Question: Deposit tax ?

What is the deposit tax when you do it via bank transfer ? I know the Credit Card one is 3.5% but have no idea about the other one

ALEXANDER said:

What is the deposit tax when you do it via bank transfer ? I know the Credit Card one is 3.5% but have no idea about the other one

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Should be free... or possibly minimal fee depends on your bank I guess... in any case it's better deal than paying with credit cards. It takes several days while your pedcard updates though.

ALEXANDER said:

What is the deposit tax when you do it via bank transfer ? I know the Credit Card one is 3.5% but have no idea about the other one

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When you do direct bank deposit it depends on the bank fees.

I guess if you're doing it from within EU [European Union] there is a smallish fee for "Euro payments" (let's say 10-20 ped) (you'll probably need IBAN+BIC number), if you're doing it from within sweden probably free, but if you're doing it from let's say an american bank it can be say 30 USD.

A catch is that you have to deposit at least 1000 PEDs in one go probably because of some manual work needed.

there is no "tax". you just pay the bank fees, just as you pay the CC fees with a CC deposit.

ALEXANDER said:

What is the deposit tax when you do it via bank transfer ? I know the Credit Card one is 3.5% but have no idea about the other one

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When i think on it..... the 3.5 % fee is realy a outragous high fee......

Your bank will charge you a variable fee. My bank charged me $45 recently to do a deposit directly to MA.

Fees vary depending on the bank. Also, international ACH transfers (what a direct bank transfer is) are generally not cheap for either side of the transaction.

Why the fees? You're paying for the network, the transaction software, and the manual work that happens to make sure the transaction goes through. Not to mention the cost that is put into fraud prevention for international wires.


And if you think 3.5% is "outrageous" you have never owned a business and had to pay international credit card transaction fees, and have no idea what you're talking about. International merchant fees range from 3.5% to upwards of 10% depending on the risk involved.

Soradin said:

And if you think 3.5% is "outrageous" you have never owned a business and had to pay international credit card transaction fees, and have no idea what you're talking about. International merchant fees range from 3.5% to upwards of 10% depending on the risk involved.

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Well, all bank fees are too high
Moving money from one bank acount to an other and take 3,5% fee...

billairboy said:

Well, all bank fees are too high
Moving money from one bank acount to an other and take 3,5% fee...

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I doubt you'd think that if you had to write the systems that make what customers use work.

The magical features people take for granted are not as simple to create as they are to use.

While nothing is free, like with EU activities, we optimise not throw good money for no benefit.

My bank charges £25 to do a transfer (same charge for standard or quick service if both IBAN and SWIFTBIC are quoted, nice one MA) If you're dumping in say $10k it's £25 charge, instead of 3.5% = $350 via debit card. MA are above the banking system when I have to decide who's pockets I'd rather be lining.

I do use the online debit card deposit for amount up to $700 where 3.5% means I'm saving 50p over the fixed charge.

Posted a support case, and had my suspicions confirmed, clearly and concisely in under 30 minutes!