Quote from: CubedRoot on July 30, 2011, 06:43:29 PM

If your considering Paxum as a replacement for your funding source, you need to be aware of the fees. I found them hard to find on their site, but it appears there is a $5 USD fee for transfers to and from your bank account via ACH.
There is also a $1.00 fee to transfer funds from Paxum to Paxum account.

So, what this means to us miners is this:
You sell your BTC on your exchange for USD. Then when you transfer your USD to Paxum from the exchange, you will incur a $1.00 charge.
Then, when you want to transfer your USD to your bank account, it will costs you $5.00!!!!

So, you will need to figure that it will now costs you $6.00 in fees when you sell your BTC and then get that money to your bank account. With Dwolla, the total charges only equated to $.50

On top of these super high fees, you will be forced to provide photocopies of your personal information to Paxum in order to comply with their TOS. You have to send in a photocopy of your ID (passport or drivers license) and then to prove your address, you need to send them a photocopy of a utility bill. I DO NOT like doing this with any web base company! Hell, I dont even like giving this kind of personal information to my own brick and mortar bank!

If you plan on using Bitcoins as a secure and private currency, I highly recomment NOT using Paxum as a funding source to buy or sell Bitcoins.

I'm sorry you had difficulty locating our fees. The link is visible in our menu headers on our website - FEES

Link - https://www.paxum.com/payment/fees.php?view=views/fees.xsl

Personal accounts are charged $0.25 USD per P2P transaction
Business accounts are charged $1.00 USD per P2P transaction.

We have a strong Know Your Customer policy, and strong Anti-Money laundering protocols in place. This requires that we ask for certain documentation in order to verify your account. All documentation is kept offline on a secure server.

Quote from: djex on July 30, 2011, 08:53:18 PM

Quote from: CubedRoot on July 30, 2011, 06:43:29 PM

On top of these super high fees, you will be forced to provide photocopies of your personal information to Paxum in order to comply with their TOS. You have to send in a photocopy of your ID (passport or drivers license) and then to prove your address, you need to send them a photocopy of a utility bill. I DO NOT like doing this with any web base company! Hell, I dont even like giving this kind of personal information to my own brick and mortar bank!

Yeah I don't like this. Being a web based company and asking for such personal information doesn't make me feel comfortable at all.

Also why does it cost so much to deposit direct into a bank or maybe I'm missing something. So My question is this, If I wanted to transfer funds from my Paxum account to my Canadian bank account how much would that cost me since the Paxum Mastercard is only available to US customers.

To transfer funds to your Canadian bank account you would currently need to use our Wire option, or Check withdrawal option. International EFT is on our list of future implementations.

Please do note, the Paxum Mastercard is available INTERNATIONALLY - WORLDWIDE. You do NOT need to be a US customer in order to request the Paxum Mastercard. You do NOT need to have any funds in your account before requesting your Paxum Mastercard. All Fees are listed on our site (as linked above)

Quote from: Sukrim on July 30, 2011, 11:03:36 PM

Quote from: PaxumChris on July 29, 2011, 04:38:43 PM

Please post any questions you have regarding our service in this thread...

Why do you post this thread in "Bitcoin Discussion" if you don't even provide any services in Bitcoin?

We were asked to do so in the Tradehill thread about adding Paxum. It was suggested we start a new thread to cover all questions people may have.

Quote from: CubedRoot on July 30, 2011, 11:24:53 PM

Quote from: Clipse on July 30, 2011, 11:00:53 PM

Just to correct one thing mentioned here.

Paxum transfer by personal account is 0.25 and paxum transfer by business acount is $1.

So if you as personal account holder send money to any other personal/business account it would cost you 0.25 thus if you deposit your funds thats allready in paxum to an exchange the deposit fee would be 0.25 and when you withdraw from an exchange it would be $1, all these fees are fixed fees.

Thats correct Clipse, I didnt realize there was a difference in personal and business fees. But, still, it will cost miners $1 to withdraw from the exchange to Paxum.
You also need to be aware that to send or receive to Paxum from your bank account, that is a flat fee of $5 both ways. So, it will still cost a total of $6 to transfer money from the exchange to Paxum and then to your bank. Sad

That is significantly higher than the $.50 it would cost for this same transaction chain at Dwolla

Many of our clients have the Paxum Mastercard which enables them to transfer their funds instantly and withdraw them immediately at a local ATM, or through purchases made online or in a store (the Paxum Mastercard is a fully useable credit card embossed with name, expiration date, CVV, etc). ATM withdrawal is $2 USD per transaction. Daily limits are $2,500 USD and you can withdraw that as one lump sum if you prefer.

As stated, all fees are visible on our site. We do not have any hidden fees.

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