Provide IAT (international ACH transactions) #44

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matin opened this Issue Aug 29, 2012 · 69 comments

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@matin
Member
matin commented Aug 29, 2012

International card processing is quite hard, but it's easier to provide a system to transfer from to and from US and non-US bank accounts. The easiest method is IAT.

There are some limitations to IAT. ACH only requires the following fields:

  • name
  • account number
  • routing number
  • account type

IAT also requires the following fields for both the sender (originator) and recipient (receiver). See Bank of America's FAQ on IAT

  • Physical address of the originator including city, state, province, country and postal code
  • �Physical address of the receiver including city, state, province, country and postal code
  • Correspondent bank name, identification number and branch country code if applicable
  • Receiving bank name, identification number and branch country code
  • Reason for the payment

This address part of the issue discussed in #23

@pkennard

we would certainly utilize a solution for non-US based merchants to accept payments via balanced.

@dsog
dsog commented Oct 12, 2012

Same for Crowdtilt. Collecting the extra info is really cheap on our end to support international ACH transactions.

@kirillzubovsky

Likewise, IAT would be very useful for Scoutzie, saving a lot of headache.

@whit537
Contributor
whit537 commented Nov 27, 2012

+1 from Gittip.

@rpearce
rpearce commented Nov 28, 2012

+1 from RidePost

@jkwade
jkwade commented Dec 7, 2012

transfast.com reached out to me. how would this help solve things?

@alixaxel
alixaxel commented Dec 7, 2012

Have you looked into https://www.ebaclearing.eu/?

@jordanmessina

+1 from Forge

@jordo37
jordo37 commented Feb 14, 2013

International payout is one of two issues holding us back from switching over to Balance for payout - the other being ease of use with something like a Paypal transfer for small customers.

However, after having built a payment solution that connects with PayPal's MassPay API, I cannot wait to rip out that module of code and replace it with something like this.

Given the extra work required for IAT vs ACH, and I'm assuming the higher cost to Balanced, what sort of price per payout would you all be estimating?

@interlock

+1 from Picatic.com as well.

@whit537
Contributor
whit537 commented Feb 15, 2013

This is newly interesting to Gittip again, as we've been rejected by Payoneer.

@jgcotorruelo

+1 from Spain

@guillermovs

+1 from Socialance

@adambenayoun

I would definitely migrate our marketplace from Stripe to Balanced once IAT is available.

@mathiasm
mathiasm commented Mar 7, 2013

Yes, please! +1 from Norway. Would love to hear a little about how much you estimate the cost to be.

@adambenayoun

I've reached out to Transfast and scheduled a call with them on monday. This is an excerpt from an email with their director of sales.

Our list of payout countries are very comprehensive, we can send direct account credit to all major countries and cash payouts to over 100 countries. We offer a very superior payout service vs wire or paypal as money gets sent directly to a benefs bank account even some of the largest banks do have this facility unless they do a wire and the costs don’t justify the service.

And

Prices depend on volume, transaction size and the type of service you need bank deposit or cash pickup. To give an indication you are looking at prices below 10 USD per transaction.

Just to give an indication of how I move money today - I use PayPal and BoA International wire. Using PayPal and its mass payment - I'm able to put a cap of $20 per wire (2% or $20 - lowest of the two), and BoA wires costs around $35-45 - depends if you send in local currency (and they make a ton of money in converting it to the local currency) or send it as a USD.

I would totally pay anything that is below $10 without thinking twice. I'm currently working with Stripe however I do see myself jumping to use Balanced in the event they do implement transfast as a temporary solution for IAT (this is the only missing feature that stops me from moving to you).

Also by temporarily using transfast - you can bring a great feature to the mass pretty fast, probably enjoy a great bulk rates and pass the savings to your customers and additionally and most important, gauge interest amongst the community (and see if it would make sense to built it yourself).

Edit: I'll bring up Balanced during my discussion with Transfast - I think it makes more sense that Balanced and Transfast work together and I use Balanced, than implementing Transfast on my own.

@medecau
medecau commented Mar 8, 2013

Here's for Portugal.

@zealoushacker

👍 from www.buyvite.com. I was the consultant on buyvite.com's white-labeled API (not marketed to the public yet). They are getting interest in the white-labeled API from the UK and elsewhere. Customers want to get funds in their currency.

@matin
Member
matin commented Apr 5, 2013

IAT is one method of providing international transfers. I will start looking into pricing and partners to see if IAT is in fact the right solution for supporting international payouts.

@hyperthunk

+1 from the UK.

@eblanshey

+1. Having international payouts is a must for a truly global marketplace.

@sdelafond

+1 from .fr

@tonylampada tonylampada referenced this issue in freedomsponsors/www.freedomsponsors.org May 2, 2013
Closed

Investigate Stripe and Bitcoin #10

@Skud
Skud commented May 7, 2013

Pasting in some comments I had in email with a friend, who suggested I pass them back to the project:

Unfortunately IAT (as per #44) doesn't really help me here, for a few reasons. The main one is that it would mean transacting all my business in USD using balanced, then transferring the funds back to Australia. From an accounting standpoint that's a nightmare -- I make $1000 in USD and then send it back to myself and get $1010 AUD but then next week I do the same and get $980 -- and I don't even want to think about the tax side of it.

