Local Bank Transfers are now available

Local Bank Transfers are a new payment option to fund your OpenSRS reseller account. It allows you to send funds via wire transfer in your local currency to a bank account in your country, while avoiding expensive international transfer fees. The funds will be converted into US Dollars (USD) and will be applied to your OpenSRS reseller account. Local Bank Transfers are currently available in 39 countries with more coming soon.

 

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Local Bank Transfers in the Reseller Control Panel

 

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10 thoughts on “Local Bank Transfers are now available

  1. I have tested this feature and there appears to be a delay between local banks which is not ordinary. May I suggest that Tucows speak with their ABSA bank representative to find out why they are experiencing such delays?

    I logged a call about this and was told that “EFT’s can take up to 5 days”. In the 12 years that I have been in business I have never experienced a similar issue of an EFT taking more than 24 hours to reflect where the payment originated from a local bank, to a local bank, performed from a business account, to a business account and during week days.

  2. We sent money at 27 January for test this local bank transfer method.
    Tucows Payment Team can’t still add this money to our account balance.

    We are waiting since 2 weeks!

  3. In the email again you advertise it “… while avoiding expensive international transfer fees”.

    1. The service is not free – there is a $5.00 processing fee AND 1.5%-5.5% in form of fee for the currency conversion. Our test ended up with a total of 6% fee!!! Which is several times more compared to the international wire transfer.

    2. The processing time is A LOT slower than international wire transfers (again several times).

    So beware! This new service is absolutely useless.

  4. Hi Jade, thanks for your feedback!

    I would like to provide some additional background as to how this service works. We are using our partner Bluesnap to facilitate local bank transfers in all the countries where we offer the service. While the actual bank to bank transfer may in fact be completed in less than a day in your case, the transaction requires further processing by Bluesnap and their local payment processors before it has completed and we are notified of the funds being received. The final notification process between Bluesnap and OpenSRS is automated, so there is no delay there.

  5. Hi Yasin, I apologize for this transaction taking a lot longer than expected. We had opened a case with our local bank transfer partner Bluesnap to investigate the status of this payment, and are still waiting to hear back from them. This delay is unusal, as we had a large number of payments in the meantime which went through without any issues.

  6. Hi Alex,

    Thanks for the response. Aaron did explain the process to me so I understand this better, but if this is to be offered as an alternative then you will need to ensure that the delay caused by third parties is removed.

    Our reseller account subsequently ran into a low balance whilst I hopelessly waited for the funds to be transferred.

    Again, this is a great feature, but it needs work in order for it to be a viable service. Perhaps you can get Bluesnap to make adjustments on their side.

  7. We didnt incur any processing fee when testing the service, have you followed up with your bank to inquire about the origin of this proposed fee?

  8. Thanks Jade. When introducing this payment option, we thought about it as a method for non time-sensitive payments. We will share this feedback with Bluesnap though, and will work with them on improving processing times.

  9. Today, balance added to our OpenSRS account.
    But some fees charged. (~ 7% – 8%)
    Local Bank Transfers method is very expensive than credit card method.

    We will never use this payment method in future.

  10. Hi Yasin, and others

    If your bank charges more than 3% for a local transfer then it makes no sense to use this service and you would be better off using the credit card facilities available via the RCP.

    For us, our bank doesn’t charge us any fees for local transfers so the service is more attractive, and will be a definite value added service as soon as Bluesnap can reduce the time for these amounts to reflect.

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