A while ago Paxum announced its now possible to send and receive and send SEPA and Wire transfers to your Paxum account which would be really good. However when I look at funding instructions using the new IBANs it says its only allowed to receive payments from a short list of approved sources (ccbill and some others I dont use).
Does anyone know if this is a mistake and its possible to receive from others? The announcement just seems to imply that its possible to get paid from anyone.
This is what I got sent to me from paxum:
IBAN Accounts for EUR Transfers (SEPA and WIRE) are now available for eligible accounts! You now have the convenience of sending and receiving SEPA and WIRE payments in EUR under your own name!
Which was followed up more recently with this:
We’re excited to announce a groundbreaking upgrade to your favorite money transfer method: P2P Transfers.
Gone are the days of limitations for P2P Transfers to only clients of Paxum. With Global P2P, you can now send funds to anyone, anywhere in the world, directly from your Paxum account.
Here’s what’s new:
• Wider reach: Send money to friends, family, and business partners even if they do not have Paxum accounts. No need to know their payment details.
• Flexible withdrawals: Your beneficiary can choose their preferred transfer method: bank transfer, card transfer, or crypto. They’ll receive an email with a secure link to select their preferred method and fill in their payment details.
• Familiar experience: The underlying service remains the same you’ve come to trust with P2P Transfers, but now with a global reach
Happy Transferring!
Paxum Team
They actually seem to be setup as a proper bank now so hoping it would offer more options.
Yep after 3 months of not being able to fund Paxum to pay affiliates we had to pull the plug on them. As you know, the constant changing of where to wire to fund the account was getting wild, so they will have to show stability for awhile before we will trust them again to add back into the mix for payouts.
Actually something changed now and now it just gives me a IBAN number and doesn’t say anything about from only approved senders… meaning it should be possible to get wire transfers sent to you Paxum account.
I also had confirmation from Paxum that it’s now possible to get paid to your Paxum EUR account using IBAN, wire and SEPA payments. Which opens more options now, really good news.
They are very convenient for EU affiliates, however, since they cannot receive payments from US companies, this pretty much narrows down the options for using them. Otherwise, it’s great that SEPA and wire transfers can now be received, but it would be better if they looked for a solution to the USD transfer problem.
Oh I see what you mean. I’ve sent them a question about that. I just assumed that transfers sent in USD would be converted to EUR… yes otherwise it’s not very useful at all. Few sends payments in EUR.
Hello Bjorn,
Thank you for contacting our support team.
Please note that the transfer might be rejected because is possible that the banks will not perform the conversion from USD to EUR.
You can make a test for a small amount to see if payment will be processed properly.
This is the reason why we recommend you to have the transfer initiated directly in EUR currency.
For any further information, do not hesitate to reach us back.
However some sponsors might be able to send payments in EUR, for example TimRev does if you ask them. So it’s not entirely useless. I have also noticed on some NATs installs you can specify the currency of your wire payment.
Well, yes, for European programs it’s still a good option. Perhaps it’d be good for American ones to consider what you wrote, because at the moment they refuse to work with Paxum, under the pretext that they cannot make USD transfers to them.
So I’ve tested and got at least one sponsor paying to my Paxum IBAN. Its only “guaranteed” to work if the wire transfer is in EUR. Some sponsors can do this but not all. So the use is somewhat limited but it does work.
They also require proof of payment for at least the first payment from a sender / sponsor in the form of invoice paid, services given etc. I had to only do this for the first payment but the second payment from the same sponsor went through without a problem.
The other thing I’m now trying is their new P2P transfer to non paxum holders. This despite being announced as a new feature you have to apply for and it might decline it. I still have not sent in the application. So it’s not quite as they say it is.
I meant that they have an option for Euro transfers, so that could be an option for paying with affiliates who are in the EU and have Paxum IBANS. Of course, this requires individual arrangements and, in most cases, is probably too complex for most programs to implement due to exchange rate differences and the need for them to maintain current accounts in euros.
I have actually successfully got paid by 2 sponsors now who did wire transfer to my Paxum IBAN. However it’s not without hickups to say the least. They have to approve you and one of the payments they credited in the wrong amount, took it back then credited again… This only works if payments are sent in EUR.
It’s sadly not easy to use.
I was also approved to send outgoing payments to non paxum holders… again not straight forward.