Author Topic: [LEL17] Process to get my USAnian dollars to LEL2017's account (Read 4994 times)

Moleman76 · « **on:** 24 November, 2016, 01:00:41 am »

Not to totally overthink this, but ... registration is getting close!

I have the privilege of registering before January 20 (thanks to the Made Good film gift), and want to be sure I'm prepared to make my payment to LEL for the registration.

Since it is now past October, 2016, when the LEL 2017 website says the price will be known -- 320 pounds sterling, as I understand it to be -- might be a good time to update the website with that value.

However, pounds sterling are not the same as $US. Without pre-divulging information that you may wish to keep under wraps for a while (account numbers, etc.), can you share the general process? Online bank transfer to a link that will appear at registration?

This may be of interest to others with non-UK currencies as well, and applies to those in the general registration pool as well.

jsabine · « **Reply #1 on:** 24 November, 2016, 01:21:23 am »

I think you've got the gist of it ...

I understand that the LEL team has USD and EUR denominated accounts (dunno about any other currencies, but I think that's it), and believe that they'll set a USD and a EUR price at the point they're asking you to pay up. Then, transfer the right amount to the appropriate account, and beware of FidgetBuzz's wrath if you try to send greenbacks to the Euro account ...

Fidgetbuzz · « **Reply #2 on:** 24 November, 2016, 10:48:01 am »

We have opened both a $ and a € account to try to make it easier for most "foreign" riders. Full details of these account numbers, IBAN and Swift numbers will be on an e-mail that will go to all "guaranteed" entrants in late Dec /early Jan. We will quote both the $ and € price that is the then equivalent of £319 . You will then have until Jan 20th to pay to confirm your place.
Only snag that we have found so far is that some Mom and Pop banks in USA will NOT do foreign transfers at all .. as it beyond their capabilities .. if you should happen to fall into this category .. then we will suggest looking at Transferwise and paying to our £ account.

If all this fails ..... in exceptional circumstances ( which I can not think would apply to a US resident ) we will offer Paypal .. at a substantially increased cost to cover both their charges and the fact that they will not release funds to us until after the event.

barakta · « **Reply #3 on:** 24 November, 2016, 10:58:42 am »

PayPal should release funds to you at any time... We use PayPal to take payments for voluntary run events and we just tell it to shove the money over whenever (obv after jumping PP's various eleventy thousand hoops mind).

One of the reasons we don't use EventBrite is that they hold funds till after the event.

Somnolent · « **Reply #4 on:** 24 November, 2016, 11:27:11 am »

Quote from: barakta on 24 November, 2016, 10:58:42 am

PayPal should release funds to you at any time... We use PayPal to take payments for voluntary run events and we just tell it to shove the money over whenever (obv after jumping PP's various eleventy thousand hoops mind).

One of the reasons we don't use EventBrite is that they hold funds till after the event.

I don't recall the details but Paypal not releasing funds when needed caused a major issue in 2013.

barakta · « **Reply #5 on:** 24 November, 2016, 11:45:08 am »

Oh they can be arses about it, money laundering rules, jumping hoops which can delay money released when you need it. Once the account is nobbled it can be fine for ages..

I'm having fun with them at the moment cos 2 users are accessing a business PayPal account from TWO different locations and despite us both phoning PayPal to say "We are a voluntary org, ppl work from home across the UK" it keeps locking us out and demanding more hoop jumping... I had to give them a scan of my passport which I wasn't best pleased about

This is after 5 years of no hassle at all though.

chrisbainbridge · « **Reply #6 on:** 24 November, 2016, 11:53:58 am »

For the sake of Fidgetbuzz's coronary arteries can we stop discussing Paypal. I believe that it caused almost a complete disaster last time.

Fidgetbuzz · « **Reply #7 on:** 24 November, 2016, 12:31:15 pm »

Quote from: barakta on 24 November, 2016, 10:58:42 am

PayPal should release funds to you at any time... We use PayPal to take payments for voluntary run events and we just tell it to shove the money over whenever (obv after jumping PP's various eleventy thousand hoops mind).

