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Banking Solution Advice needed, how to receive EUR, USD and GBP affiliate commissions payments

Discussion in 'Business & Tax Advice' started by jiayu2301, Jun 25, 2018.

  1. jiayu2301

    jiayu2301 Newbie

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    I run a UK business and work with various intl. affiliate networks and direct advertisers who wire affiliate commission in different currencies. I require a trusted and reliable banking solution which provides a multi currency account. Transfers within those sub-accounts/wallets shall ideally be at a fair i.e. cost efficient exchange rate. Needless to say; I require online banking services. Does any one know of a good solution?

    PS: PayPal is not a solution for us.

    Appreciate any input/recommendation/advice.
     
  2. BlogPro

    BlogPro Jr. VIP Jr. VIP

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    • Thanks Thanks x 1
  3. yasin.wazza10

    yasin.wazza10 Regular Member

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    Check out Payoneer
     
  4. MisterF

    MisterF Moderator Staff Member Moderator Jr. VIP

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    Was going to suggest this, I noticed yesterday you can do currency changes and the market rate wasn't too shabby.

    FairFX is another option to consider too.
     
  5. iliketurtlez

    iliketurtlez Regular Member

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    Check revolut.
     
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    Android Tipster Jr. VIP Jr. VIP

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  7. jiayu2301

    jiayu2301 Newbie

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    Thank for your fast responses.

    Indeed I've been with Revolut; and they have been fantastic for our business needs. But we ran into a compliance issue with our business activities with them.

    There T/Cs state:

    17.1 It is not permitted to:

    use the Revolut Services for any illegal purposes, including, but not limited to fraud and money laundering, unlawful sexually oriented materials or services, counterfeit products, unlawful gambling activities, the funding of terrorist organizations, the unlawful purchase or sale of tobacco, firearms, prescription drugs, other controlled substances or other products prohibited by law. Revolut will report any suspicious activity and cooperate with any relevant law enforcement agency or regulator;

    use the Revolut Services to conduct activities pertaining to adult entertainment/pornography, armaments, art dealers, auction houses, charities, chemicals and allied products, cryptocurrency trading, dating and escort services, binary options, gambling, nuclear, political or religious organisations, quasi-cash merchants, second hand car dealers, precious metals or stones, video game arcades or establishments, weapons and defense manufacturers and business claiming to trade in prime bank guarantees, debentures, letters of credit or medium term notes;
    It has been a great solution for us; as they undoubtly provide fair and cost efficient FX rates unlike banks that would rip you off with unfavourable FX rates.


    I've come accross this; and I amusing boarderless on personal usage. What's your experience from a business customer perpective? Do you get separate bank details such as IBAN and BIC/SWIFT code for currencies such as EUR, GBP and USD?

    What are the FX rates between EU/USD to GBP?
     
    Last edited: Jun 25, 2018
  8. suportxd

    suportxd Regular Member

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    Paxum, revolut, payoneer
     
  9. Meddie

    Meddie Jr. VIP Jr. VIP

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    How much take Payoneer fees so withdraw money ? 2% ? I can't find on their website
     
  10. DavidLeadgen

    DavidLeadgen Jr. VIP Jr. VIP

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    Did you try an internet-acquiring?
     
  11. StartThrivingRN

    StartThrivingRN Newbie

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    If they don't, check out Paysera's business account (a Transferwise' alternative or companion tool, depending on circumstances).

    Payoneer definitely can do what you want (and you can create a business account at Payoneer, not just a personal account). You can even have different Payoneer cards for every currency.

    But I don't know their T&C. Payoneer is definitely against crypto trading stuff.
     
  12. Eagle 95

    Eagle 95 Regular Member

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    Check out Stripe if it's available in your country.
     
