Escrow.com : How to get paid and limiting the fees?

[italiandragon]

Hello, I never used Escrow.com , I need to receive a payment but there are a few options that would add fees.

First there is the choice Premier or Standard......I`m choosing Standard since it`s a domain sale. The amount is US $3,000

So the fee is:

STANDARD SERVICE: $97.50

PREMIER SERVICE: $189.00

Then, since the buyer is from Australia too, Escrow will charge an additional $25 :

Are international wire transfers charged any extra fees when sent to Escrow.com?



Yes, Escrow.com charges the escrow fee calculated on the fee calculator page and an additional $25.00 to cover intermediary bank fees. This fee will be correctly displayed on the transaction detail screen.

When sending a wire to Escrow.com from outside the United States, please note that the funds may pass through an intermediary bank. The intermediary banks charge a fee from the wire they process. This fee can vary from $10 to $40 US Dollars. By charging an additional $25.00 fee, Escrow.com absorbs the shortage in our escrow fee, therefore eliminating any delay in approving funds.

This additional $25.00 is added anytime a buyer selects the wire transfer option when they are located outside the United States, regardless of which party is paying the escrow fee.

Then, since I`m in Australia, Escrow will charge me again , unless I choose normal check in the mail:

WIRE TRANSFER: Processing Time:
Same or next business day upon transaction completion, plus processing by your financial institution:
Domestic - 1 business day, International - 5 business days.
Additional fee of $20 to banks within the U.S. or $40 outside the U.S.

PAPER CHECK / U.S. MAIL: Processing Time:
Same or next business day upon transaction completion, plus delivery time for U.S. Mail.

PAPER CHECK / OVERNIGHT DELIVERY : Processing Time:
Same or next business day upon transaction completion, plus 1 business day overnight delivery (International deliveries may take longer).
Additional processing fee: Domestic - $20, International - $30.


So, even if I choose the Standard transaction , On a $3,000 deal, it`s going to cost about:

$150 WHICH IS 5 % OF THE TRANSACTION.....IT`S A ROBBERY! :td:

Any alternative or advice?

Cheers

I had a look at Moniker and am waiting to know if their $125 cover international wire transfer fees.

But in the mean time I found something cheaper in Australia:

http://www.escrowaustralia.com.au/companyinfo.php

It seems reputable. Does anyone have experience with them?

Cheers

 

[DomainBuyerBroker]

If you are using a credit card, I believe you have to use the Premier service. Yes, the fees can add up at escrow.com.

Look into Sedo http://www.sedo.com/services/s_escrow.php

 

[fxtrader28]

You can also check Moneybookers escrow!

 

[Charley]

$150 WHICH IS 5 % OF THE TRANSACTION.....IT`S A ROBBERY! :td:

Ask the buyer to pay the escrow fees. You incur the bank wire fees, that is minimal.

 

[HBK216]

Why are you complaining about 5%? Companies do not do business for free & 5% is not a high #.

 

[zero_haze_au]

Just so you know on SEDO for external sales, if the domain name in question, is NOT currently listed at SEDO, their Escrow transfer fee is only 3%. If the domain IS listed however and made via an external transfer they charge their normal 10% rate.


External Transfers - Sedo

 

[cache]

you may ask the buyer to pay the fees.
If you share the fee and if the buyer back out, you still pay the fees.

 

[akcampbell]

I wouldn't advise using Sedo, they don't respond to emails promptly and the process is painfully slow. Escrow.com is simple and quick, any additional fee is well worthwhile.

 

[Diabro]

OK, I think 5% is great. Is that the average for Escrow.com? Like if they handled the ireports.com deal that is like $37,500. I thought 10% would be average. 5% is fair IMHO.

 

[Charley]

I wouldn't advise using Sedo, they don't respond to emails promptly and the process is painfully slow.

I'd stay away from that.

Escrow.com is simple and quick, any additional fee is well worthwhile.

Moniker is also good and recommended.

