- Impact
- 1,862
Hello Everyone,
most recently I've sold a four-letter .org domain via @Sedo and because it was MLS lead, it cost me 20% commission. During this transaction I asked the transfer manager to make sure they will send the funds via international bank wire as USD currency. The Sedo associate assured me that the accounting sends always funds as USD. But today I received a phone call from my bank in Czech Republic, asking why is someone sending CZK (Czech Crowns) to you USD checking account? Of course the bank in the US automatically converted USD into CZK in the worst possible convert rate and the bank in Czech Republic hat to convert it back into USD in the worst possible convert rate again. So I lost another 5% from this sale. This sale cost me 25% in total fees.
All US Banks always convert USD into the currency of the receiving country in the worst possible rate, unless you specifically ask them to send the funds out as USD. In my own experience Bank of America charge $35 flat fee for an international wire, but if you ask the banker to send the funds as USD, they charge you $45 flat fee. I made a lot of international wires since 2000s and always experienced these converting issues, some bankers didn't know how to do that.
I am holding 3 bank accounts, CZK, USD and EUR just to avoid these poor convert rates during domain sales, and believe me it is not cheap to hold 3 accounts in this country, because local banks charge you fee literally for everything.
I would like to know how marketplaces do their international wires? Perhaps they do it online and don't have the chance to make the wire in USD, but most of them don't even know this is happening. I used to have both personal and business checking account with Bank of America and neither one would let me do the international wire, I always had to come to the bank and make the wire with personal banker in his/her office.
I have been member at Sedo since 2010, but I moved from the USA to Czech Republic. When I tried to change the address, I figured I am stuck to US address only. The Sedo customer support told me it is impossible to change the address and I have to close my account and open a new one with new EU address. Well I never did, I still hold my old US account, because add and verify 100 domains all over again?
Your thoughts and experiences?
most recently I've sold a four-letter .org domain via @Sedo and because it was MLS lead, it cost me 20% commission. During this transaction I asked the transfer manager to make sure they will send the funds via international bank wire as USD currency. The Sedo associate assured me that the accounting sends always funds as USD. But today I received a phone call from my bank in Czech Republic, asking why is someone sending CZK (Czech Crowns) to you USD checking account? Of course the bank in the US automatically converted USD into CZK in the worst possible convert rate and the bank in Czech Republic hat to convert it back into USD in the worst possible convert rate again. So I lost another 5% from this sale. This sale cost me 25% in total fees.
All US Banks always convert USD into the currency of the receiving country in the worst possible rate, unless you specifically ask them to send the funds out as USD. In my own experience Bank of America charge $35 flat fee for an international wire, but if you ask the banker to send the funds as USD, they charge you $45 flat fee. I made a lot of international wires since 2000s and always experienced these converting issues, some bankers didn't know how to do that.
I am holding 3 bank accounts, CZK, USD and EUR just to avoid these poor convert rates during domain sales, and believe me it is not cheap to hold 3 accounts in this country, because local banks charge you fee literally for everything.
I would like to know how marketplaces do their international wires? Perhaps they do it online and don't have the chance to make the wire in USD, but most of them don't even know this is happening. I used to have both personal and business checking account with Bank of America and neither one would let me do the international wire, I always had to come to the bank and make the wire with personal banker in his/her office.
I have been member at Sedo since 2010, but I moved from the USA to Czech Republic. When I tried to change the address, I figured I am stuck to US address only. The Sedo customer support told me it is impossible to change the address and I have to close my account and open a new one with new EU address. Well I never did, I still hold my old US account, because add and verify 100 domains all over again?
Your thoughts and experiences?