With all the bounties appearing these days, I had a thought about using Paypal.
All this money involved means we give money to Paypal and it's not cool to waste money like that.
Can't we put money of some account where we don't loose money giving it to Paypal?
I thought about a regular account at a bank. Here, one of my accounts have no fees and it even generates 1.25% of interests each year.
Woud something similar possible?
Note that I do NOT want to replace Paypal completely as US people need it to avoid bank fees. In this case, the money would then be moved away from Paypal and be transfered on the account that generates interest.
Edited by Elwood on 2012/9/4 21:29:14 Edited by Elwood on 2012/9/4 21:34:33
Yes, that is also the big trouble since we all come from different countries, it's pretty sure banks would charge anyway.
Nonetheless, having the money on a bank account that generate interests would be a great idea BUT this bank account should be someone's we RELLY trust.
But that would be the very same trouble you already have now with AmigaBounty.net...what if the maintainer of the PayPal account decides to run for a beautiful holiday with the bounty fees?
...we give money to Paypal... I'm not sure what you mean? If i buy goods from AmigaKIt, they get the money via PayPal. All the developers here at Amigans.net were paid via PayPal by me. I'm certain PP didn't keep any. I'm sure there are exchange rates from US dollars to GBPounds and Euros. ...Would something similar possible? Your idea of a private bank for Amigans won't work, but some kind of Credit Union might. In a CU, all the members would be share holders and volunteer operations: http://www.creditunion.coop/what_is_a_cu.html The problem might be working at an international level.
So that's where I should run with the amigabounty money, off to get a flight ticket then. Sounds very exotic and I am sure everyone there will be happy to talk with someone from Denmark. Kicko you must go too as my bank advisor
But then you'd probably need to use banktransers,don't they charge for that aswell?
Inside the EU, and a few more European countries, with IBAN transfers: No. (Unless you have a bank account where you have to pay for each transfer inside the same country as well, it's just forbidden to charge more for IBAN transfers than for local ones, but even in such a case it's usually just a few cents).
Outside of Europe bank transfers are often very expensive, though.
@Snuffy Quote:
...we give money to Paypal... I'm not sure what you mean? If i buy goods from AmigaKIt, they get the money via PayPal.
About 90-95% of it.
Quote:
All the developers here at Amigans.net were paid via PayPal by me. I'm certain PP didn't keep any.
Of course they do, PayPal has extremely high fees. For example for the TIMBERWOLF bounty currently 2948.90 Euro were donated but AmigaBountly.net only got 2820.73 Euro of it, PayPal got 128.17 Euro fees already now, and if the money is transferred to the Friedens with PayPal as well there will be PayPal fees of over 100 Euro again, i.e. the total PayPal fee will be nearly 10% in this case, for bounties where the average donation sum is smaller it's even more.
There are similar online payment systems which are much cheaper and more secure, for example MoneyBookers (up to 1% fee, at most 0.50 Euro per transaction), but unfortunately it's not possible to use it with a credit card for users in the USA for some weird reason.
Quote:
I'm sure there are exchange rates from US dollars to GBPounds and Euros.
PayPal charges more than others for the currency exchange as well.
Yes I agree that Paypal is very expensive and at amigabounty we're also looking into using Moneybookers as a supplement to Paypal . Does anyone here have experience with Moneybookers, does it work as good as Paypal and is it something people would be using?
EDIT: Will certainly try to get the developers paid another way than via Paypal, if possible .
Beware of Moneybookers! Even though my account was verified, they locked it anyway just because they considered my transactions as suspicious or something.
Now they force me to explain all the transactions, scan my ID documents and to do plenty of other nag procedures - which are completely not worth the time just to unlock my 10 eur balance...
Note that during 3 year period of (not) using my Moneybookers account the total sum of processed money did not exceed 20 Eur. Hell, that's soooo suspicious account!
So at the end Moneybookers kept about 50% of my money that is definitely more than PayPal's 10%...
But then you'd probably need to use banktransers,don't they charge for that aswell?
Inside the EU, and a few more European countries, with IBAN transfers: No. (Unless you have a bank account where you have to pay for each transfer inside the same country as well, it's just forbidden to charge more for IBAN transfers than for local ones, but even in such a case it's usually just a few cents).
Outside of Europe bank transfers are often very expensive, though.
When I lived in Canada, I could transfer money to any Canadian account without fees, and to the USA for almost nothing (IIRC, I never really needed that option). Here in NZ, I can transfer money to any account in NZ and Australia. However, as soon as I go beyond Australasia, the fees kick in. The suckiest thing about wire transfers is that: - they don't tell you how much it will cost up front, because it depends on how many banks act as intermediaries, and how much each bank skims off the top - you have no idea how long the transaction will take to complete
Basically bank transfers are cheap/free for most people until the transfer crosses certain borders.
I'm okay with the PayPal fees, because PayPal allows donations from anywhere to be done easily and instantly. They also provide an API for tracking donations, which can be used to automatically update the donation amount, whereas most banks don't offer such options.
maybe what can be done is to transfer the money on a real bank account (generating interests) until the bounty is met and should ne payed instead of lying doing nothing ? That way you'll have the easiness of paypal transfert with the remuneration of a regular account.
EDIT: Maybe the solution might be to create an association : in france this is a legal status for a non commercial entity which can have bank account and all. The bank account could then be attached to this entity so we might have "security". There should exist similar status in other countries.
On the other hand in the current financial state rates are not so high and I don't know if I'll trust an American bank for example
Paypal policy: "If you use your bank or PayPal balance, it is free. Neither you or the recipient will pay any fees."
"Fees apply only if the sender uses a credit or debit card, or if you receive any payment for goods or services"
I've never been charged to send or accept money using my personal Paypal account.
Sending is always free, but receiving isn't, except for a few countries, and usually only in the first one or two years after PayPal support was added for a new country. For example the fees for receiving money with a german personal account are 3.9% + 0.35 Euro + 2.5% currency exchange fee (1.9% + 0.35 Euro for payments in Euro from EU countries).
Quote:
If you are using it like a business to sell products or services, there is a seller fee up to 3%
With a business account and high turnover you can get lower fees than with a personal account, but not that low.
Hi@joerg #12 OMG everyone, Joerg is a bank consultant... There are similar online payment systems which are much cheaper and more secure... Won't happen. It's about trust. Any name you name, I will be dubious to support compared to PayPal and security. If you won't handle PayPal, I won't shop at your store. What I pay PP for security is worth the transaction fees. Wow, if you're all offended by PP charges, then I'll stop buying and donating! ...LOL
@logicalheart Paypal policy: "If you use your bank or PayPal balance, it is free. Neither you or the recipient will pay any fees." I've used the PP balance for almost a decade and it's never cost me anything for transactions.
@ Troels Will certainly try to get the developers paid another way than via Paypal, if possible . I would consider security a paramount issue; especially these days.
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