 

[italiandragon]

I used EscrowAustralia and was about 3 %

Thanks guys

 

[raredn.com]

Also, a note on inernational transactions with escrow, if you choose cheque inthe mail you will be charged US $45 for them to to courier the cheque for you. Thats not what you are doing I know it is all in Australia, but next time think about that when you get an international transaction for domain name, $45 to send a $500 cheque to me in Australia. I know because I choses cheque to save money but didnt really save any money $45 not really very fun plus my bank charge an international fee to put cheque in my account on top of that

 

[italiandragon]

Also, a note on inernational transactions with escrow, if you choose cheque inthe mail you will be charged US $45 for them to to courier the cheque for you. Thats not what you are doing I know it is all in Australia, but next time think about that when you get an international transaction for domain name, $45 to send a $500 cheque to me in Australia. I know because I choses cheque to save money but didnt really save any money $45 not really very fun plus my bank charge an international fee to put cheque in my account on top of that

I know, I was lucky that both me and buyer were from Australia ,otherwise I had not many choices.

I should really open a bank account in the US, but how do I do it? Is there a ny bank offering this without living/visiting the U.S. ?

 

[AdoptableDomains]

5% is not all that bad when you consider you'd pay about 3% at PayPal just to accept a payment. Consider that about half is the escrow fee and the other half covers the cost of the credit transaction. I normally require the buyer pay the fees up to about a $600 sale, I split the fee up to about $2500, and I offer to pay escrow fees if over a $2500 sale if it helps make the sale.

 

[Charley]

Is there a ny bank offering this without living/visiting the U.S. ?

That is illegal. You can't open an account in the US while you reside in Australia.

 

[Name Trader]

Sedo has it's faults but they only charge 3% and they don't charge you any wire charge when they send you the funds (at least that's been my experience). I don't know if they charge for incoming wire transfers.

 

[italiandragon]

5% is not all that bad when you consider you'd pay about 3% at PayPal just to accept a payment. Consider that about half is the escrow fee and the other half covers the cost of the credit transaction. I normally require the buyer pay the fees up to about a $600 sale, I split the fee up to about $2500, and I offer to pay escrow fees if over a $2500 sale if it helps make the sale.

I don`t pay PayPal fees, there is a way to save them : mass pay :hehe:

That is illegal. You can't open an account in the US while you reside in Australia.

and why is that?

I know that visitors coming to Australia can open a bank account before to arrive... I don`t see the issue

 

[Charley]

and why is that?

I know that visitors coming to Australia can open a bank account before to arrive... I don`t see the issue

Where will you get the SSN and driver's license to open an account ?

 

[italiandragon]

Where will you get the SSN and driver's license to open an account ?

I have an international driving license......on top of my Australian one.

Regarding your SSN, why do I need to have one?

Are you telling me that no bank in the US opens a bank account without a SSN?

 

[Charley]

Are you telling me that no bank in the US opens a bank account without a SSN?

Get in touch with any bank in the US and ask them the requirements to open an account. You will know, simple as that.

 

[italiandragon]

Get in touch with any bank in the US and ask them the requirements to open an account. You will know, simple as that.

Good idea, but if you are already totally sure that no US bank allows this then I`ll waste my time. :td:

Plus, I don`t even know which are the best banks over there.....for online banking of course.

 

[Name Trader]

I'm not so sure you cannot open an account if you're not American. Last year I thought I needed an American bank account and requested the application forms from my bank. The forms came from their International Banking Center in the US. I sat down to fill them out, but the forms were so complex, it gave me a headache and I just put it back on the shelf. They state the requirements for opening a personal account as...

1) Letter of reference from your current bank plus copy of 3 months bank statements
2) Application Form
3) International Personal Deposit Contract - Section C must be completed if you are a NON-US Person
4) Funds Transfer Authorization Card
5) Proof of Address
6) Primary & Secondary Identification
7) Initial Deposit

All documents to be certified "true copies of the original" by a Banker of theirs and All documents to be signed and stamped with a name and address of branch of their network.