  13. jiayu2301

    jiayu2301 Newbie

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    Yeah, it's a long list of activities that Payoneer doesn't allow:

    1. 7. PROHIBITED TRANSACTIONS
    It is strictly forbidden to make payments as consideration for or in connection with:

    1. Any illegal act;
    2. Drugs, alcohol, or drug paraphernalia, or items that may represent these uses;
    3. Obscene or pornographic items, adult businesses or adult related services, including escort services, adult massage, or other adult-entertainment services, adult performer regardless of sexual orientation;
    4. Antiques and arts;
    5. Digital or crypto -currencies;
    6. Forex or Binary or any other variation of trading;
    7. Payday loans;
    8. Debt elimination, consolidation, or reduction services;
    9. Donations;
    10. Collection agencies;
    11. Credit protection or identity theft protection services;
    12. Bill payment services;
    13. Gambling or betting, including lottery tickets, casino gaming chips, off-track betting, memberships on gambling-related internet sites and wagers at races;
    14. Self-funding and/or Self-compensation;
    15. Trusts and Asset Management services;
    16. Crowdfunding;
    17. Peer to peer payments for personal purposes that are not related to business purposes;
    18. Precious metals and Rare earth minerals;
    19. Online dating;
    20. Healing services and related products;
    21. Pseudo-pharmaceuticals, Vitamins and supplements;
    22. Financial institutions, including Investment Firms;
    23. Multi-level marketing;
    24. Insurance sales and services;
    25. Sales of stocks;
    26. Tax refunds;
    27. Sales of money-orders or foreign currency;
    28. Wire transfer money orders;
    29. Reselling prepaid cards or gift cards\certificates;
    30. Personal use such as gifts, loans or payments from friends and family;
    31. Prescription drugs;
    32. Cigarettes, tobacco or e-cigarettes;
    33. Internet, mail or telephone order pharmaceutical or pharmacy referral services;
    34. Medical equipment, prescription devices, controlled substances, unapproved drugs, unapproved medical devices;
    35. Medical or healthcare services, including services for medical treatment, rehabilitation, vaccination, health checks, psychological counseling, dietetics, plastic surgery, surrogacy and massage;
    36. Items that promote hate, violence, racial intolerance, or the financial exploitation of a crime;
    37. File sharing websites allowing sharing, viewing or download of copyrighted content;
    38. Goods or services that infringe on the intellectual property rights of a third party;
    39. Products or services that process pop-ups or contain, promote, reference or link to any spyware, malware, virus, back-door, drop dead device or other program installation;
    40. Live animals;
    41. Products made from the skin of snakes, crocodiles or seals;
    42. Real estate sale Unlicensed MSB’s and unlicensed escrow services;
    43. Safe deposit services;
    44. Bestiality;
    45. Esoteric services (ex: astrology, psychic reading etc);
    46. Modification Chips and Circumvention Devices;
    47. Fireworks;
    48. Timeshares;
    49. Illegal Wildlife Trade;
    50. Airlines;
    51. Official Identifications;
    52. Lotions;
    53. Virtual POS;
    54. Weapons (including without limitation, knives, guns, firearms or ammunition);
    55. Vacation Services (for example - apartment rental/booking agencies/car rentals/tour guides);
    56. Books and/or Articles Publishing Services;
    57. Academic essay writing;
    58. Food and beverages;
    59. Health and beauty products, Cosmetics;
    60. Replica and/or unlicensed branded;
    61. When using the Payoneer Billing Service - the sale of goods to consumers thorough an online shop and/or marketplace; or
    62. Any other category or payer that Payoneer decides to prohibit, in its sole discretion.
    Source: (26/06/2018 - https://paynow.payoneer.com/pagecontent.payoneer?rsckey=ProcessorTypeDebitCard.Terms&pid=-1)


    Look at "Online Dating" being listed. IMO that's not reasonable, as I would read this I couldn't promote Tinder as an affiliate as it would be an Online Dating service paying my commission. I've made that experience with a Gambling Operator, Revolut failed the transaction despite of explaning them that it is affiliate marketing activities that I supply (well admitedly we are advising and running online marketing campaigns for them) But it does seem to me that whatever just smells like any of the above 62 points, they reserve the right to not clear your fund and/or even suspend your account. It's a shame really ...
     
  14. iliketurtlez

    iliketurtlez Regular Member

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    Daaamn thats quite a list. Might be easier for them to just write what they actually do allow, cant be much left :p
     
  15. StartThrivingRN

    StartThrivingRN Newbie

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    maybe ePayments then? they also have personal and business accounts and have a much less strict "Declined Activities" list ("Updated 5 days ago" is on the top of the page, so there won't be any surprises I guess)