FREE ELECTRONIC MONEY TRANSFERS, perfect for us coin-folks!

[AHFreak]

Hello. I hope I am not posting this in the wrong place, I just figured it would be most beneficial to post this here.

 

I buy and sell coins daily, which means I am well-aware of the many options for sending/receiving funds. I frequently hear comments about how the fees involved w/Paypal are too high. (which I agree with, 3% doesn't seem like a lot until you see your monthly/yearly statement etc... and realize that 3% adds up rather quickly).

 

I found a very good alternative, one that is as convenient as PP, but involves zero fees for the sender/recipient. It is also an alternative that provides that "paper trail" that some may see as a plus.

 

 

I have an account with Chase bank, and they offer a service they call "quickpay". It is awesome. I have been using it for over a year now, and never have had even the tiniest of issues/problems.

 

How it works; Anyone with an account at Chase bank, can electronically send/receive funds free of cost. Anyone with a Chase account, can RECEIVE funds from ANYONE with any checking account, no matter their financial institution. You would need a Chase account to receive funds, but if you have that Chase account, you can request/receive funds from any checking account no matter the senders financial institution.

 

One potential downside to Chase quickpay, is that when I receive funds from someone who is not a chase member, it takes 3-4 days for the funds to clear and show up in my account. However, when two Chase members send/receive from one another, it is instantaneous and available right when the recipient clicks "accept funds". One other "potential" downside, is that they do have a monthly maximum that is free, and after that max is exceeded, there is a fee to do the transfers. (I think the maximum is 5K, or maybe 7500 per month, cant remember for sure though).

 

 

 

I AM IN NO WAY AFILIATED WITH CHASE, AND I HOPE THIS DOESNT COME ACROSS THE WRONG WAY... I JUST WANTED TO SHARE THIS RESOURCE, AS IT HAS BEEN VERY ADVANTAGEOUS FOR ME OVER THE LAST YEAR, AS FAR AS BUYING/SELLING COINS.

 

-CHRIS.

[mikew148]

Good to know. I'm a chase member also.

 

I don't see the 3-4 day wait on non member transactions as a problem. It takes PayPal the same 3-4 days to send the money to my checking account on all transactions. I'm currently waiting for funds from this weekends sales and it's going to cost me 3%.

 

[Mr. Smith Guesser]

You can also always "send money to friends and family" through PayPal for free too. The other option ("paying for goods or services" I think it says) will charge the 3% or whatever it is.

[delta]

First of all, yes, it might be the wrong place in the forums to post this, but that's okay, people at NGC are flexible and tolerant.

 

Secondly, this probably will not satisfy the wire transfer requirement of certain sellers.

 

Thirdly, this does not apply to international transfers. Chase charges $45 to send a wire transfer to Europe.

[AHFreak]

Secondly, this probably will not satisfy the wire transfer requirement of certain sellers.

.

 

Would you please explain what you mean by this? I don't understand what you are saying.

 

But yes, I was talking specifically about domestic transfers.