Hello friends.. I have one unusual question Is it possible to tell one of my regular client to pay through Xoom directly to my Bank account bypassing Paypal. At present, he pays through his Credit card to my Paypal account which is consuming lot of transcation fees for me. I was wondering whether I can save some of these fees by asking to register at Xoom and send me the money directly? I do see some options at Xoom, but I am not sure. Just trying some innovative methods to save some dollars.. It is high time we Indians think about it.. the rupees is appreciating fast and I dont think there is any good news in near future. Though as an Indian, I am happy with our improving economy, but we need to admit... people like us are suffering badly... Let me quote you an example: Amount earned in (US $) Exchange Rate Amount earned in Rs. Diff. Before 15 days. Today Before 15 days Today (LOSS) 300 $ 40.88 38.41 12264 11523 Rs. 741/- This LOSS amount of Rs. 741.00 is close to the returns of Investment of the above amount in a risk free scheme @ 9% after ONE year. so guys, contribute to the above question.. it is time to tighten our belts... not only we need to work extra hard for the loss, but we need to be creative too.......let us pour in valuable tips to help each other... Thanks & Regards gopalgkb
its surely better if your client pays you directly via xoom as u said it saves paypal charges. but the amount has to be more then $200-300 atleast then it would be worth, smaller amounts wont make any sense. other then that your client has to be comfortable dealing with xoom, most people like paypal as it is very quick. nice suggestion though for those who make bigger deals.
Yes, that is what Xoom is supposed to be made for. It was meant for someone to pay you through Xoom. Of course, the credit card payment option would only work for your customer if they are from the US. Otherwise, they can pay at Xoom through their Paypal account which would extract the funds from their credit card. Of course, your customers would need to pay the Xoom fees when sending you the money. You might want to offer your customer a discount for using Xoom since their cost would be higher with the Xoom fees and any slights inconvenience they may need to endure.
but recently xoom got costlier...so better prefer WU..same fee,but the time taken is quite more in xoom..rather than WU
I agree with forumrating and eddy. You need to get your client comfortable with xoom and yes it would definitely save you some dollars moreover, this way you can always choose, instant pick up option to get immediate cash rather than waiting for it to come in your bank account when doing transaction yourself. Just my 2 cents
Ok guys... All that my client needs to pay is US$ 9.99 for 1$ - 750$ and US$ 14.99 above 750$ even if he pays by his DEBIT/CREDIT card ??? His country is US. I mean are there any seperate Debit/Credit card fees ? Just wanted to know before I request him , because Paypal charges heavily (but to the receiptent) if anybody pays by Debit/Credit card. Thanks gopal
If it is a regular client I would get them a VMI card and you can accept payment that way and you as the receiver do not get hit with any fees regardless of the transaction amount. There is a small fee for the sender. If you want more information I can help you if you PM me. Good Luck.
If your client is from the US and pays you in US$ then his credit card would not levy any additional charges to him provided he makes full payment before the free credit period but that is his own problem. If his credit card currency is not in US$ then there may be a foreign exchange fees levied by his bank and his bank will determine the foreign exchange rate. It depends on the dollar value of each transaction, if it is the lowish figure then it would be more fees to send you through Xoom. Because no matter what, Xoom means that the sender needs to pay more than he would pay you if he uses Paypal. Do give him a discount if he uses Xoom. For example, the $9.99 fees is :- Amount Sent Percentage (for $9.99) $25 - 39.96% $50 - 19.98% $75 - 13.32% $100 - 9.99% $150 - 6.66% $200 - 4.995% $250 - 3.995% $300 - 3.33% So if each money transfer is less than $300, Xoom would inevitably be more expensive than Paypal 3.4% + $0.30.
Eddy2099: Thanks for explaining so systematically. I now truly understand how it works. First the client is from US. He has credit card in US$ and eventually he will pay me in US$ which ofcourse will be converted to Indian Rupees by Xoom. At any point, I now understand, Xoom is worthwhile if my client sends anything equal to 300$ or above. Anything below that will incur him heavy fees as per the percentage you have mentioned, which ultimately I will have to bear. So, let us say for example: 1) Mr A sends me 2000$ through Xoom by his US Credit Card and uses the Direct Bank Deposit transfer method. So he will incur fees of US$ 14.99. In case, it is agreed that I am going to bear the fees, the total amount i get would be 2000$ less 14.99$ = US$ 1985.01 2) Mr A sends me 2000$ through Paypal by his US Credit card. I will be compelled to use the only available method for Indians i.e Check withdrawal method. Therefore I will incur fees of 52$ since the payment was made by Credit card and 5$ as withdrawal fees. Therefore, I would receive, 2000$ less 52$ less 5$ = US$ 1943 Net loss in money in comparision to Paypal : $ 1985 less $ 1943 = 42$ Net loss in time in comparision to Paypal : 30 days (paypal check) less 7 days (xoom Bank transfer) = 23 days. Hope I have got it right. I have written the above example so that if i am right, others can also take some clue from it. Thanks once again, Regards gopal
Well of course if you are getting big ticket dollars transaction then Xoom would be cheaper for you. However, with Xoom, the limits per transaction is US$1000 and not US$2000. So for him to send $2000 to you, he has to break it up and send you in two intervals. ie, you need to incur a fee of $14.99 x 2 = $29.98 .
Debitcardman: Yes, I agree that is way too expensive. Eddy2099: Yes, you are right. I was just quoting example though 2000$ is still a distant dream But everyone else in the forum can now understand sometimes, Paypal is cheaper. In the above example: Paypal will charge only 5$ fees for withdrawal of 2000$ while Xoom will charge around 30$. May be Moneybookers could be the right solution for saving time as well as fees.... Not sure though, havent tried that one.... Thanks once again gopal