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  1. #1
    Newbie
    Join Date
    October 8th, 2005
    Location
    KY
    Posts
    9
    foreign checks/money orders
    We're wanting to start accepting checks & money orders on a site I work for.. we have a lot of people on our site from all around the world.. canada/aus/UK.. etc.

    we're a US based business.. I talked to my bank earlier today about accepting these payments, and they have to send it off somewhere to get the money converted to USD.. and they charge us 2$ for every transaction from Canada.. and 5$ from anywhere else outside of the US.

    I went to a couple of other banks, one charged 25$.. 10$ from the bank and 15$ from the place where they sent, so it looks like my bank is the cheapest around here..

    I was wondering if anybody knew of a site that converted it for you, and maybe have a monthly fee or something that would be less.

  2. #2
    checks/money orders
    Hello. I can not answer your qestion, but I have a question for you. Are you aware of potential fraud? Do you have a physical product? I've just had a very bad experience.

  3. #3
    Member
    Join Date
    June 10th, 2006
    Location
    Williamsburg, VA (USA)
    Posts
    53
    re: Foreign Funds
    Quote Originally Posted by JonIndie
    We're wanting to start accepting checks & money orders on a site I work for.. we have a lot of people on our site from all around the world.. canada/aus/UK.. etc.
    I've required clients to purchase with US funds drawn on US banks, unless they pay with Paypal. I was accepting foreign checks via my ECX merchant account, but it kept getting shutdown because my foreign percentage was too high.

    It's tough to be a US business and accept foreign funds without heavy fees. I looked into wire transfers, but still fees were $20 to $40 depending on volume.

    Another option is to open a bank account in Canada, or UK, then accept the funds there, however, it's a tax nightmare. I'm using Bank of America and Wachovia because they have international branches, but even there I have to mark-up 40% to cover the fees.

    If you find a solution, post it here. Otherwise, I'll keep requiring US funds with checks drawn on US banks. International money-orders on US funds are also an idea, but haven't received many of them.

    Best,

    Justin

  4. #4
    I received some fake money orders once. It took more than 2 weeks to find out that they were fake.
    Here is a system contact-sys.com/eng/indexmain.phtml
    I haven't used that but I've heard it's very popular. Commision rate is 3%. It works similar as Western Union. All information is there.
    Another one anelik.diaspora.ru/eng/
    it's popular in Russia but used worldwide. Again, I haven't used that yet, but you can find out.

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