is verified member.]

For a US counterpart, you'll find it 10x easier to persuade them to use Escrow.com. It's very well known there.

 

[Rich]

I have used Transpact dozens of times and I have found them excellent and very easy to use. Their support is also one of the best if you have any queries.

 

[markb]

Thanks everyone, I'll give transpact a try if the seller will accept this method.

 

[FairTrial]

Hi,

Two points to add from Transpact.com's point of view (I work for Transpact.com).

1) We work daily with US domain buyers and sellers, so that is no impediment to using our service if you have one of these.
In fact, for any transaction, you and they will probably find yourself both better off and more satisfied using our escrow service (just ensure you set the Conditions correctly to fully protect you).

2) We do not work with banks in every country - see our 'Countries' web-page for details.
So if a buyer/seller banks in Brazil, USA or Hong Kong for example, then no problem.
But if a buyer/seller banks in the Cayman Islands, BVI or Russia for example, then we will not deal with them (there is just too much 'funny money’ out there paying for and being received for domain names, and by law we have to steer clear).
If you have such a buyer/seller, then you will have to use a different escrow service.

 

[Carlos]

Does Transpact holds the domain into an intermediary account like Sedo or Escrow.com concierge?

 

[bonusmedia]

Here is what Escrow.com told my seller after I complied with their payment request to the letter at a cost of over $10,250

“The total price for the transaction is $10,000.00, and the Buyer has to pay the $25.00 intermediary fee. Therefore the total amount that the Buyer should have paid is $10,025.00.

We have received a wire transfer for $9,964.00 from the Buyer, so he did not even send enough money to cover the total price of $10,000.00. There are no other charges; the Buyer just didn't send enough money.

Not impressed. This could have derailed the transaction if we hadn't been speaking directly. Caveat emptor

 

[bonusmedia]

Does Transpact holds the domain into an intermediary account like Sedo or Escrow.com concierge?

Not as far as I recall - just the funds - but you wouldn't transfer the domain before the money was there anyway

 

[Adam HAdam H is verified member.]

Here is what Escrow.com told my seller after I complied with their payment request to the letter at a cost of over $10,250

“The total price for the transaction is $10,000.00, and the Buyer has to pay the $25.00 intermediary fee. Therefore the total amount that the Buyer should have paid is $10,025.00.

We have received a wire transfer for $9,964.00 from the Buyer, so he did not even send enough money to cover the total price of $10,000.00. There are no other charges; the Buyer just didn't send enough money.

Not impressed. This could have derailed the transaction if we hadn't been speaking directly. Caveat emptor

Could that have been an exchange rate drop ? USD has taken a dive over the last couple of days

 

[FairTrial]

Carlos, in reply to your question:

Yes, Transpact.com certainly allows intermediary domain concierge (due to the way our secure escrow service operates).
And at our standard escrow rates, with no extra concierge fee.
But you have to supply your own trusted third-party to actually hold the domain, as Transpact.com does not get involved in the underlying domain transaction.

So if the buyer and seller can agree a trusted third party to hold the domain whilst Transpact.com securely holds the payment, then this can offer a lower cost, more flexible and secure alternative to other escrow concierge services.
If not, then you will have to use a dedicated escrow concierge service.

 

[bonusmedia]

Could that have been an exchange rate drop ? USD has taken a dive over the last couple of days

Could be - wire was sent on 10th and arrived on 11th - but they haven't said anything about this.

They said: "International wires often travel through one or more banks before reaching Escrow.com's account. The intermediary bank/s likely deducted processing fees from the amount you sent prior to the funds reaching our account."

Point being, if there are potential conversion issues or extra intermediary fees it is down to them to have a process in place - it's what they are paid (rather well) to do.
I did exactly what I was told - no-one could reasonably be expected to pay extra just in case

As I told them, for a fintech company, requiring wire transfer processes from the 90s is ridiculous - there are plenty of solutions to avoid wasting $$$ on bank/conversion charges.

As for telling one party that the other has not complied - unbelievable.