Very important and bad news by Escrow.com

[AbdulBasit.com]

Hello and Assalamo Alaikum,

It looks like Escrow.com is getting worse as the time goes by… After we all heard about Payoneer Escrow getting shut down so I started again Escrow.com which I had stopped due to their poor service.

I started couple of transactions at Escrow.com in a period of one week both for different domain and buyers. One of the transaction got completed on 30th August with last status “Inspection period ended, Buyer accepts merchandise.”

On 3rd September, I receive an email from their Payments department which says the following:

“Dear Seller, Unfortunately we do not support disbursement to accounts under First Century Bank, Payoneer accounts, or any other third party payments service. Please kindly select or add a new disbursement method. Please inform us when your disbursement information has been updated.”

This came as shocking to me. First, they should have at least informed all their clients that they no longer support disbursement to accounts under First Century Bank and/or Payoneer accounts. Secondly, even if they didn’t bother sending emails to every of their concerned client, they could’ve updated somewhere in the middle of transaction whenever they got aware of this new changes at their end. But their so-called great support team didn’t bother to inform and waited for the transaction to get completed.

I’m forced to complete my second transaction with them as the buyer just said yesterday that payment have been already made so I’m waiting for this to be completed as well. I just didn’t wanted to receive funds via wire that’s why I started Escrow.com to receive funds via Payoneer.

Instead of improving their service, they’re getting worse as the time is passing. Now I shall be looking for better alternatives who not only support payment via Payoneer but also other options like PayPal.

I’m sure there are plenty of domainers who likes to receive funds via Payoneer and are using Escrow.com so please make sure to either change your funds disbursement method or start using another better escrow service.

Now I’ve sent an email today for disbursing my funds via wire option which is the only one left for me to choose.

**NOTE** In past, I've received good amount of funds in Payoneer account/card through Escrow.com several times.

It would be great to hear from fellow domainers which escrow service is very reliable, provides great customer support and offers several disbursement methods including at least Payoneer.

 

[Jurgen Wolf]

Payoneer can also block/reject the incoming payment...
They monitor all such transactions... and don't accept them from anybody and from anywhere.

In other words...
Payoneer has some whitelist of companies...
All other incoming transactions will be always reviewed by Payoneer.

 

[Domains - Wanted]

About tax free, domain income in my country is already tax free

Interesting. I was not aware that Pakistan's tax system was territorial (i.e. foreign derived income of residents of no interest to your tax authorities).

at least we get to benefit from our developing countries that way

What way is that?

 

[AbdulBasit.com]

In realtime mode via online banking - I can move funds from my bank account to my card from this bank (without commission)...
This is impossible in PK?

Transferring funds from my local bank to which card are you talking?
Though we can transfer funds from local bank to local bank card.

 

[AbdulBasit.com]

@AbdulBasit.com

In your opening post you said payoneer was shut down and that is were the confusion lays. I think we all understand that Payoneer decided to shut down the service but saying they were shut down makes it look like there was an outside entity at play.

I was just clarifying that part because I know they decided to shut down and I have not heard of anyone forcing a shut down on them. I just wanted to make sure I was not missing anything with the way it was phrased.

Sorry if you got confused but I still think I was clear on my message.

 

[AbdulBasit.com]

In other words...
Payoneer has some whitelist of companies...
All other incoming transactions will be always reviewed by Payoneer.

Completely agree.

 

[Jurgen Wolf]

Transferring funds from my local bank to which card are you talking?

I clearly said above that to your card from the same bank.
Just very internal transaction.

 

[AbdulBasit.com]

Interesting. I was not aware that Pakistan's tax system was territorial (i.e. foreign derived income of residents of no interest to your tax authorities).

Every kind of businesses have to pay taxes but in order to promote IT sector in our country, tax is exempted on domains business.

 

[AbdulBasit.com]

I clearly said above that to your card from the same bank.

