@24kilo - regarding charges, we are dependent on the banks for the wire transfer charges - Standard Chartered charges $10 to receive and $20 to send, and we add on $5 to each. Within the Philippines, in PHP there are no charges dealing in Pesos. If we were to open a bank account in USA, that would require me creating a company there, which is not an option right now due to regulatory concerns in USA. So we are stuck with the charges for wire transfers.
Paypal have recently made positive comments about Bitcoin, so we have decided to take in up to $200 ($50, $100 and $200 payments), with a 5% fee taken off each before depositing to the Tagbond account (they charge us 4.4% plus transaction fee). For payouts we can pay out with a $5 fee. However, we can only pay out from the Paypal account as much as in there - we will display the Paypal balance publicly so people know how much is available. With our Philippines Paypal account, we cannot deposit USD from a bank, we have to depend on USD coming in from customers, so no choice on that. We would also require KYC stuff done (govt ID and utility bill, same as for wire transfers) and display a message stating that if any chargeback was to take place, the user would be permanently banned from Tagbond. We have to do this to make sure we are protected. China now has KYC regulations for people trading crypto currency, and even though we don't have it yet, I think it is not far off where exchanges in the West are also required to do the same.
We will work on other emoney systems to get money into Tagbond, but that's what we have at the moment. If anyone has better ideas let me know - it' a problem for all businesses like ours - cannot imagine what Cryptsy will have to do to satisfy banks and regulators in USA...
Paypal have recently made positive comments about Bitcoin, so we have decided to take in up to $200 ($50, $100 and $200 payments), with a 5% fee taken off each before depositing to the Tagbond account (they charge us 4.4% plus transaction fee). For payouts we can pay out with a $5 fee. However, we can only pay out from the Paypal account as much as in there - we will display the Paypal balance publicly so people know how much is available. With our Philippines Paypal account, we cannot deposit USD from a bank, we have to depend on USD coming in from customers, so no choice on that. We would also require KYC stuff done (govt ID and utility bill, same as for wire transfers) and display a message stating that if any chargeback was to take place, the user would be permanently banned from Tagbond. We have to do this to make sure we are protected. China now has KYC regulations for people trading crypto currency, and even though we don't have it yet, I think it is not far off where exchanges in the West are also required to do the same.
We will work on other emoney systems to get money into Tagbond, but that's what we have at the moment. If anyone has better ideas let me know - it' a problem for all businesses like ours - cannot imagine what Cryptsy will have to do to satisfy banks and regulators in USA...