Escrow.com and Sterling transactions be Aware

[splashweb]

Had a learning experience with Escrow.com recently which I thought needed passing on. It turns out they don't do Sterling transactions and very much leave buyer and seller to their own devices.

My buyer set up the transaction, converting the agreed sum to US$ on the day and paid their fees on top of this. By the time it had been converted back into Sterling by Escrow.com the sum that arrived in my account was a significant amount short of the agreed sale price. There would also have normally been a charge for the wire transfer of $80, which with my whinging they waived on this occasion.

The moral of the story is be aware of these costs and charges if you're considering doing a non-sterling transaction and build it in to the transaction total, or perhaps better still; find a UK based escrow service!!

Mark

 

[Edwin]

That's why I state I charge a 10% extra premium to buyers wanting to pay in a currency other than sterling (and I count Escrow.com users as such)

 

[splashweb]

Hi Edwin,

Yes, that makes sense. Have you used any UK escrow services?

 

[foz]

It may also depend on what tool was used to covert the value in the first place. A lot of currency conversion tools on-line vary and most likely use averaged wholesale rates. Most banks that convert funds into your account are based on retail conversion rates.

 

[TinkyWinky]

Hi Mark

It's a pain - I don't understand why escrow.com won't sort out a UK version - there is plenty of business to be had over here.

As much as I dislike SEDO, they were a fairly painless way for me to buy off someone else for a recent domain that was c.£2000. Also only 3% of sale price which stacks up with escrow.com for anything less than about $15000.

Search for "sedo uk escrow"

The only downer is that the seller will need to have an account... I was lucky enough that the seller didn't mind signing up for one... but that could be a stumbling block.

Cheers
TW

 

[Edwin]

I've used Sedo a couple of times, but generally I try and avoid Escrow at all costs.

 

[retired_member32]

i was charged £120 by escrow for a domain purchase that didn't go through

 

[max_rk]

splashweb, (Excluding the charges )How many percent less, you received in sterling?

Max

 

[splashweb]

The difference amounted to approx. 5% for me, though I reckon this could vary with each transaction. I think adding 5-10% is the way to go when using Escrow.com.

I too try to avoid the use of escrow services and since most of my buyers are within or close to the UK domain sector that works. TBH with the level of transaparency available to people now I usually feel comfortable if someone has a clear online profile, but I guess you can't blame someone for wanting to use such a service if they have no knowledge of you and it's a heafty sales tag.

I'll try Sedo next time, looks like their fee is currently 3%, minimun £35, Sterling transactions available.

Mark

 

[invincible]

It may also depend on what tool was used to covert the value in the first place. A lot of currency conversion tools on-line vary and most likely use averaged wholesale rates. Most banks that convert funds into your account are based on retail conversion rates.

A seller I worked with two years ago received significantly less than they were expecting because the UK bank (account in sterling) decides on the currency conversion rate one gets at the time the USD hit the account. However the UK banks don't appear to publish these rates and they change all the time. Therefore it's almost pot luck what they decide to give you! Using something like XE.com or Yahoo currency conversion won't give you a accurate idea of what you will receive in your account because of the reasons foz cited above. So in future I support the idea of charging up to 10% extra because of this.

 

[TranspactAc]

Transpact.com is a FSA and HMRC registered UK online escrow service offering international service for £2.99 per transaction in GBP, €3.49 in Euros and $24.99 in USD.

Declaration - I work for Transpact.com

 

[grantw]

Yet another forum username to spam your services from:

http://www.acorndomains.co.uk/members/cannyinvestor.html

http://www.acorndomains.co.uk/members/fair-trial.html

http://www.acorndomains.co.uk/members/transpactac.html

You've already had a post in this thread removed for spamming:

http://webcache.googleusercontent.c...1&hl=en&ct=clnk&gl=uk&source=www.google.co.uk

Your services may have actually been of interest to me but your constant forum spamming all over the internet makes you look like a proper sham outfit!

Grant

 

[bb99]

Transpact.com is a FSA and HMRC registered UK online escrow service offering international service for £2.99 per transaction in GBP, €3.49 in Euros and $24.99 in USD.

Declaration - I work for Transpact.com

Being a Yorkshireman, I love a bargain... but this just seems too cheap to me! I think the level of protection you offer is excellent and unrivalled - but please put your prices up, I think it will do wonders for your business.

 

[TranspactAc]

Being a Yorkshireman, I love a bargain... but this just seems too cheap to me! I think the level of protection you offer is excellent and unrivalled - but please put your prices up, I think it will do wonders for your business.

We are a volume business, and can't put our prices up.
We are used extensively in other sectors such as construction (see www.Bondpay.co.uk for example) and Freelancing (see www.OfficeCavalry.com for example).
We are not specifically designed for domain transfer (although we work superbly for this sector), and I agree that we are too low-priced for this market - but we have to offer a base price across all sectors, and so have to keep this price point.

But we are FSA and HMRC registered for your peace of mind (and shortly hopefully to be authorised), and your money is fully protected by the Payment Services Regulations 2009, so your money is absolutely safe - even for a Yorkshireman.

 

[Admin]

I am discussing with Transpact options for me to have their Escrow as part of the auctions sales here (optionally).

I had written to them about the multiple accounts and repeated adverts.

Thanks for highlighting.

Admin

 

[BREWSTERS]

Your bank should give you an exchange rate held for a period.

 

[bb99]

I am discussing with Transpact options for me to have their Escrow as part of the auctions sales here (optionally).

I had written to them about the multiple accounts and repeated adverts.

Thanks for highlighting.

Admin

A price increase could also leave enough bunce to pay for a decent affiliate programme.