The other problem is support. Let's say something gets wedged and I can't get my money somehow. Who do I call? At what hour do I have to call them -- or at what hour will they call me back? Do I have any expectation that they will understand my situation wrt Australian banks etc?

So basically my requirements for a .au provider is that they should actually be based in Australia to the extent that there is no currency exchange, and there is a viable local phone support line. IAT would probably be fine if I were just selling some tshirts or something, but I wouldn't be comfortable running my business around it.

@alixaxel

While researching to switch banks, I found a service that might be interesting to solve the issues with EU payouts.

The characteristics of this service are:

  • unlimited (free) payouts to all portuguese bank accounts
  • unlimited (potentially free) payouts to all european union bank accounts*

Regarding the *, it must obbey the following conditions:

  • currency denomination in EUR or SEK
  • each payout <= 50000.00 EUR
  • destination country must be a member of EU
  • valid IBAN and SWIFT codes must be provided
  • shared tranfer expenses (sender pays the sending fee, beneficiary pays reception fee)

A friend of mine told me that he payed ~0.80€ to send a ~200-300€ EU transfer using this service.

This service is provided by a portuguese bank for portuguese companies, and has a monthly fee of 8.00€ + VAT (23%).

They also support some kind of CSV specification for automation, not sure if something better exists.

If you like, I could gather more information with the bank.

@mahmoudimus
Contributor

@whit537 reports on issue #317:

We just had an influx of Korean users this morning, and they're reporting that "international credit card is a little bit rare in Korea," and are requesting support for Hana Bank.

@upamanyudas

I surely nee IAT as I am based in India

@jeremymarc

+1000

@toddynho

+1, we'd use this at BuySellAds to improve our payouts.

@andrewantar

We would certainly switch our music marketplace to Balanced if International ach was supported via api. We now use Stripe, SVB eConnect, and looking into Chexx for international. I believe all you need is an IBAN # and BIC # which are the same as account and routing numbers.

@balupton

+1 for Australia... do we actually need to +1, shouldn't gittip already know what countries we are from?

@matin
Member
matin commented Jun 20, 2013

@balupton we're tracking the issue on gittip for international as well

@mrquincle

+1 from the Netherlands

@shvelo
shvelo commented Jul 5, 2013

+1 from Georgia

@nimri
nimri commented Jul 18, 2013

+1 from Jordan

@blim8183

+1

@MindaugasJ

We would need card payments and payouts in FR, DE, AT, CZ, UK, LT

@pornel
pornel commented Aug 9, 2013

👍

@todgru
todgru commented Aug 12, 2013

+1

@jonathanahlbom

+1 from Sweden

@yshahin
yshahin commented Aug 28, 2013

+1 from Egypt

@mvdkleijn

+1

@alekcac
alekcac commented Sep 22, 2013

+1 from Russia

@cweiske
cweiske commented Nov 10, 2013

+1 from germany

@patcon
patcon commented Nov 11, 2013

+1 from Canada

@arush
arush commented Dec 13, 2013

+1 from @brandid (UK & EU)

@harikt
harikt commented Dec 14, 2013

+1 from India

@PeterTheOne

+1 from Austria/EU

@kokareff

+1 from Russia/Ukraine/Kazakhstan

@RomainPiel

+1 from France

@xantus
xantus commented Jan 1, 2014

+1 for my friends

@mstade
mstade commented Jan 16, 2014

+1 Sweden

@muyiwaoyeniyi

+1 this would be awesome!

@Karmak23
Karmak23 commented Feb 5, 2014

Hi, +1 for my GitTip account :-)
I live in France.
best regards,

@confact
confact commented Feb 6, 2014

+1 From Gittip

@domenkozar

@matin any updates? Are you looking for more people needing this feature or is this planned/inprogress?

@steveklabnik
Contributor

@iElectric there aren't any updates so far.

@balupton

What's holding this up? If we knew what it was, we would be able to assist.

@simbo
simbo commented Mar 31, 2014

+1 from Germany

@RomainPiel

Given the number of +1s, I made a quick search on this page with jQuery:
If we assume every +s are ones we have a result of +37 (and now +38 with my message).

And for whoever is interested in the jQuery command, there you go:

$("p:contains('+')").size()
>> 37

Obviously this is not optimised and if a p contains more than one +1, it will count for a single time.

Short comment: +1 (and please consider this issue)

@rcross
rcross commented Apr 2, 2014

+1

@alsemyonov

+1 from Russia (via Gittip)

@bradyswenson

+1

@PragTob
PragTob commented May 12, 2014

Glad that there is a roadmap for this now and waiting for this.

  • 1 (via Gittip)
@dnlhys
dnlhys commented May 14, 2014

+1 from @pletcher and me at GoodLabs. Really excited for this feature!

@bajtos
bajtos commented Jun 4, 2014

+1 from the Czech Republic (via Gittip).

@captn3m0

👍 from India (via Gittip)

@bogini
bogini commented Dec 5, 2014

+1

@whit537 whit537 referenced this issue in gratipay/gratipay.com May 15, 2015
Closed

Citizens for ACH? #3366

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