epassporte questions

[tom1]

Hi,

Anyone here using/used epassporte.com to be paid by programs? What are the fees/costs involved? How do I get the money into my UK bank account or do I just get one of their cards and withdraw the money at cash machines (having the tax man never know?!)

Comments appreciated.

Cheers :cheers2:

[mellenig]

withdraw the money at cash machines (having the tax man never know?!)

No offense but dont be crazy only stupid people think they can beat the tax man they have more powers than ever know!

[tom1]

what i'm saying is, if i can only withdraw the money at cash machines using the epassporte visa, if i then go and pay that cash into a bank and put it through the books their will be nothing left of it. the sponser takes a cut for paying me epassporte, then epassporte take a cut i asume, then a cost for getting the epassporte visa, then a cost for withdrawing at the cash machine. seems like a fast way to kill your earnings but who knows... let me know guys.

[-HF]

epassporte account is 5 bucks one off (i think) - you'll want the plastic card, which is another 35 bucks a year. it's convenient and at the moment the only way to get your hands on actual cash, there are talks about an option to withdraw to non US bank accounts within a few months though.

for receiving money you don't pay any fees.

[-HF]

what i'm saying is, if i can only withdraw the money at cash machines using the epassporte visa, if i then go and pay that cash into a bank and put it through the books their will be nothing left of it. the sponser takes a cut for paying me epassporte, then epassporte take a cut i asume, then a cost for getting the epassporte visa, then a cost for withdrawing at the cash machine. seems like a fast way to kill your earnings but who knows... let me know guys.

seriously dude, if those minor fees kill your earnings, you might try and get more signups or up the payout limits. :)

i don't recall any fees for ATM withdrawals, i haven't bothered to check up on the conversion rate being used though, so that might be where some cut is made.

[tom1]

okay cheers. do you put the cash through the books then or what. not sure if you want to comment on that here but a hint would be nice. seems to me nobody is ever going to see that cash if we just withdraw it at machines... like you said depends how much your getting though heh ;)

[-HF]

i hear some people have additional cards in the names of family members. :)

[gawdi]

epassport rocks.... i got 1...... but everyone is right, dont try to hide it from tax man... there are agreements in place between US and UK tax offices to exchange information.... Although I assume the sums being disgussed fall below the amounts that need to be declared under money laundering regs, i bet they keep a very close eye on ePassport just because its fairly anonmous... (i know fuked up spelling).....

[Joe A]

Paycom charge $2 to pay via ePassporte and $30 for a wire ... Just a small difference. I chose ePassporte asap... LOL.

The prob with the ePassport card is that you can only use a big UK banks atm. It won't work in supermarkets like Sainsbury's or other private machines. It's a debit not credit card and so UK only machines don't recognise it. This is the voice of experience telling you.. LOL

[tom1]

so if i decide to go with the epassporte option, what do i do about the record keeping (i'm self employed, first year) do i need to put the cash i withdraw through my bank account to create a record of it existing or can I just keep a record of what? what do you guys do?

[Keyser Soze]

The fees are:

$5 annually for the virtual account.
$35 annually for the Electron Card.
$2 per ATM withdrawl.
$.25 per peer to peer transaction.

The exchange rate for converting from US$ to your local currency is set by the bank where you withdraw the cash.

Since you are in the UK you can't withdrawl to you bank account but this will hopefully change in the coming months.

[Elisha Jade]

I declare my epassporte account - best to be safe than sorry.

I just send my accountant the US dollar statements money in and money out though and let him do all the hard work.

[tom1]

Thanks guys. I think I will stick with cheques until they offer UK bank withdrawals.

[mOBSCENE]

I declare my epassporte account - best to be safe than sorry.

I just send my accountant the US dollar statements money in and money out though and let him do all the hard work.

Same here - epass works out a lot more cost effective than cheques for me.

[JT]

I doubt youll get anyone to come out and publicly declare that its a way of avoiding tax. If you was to use it as a way of avoiding tax then I'm pretty sure you wouldnt be alone.

[nekrom]

Well here down under I know for a fact that the ATO (aussie tax office) is well aware of Epass, paypal and foreign bank accnts, with money being debited out using au atm's. Just few months back they busted 100 companies for 1.3bil tax fraud.

I like to declare it all. :)

-N