Human error
Yeah, it's possible to transfer funds from local bank to card. But our local banks have too much restrictions. There is one bank whose card limit is to spend no more than $4,000 online in a given year! Other banks have similar restrictions but have some flexibility. So you can understand the situation

 

[AbdulBasit.com]

Human error
Yeah, it's possible to transfer funds from local bank to card. But our local banks have too much restrictions. There is one bank whose card limit is to spend no more than $4,000 online in a given year! Other banks have similar restrictions but have some flexibility. So you can understand the situation

To add one thing... These banks who give us spending limit of let's suppose 4K a year, even in that I cannot spend more than $850-$900 (equivalent to 100,000 PKR our currency which fluctuates with USD) in one day.

 

[Brandon Abbey]

I believe that escrow.com made the decision they no longer wanted to allow Payoneer users to receive funds from them. I am sure someone from the company can clarify this.

 

[biggie]

biggie said: ↑
but seems they have some responsibility to inform users that they can't accept payments from escrow anymore.

It's other way around. Payoneer can't care less whether Escrow decides to stop sending money to them, or not. It's on Escrow

perhaps,
but if payoneer was making any money handling those direct lead transactions from Escrow,
then i'm sure they care.

imo...

 

[golan]

perhaps,
but if payoneer was making any money handling those direct lead transactions from Escrow,
then i'm sure they care.

imo...

May be... I mean, the question here is who initiated this. And those ones are responsible for informing the clients )) In an ideal world heh.

 

[Jurgen Wolf]

To add one thing... These banks who give us spending limit of let's suppose 4K a year, even in that I cannot spend more than $850-$900 (equivalent to 100,000 PKR our currency which fluctuates with USD) in one day.

If such limits for standard cards - then try something higher... Gold or Platinum cards...

 

[domain hacks]

If such limits for standard cards - then try something higher... Gold or Platinum cards...

I am sure he was talking about Gold or Platinum cards.

 

[Jurgen Wolf]

Strangely...
I have ~$3.5K limit per transaction just using standard MC...

 

[AbdulBasit.com]

Strangely...
I have ~$3.5K limit per transaction just using standard MC...

Good for you!
Yeah, but every country and institutions have different rules.

 

[Jurgen Wolf]

If it is not prohibited by PK law - you may open a foreign bank account and get card from them as well...

Sedo uses Commerzbank... so you may lower your receiving costs to ~0 and also speedup the entire process - if your account will be in Commerzbank.

 

[frank-germany]

If it is not prohibited by PK law - you may open a foreign bank account and get card from them as well...
Sedo uses Commerzbank... so you may lower your receiving costs to ~0 and also speedup the entire process - if your account will be in Commerzbank.

I am pretty confident
Commerzbank will give you new headache

And I would be surprised to hear
You could open a german bank account with them from Pk

 

[Jurgen Wolf]

May be any good foreign bank...
Commerzbank is just ideal variant to deal with Sedo...

 

[Jurgen Wolf]

The nearest good banks should be in Dubai...

 

[.X.]

I use Sedo exclusively, I don’t like BS , and that is what I have gotten through the years from other escrow services.

 

[Jurgen Wolf]

Sedo escrow is good except Bulk sales...
They support only single domain transactions...
So if 2 or more domains to the same buyer - then 2+ separate transactions should be started and will be 2+ commissions and 2+ separate wires (15 EUR each)...
True idiotism...

+ when rechecking my bank statement I always see the exact domain names in comments for those transactions...
So lack of privacy... especially if you sell Adult domains etc.

I already asked Sedo a few times - but still no changes, should be more requests from other domainers as well...

 

[domainer111]

Sorry to hear about this trouble.

Escrow.domains is very well regarded, my understanding is they power sedo escrow but I could be wrong.

 

[Jurgen Wolf]

Sedo has its own escrow (3% or min. $60) from the beginning (since ~2000).
https://sedo.com/us/services/domain-transfer-service/external-transfer-order-page/

Alternatively/optionally they also promote escrow.domains

 

[Jurgen Wolf]

"Concierge" is included for free and by default when using Sedo escrow.

At escrow.domains it can be provided only for the additional high fee.