The 'Purpose of Remittance' field has stuff totally unrelated to domain sales. My bank says it's not right and I may face problems in future.
What kinds of problems did they indicate that it would lead to?
Just a week ago I had to explain the process of a domain sale to my bank and I had to tell them that the purpose of remittance written by the company is a lie.
Did you just say that the payment details are false and they left it at that?
I don't understand why GoDaddy is against labeling payments accurately. Afternic/GoDaddy is willfully misleading their own payment processor and bank, any intermediary/correspondent banks, our beneficiary banks, and various financial gov bodies, a number of which are required by law to screen payments for various compliance processes. What does GoDaddy stand to stand to gain from it? I see no upside for them whatsoever, only a ton of potential downside for users like you and me. It puts us in a really difficult situation when we have to explain to our bank that the payment details are in fact untrue, and that the payment is for something entirely different than what the sender says it is for. In the era of KYC and AML and all of these others regulations, banks take issue with that kind of thing.
I am going through hell with my own bank right now (frozen account), apparently because of the discrepancy between how GoDaddy falsely labels my payment, and what the payment is actually for.
They should mark payments as what they are, for example
domain sales proceeds or p
roceeds from sale of domain names. Notably, based on the examples you have provided, domain companies seem averse to describing domain sales as domain sales, refraining from even using the word โdomainโ when they send out paymentsโฆ Something like
proceeds from sale of intangible assets would be another way to phrase it without mentioning the 'forbidden' word (however, domain companies seemingly treating the word "domain" like it's Lord Voldemort, aka he who must not be named, when it comes to sending out domain payments, is absurd).
BTW I checked all my most recent NameSilo inward remittance advice slips (I get a paper copy in the mail for each wire transfer payment), and the payment details field is always blank, there is no description of the payment. AFAIK, Iโve not gotten any payments tagged with โsoftware consultancy servicesโ from them as you describe.
@namesilo - could you please clarify your practices with regards to labeling international wire transfers to sellers for sold domain names?