Wire Transfer Fees

Discussion in 'General Casino Affiliate Area' started by NDG, Aug 3, 2014.

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    NDG

    NDG Affiliate Guard Dog Member

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    How much would you consider a normal fee to be when receiving a wire transfer of funds?

    We recently received a payment that was roughly $94 less than the amount that we were owed.
    We've received other wire transfers this same way and the fee is usually around $20-$30 total.
     
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    Guard Dog

    Guard Dog Guard Dog Staff Member

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    The most I ever had was $60. $30 on each side of the transaction.
     
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    frankcolt

    frankcolt Member

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    I just got hammered with about 100.00 + in fees -
    transfer to German bank took about 75.00
    then transfer to 1 bank in my country 15.00
    then that bank transfered to my bank 15.00
     
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    WCD Admin

    WCD Admin Affiliate Guard Dog Member

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    I don't mind paying my bank fees, but what I cant stand is the nickle and diming some affiliate programs do. The deal is to pay me for my earnings. Who said something about affiliates paying THEIR banking fees? That is aggravating. Some programs pay without fees and thats the way it should be.

    If the affiliate programs has a minimum payment to get paid AND then you charge fees... that's really bull

    None the less I have the 60-100 fees. I think its wrong. period. not the way anyone else does business. I'd rather have a check, we all know these are only pennies and you get the full amount.
     
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    NDG

    NDG Affiliate Guard Dog Member

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    In this case, the affiliate program paid into a player account. When the payment was withdrawn,
    they said that their were no fees on the first payment per month. Obviously, that wasn't the case. There
    were significant fees on their end, because our end never takes much at all from incoming wires.

    The affiliate program hasn't responded to your inquiries regarding the payment fees, which
    has resulted in us removing them from the sites, and adding them to our do-not-promote list.
     
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    slotplayer

    slotplayer Affiliate Guard Dog Member

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    The most I ever had if off was $80+ some years ago. My last wire was short by $25.60. My bank charges $12 for a wire but that is listed as a separate charge. For me, its hard to determine if its an intermediate bank charge, a conversion charge or on the program end.
     
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    TheGooner

    TheGooner Affiliate Guard Dog Member

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    It varies according to the program. Typically a fee of $15 is levied by the transmitting bank and all other banks in the chain. I have some programs that pay the fees and some that don't.

    However those programs that accept players from a certain region in North America and work from Caribbean Islands seem to have to go to extra-ordinary lengths in order to get a wire done that is free from the gambling taint and they use 3rd party processor(s) that charge high fees seem to take multiple bites of the pie.

    The worst is a program that I'll call AE (because that's their initials ;) ) whose payments regularly get snipped three times for $50 + $25 + $15 and change ... that between $90 and $100 per payment.

    Of course that's not all.

    If it lands at your bank account and still needs a currency conversion then you'll typically lose about 1% to 1.5% on a poor rate and also get charged $12 to $15 for that pleasure as well.

    The solution?

    I guess it varies but for us was to get international bank accounts in Euros, US Dollars and UK Pounds and get (nearly) all the payments paid into these accounts. As they're local payments for the European based programs it is quick, cheap, and there is no forex charge. This minimises the fees as the transmitting fees way down or at zero as many payments are local, but there is around $20 per month in the three account fees.

    We then bring the money back 3-4 times a year (when the exchange rate is particularly good) to maximise benefits. By waiting for a good time to make the currency conversion and doing it as one large transaction we get as much as 5% to 8% more in receipts than we would be receiving individual payments.

    --------------------

    * Source = Spent 15 years writing transaction transmitting / processing software for banks in the 1990's and early 2000's and had to work with a lot of different bank departments to understand their processes.
     
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    LandofOz

    LandofOz Affiliate Guard Dog Member

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    My bank charges me a fixed $15 for every wire payment that I receive.
     
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    paulajardine

    paulajardine Affiliate Guard Dog Member

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    If an program charges a ridiculous fee for a wire, I will opt for another method. If there are no alternatives I will try to negotiate that fee up front before I start working with the program. If a solution or compromise can not be made, then I just pick another program to work with. Like WCD said, if a program has a minimum payment threshold and still charges fees, they are just slamming the affiliate with their bills.
     
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    azureus

    azureus Affiliate Guard Dog Member

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    Once I was charged about $50 for in incoming payment from some ridiculous bank in Cyprus. It was a shady program so maybe this bank allows them so stay anonymous (to some extent) and charge higher fees...

    I live in an European country and the transfers within the country are for free and in the Euro-zone (EU+Switzerland+Norway) it usually costs $2-$15 depending on the bank. You can also withdraw from Skrill to your bank account - Skrill charges you $3 I think and then my bank doesn't charge me anything. The lowest fees are when you send a "SEPA" payment in EUR currency, then the fee is only $2 in smaller banks. The highest are when you send a payment in another currency with one of the "main street banks" (I hope you know what I mean by that).

    However I must not forget currency conversions if the affiliate program is in USD and your bank account in a different currency, then you can easily lose 2-4% on the currency conversion rates.
     
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    CasinoKev

    CasinoKev Affiliate Guard Dog Member

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    $94 is definitely very high, but as others said, intermediary banks each have to take their cut(s). And currency exchange can be part of the problem as well.
     
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    WCD Admin

    WCD Admin Affiliate Guard Dog Member

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    For anyone who banks with BOA, you need to call to get the preferred for. exchange rate. Yes, you get a bad forex as a default - you actually have to call and just complain - then they tell you about the "preferred" rates.
     
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    WagerOn Affiliate Program

    WagerOn Affiliate Program New Member

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    That's definitely a high charge but it comes down to how many banks the transfer was routed through....not saying that the charge was legitimate...

    I usually ask my affiliates to an alternative method like Skrill...maybe you can request receiving your payments through one of them which would have minimal fees...

    Jakob
     
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    georgeliam756

    georgeliam756 New Member

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    I have seen wire transfers to go through 3 intermediary banks before reaching its destination and that costed close to $100 so, yea this is the only reason. You should better check with yout aff. program whci his their correspondent bank and check in your country which of your local banks words directly with the corespondenting bank of your aff program.
     

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