You must be extraordinarily fortunate .. Paypal will not release all funds until after the event. They have agreed to release a % of the income .. but whereas eventually in 2013 they would continue releasing funds to 66% against proven paid invoices .. this time the % is much lower and there is no extra release even when I can prove that I have paid a genuine invoice .. rather than say a phoney expense claim.

barakta · « **Reply #8 on:** 24 November, 2016, 02:33:21 pm »

Wow, that might be a newish thing. You have my sympathies. I'll warn my lot too as they're about '-' from telling PP to shove it.

Moleman76 · « **Reply #9 on:** 25 November, 2016, 05:57:04 am »

Quote from: Fidgetbuzz on 24 November, 2016, 10:48:01 am

Full details of these account numbers, IBAN and Swift numbers will be on an e-mail that will go to all "guaranteed" entrants in late Dec /early Jan.

Thank you for a very clear and comprehensive reply. My bank being one of the bigger ones, I hope they will be able to comprehend the process. If their recent history is any indication, they will want me to open several additional accounts in order to do the transfer by stagecoach ....

CrazyEnglishTriathlete · « **Reply #10 on:** 25 November, 2016, 07:59:59 am »

At least the pound is not worth as much as it used to be. So it should be getting cheaper in US$

Wycombewheeler · « **Reply #11 on:** 25 November, 2016, 10:34:22 am »

Quote from: CrazyEnglishTriathlete on 25 November, 2016, 07:59:59 am

At least the pound is not worth as much as it used to be. So it should be getting cheaper in US$

Oh no there could be trouble getting a place with overseas riders able to enter for the price of a coffee back home.

Phil W · « **Reply #12 on:** 25 November, 2016, 01:24:19 pm »

Quote from: Wycombewheeler on 25 November, 2016, 10:34:22 am

Quote from: CrazyEnglishTriathlete on 25 November, 2016, 07:59:59 am
At least the pound is not worth as much as it used to be. So it should be getting cheaper in US$
Oh no there could be trouble getting a place with overseas riders able to enter for the price of a coffee back home.

Coffee must be expensive abroad

mattc · « **Reply #13 on:** 25 November, 2016, 01:44:57 pm »

We could make a mint selling them over-priced souvenirs.

(Or I could ride as a Sherpa.)

There's always a silver-lining to currency fluctuations!

Charlie Boy · « **Reply #14 on:** 29 November, 2016, 09:40:51 pm »

Fear not. The boot will be on the other foot for PBP '19 and Britonians (but possibly not Scots) will be revelling in the strength of GBP - if Madame Le Pen lets us in to ride, that is.

thing1 · « **Reply #15 on:** 11 January, 2017, 06:21:56 am »

Did the process work out OK for you?

Having moved money back and forth between US and UK recently I can advise and assist if needed, but TBH I think most are finding transferwise uncannily easy and effecient and getting it done.

Moleman76 · « **Reply #16 on:** 11 January, 2017, 06:53:23 am »

Quote from: thing1 on 11 January, 2017, 06:21:56 am

Did the process work out OK for you?
.....
most are finding transferwise uncannily easy and effecient and getting it done.

TransferWise was a snap. Hardest part was locating the bit of paper where the sekrit username and password for the USAnian bank account was recorded.

The fact that it required a currency exchange as part of the process made paying into the GBP account even easier, and a touch cheaper than paying in US$ to the LEL US$ account.

And, it worked. I paid on Sunday night over here, and mid-day today, Tuesday, I received my "you're paid up" message from LEL.

Now, if only 1433 km of pedaling could be that easy!

inappropriate_bike · « **Reply #17 on:** 11 February, 2017, 09:00:23 pm »

Just FYI...

PayPal have updated their T&Cs so that if you offer PayPal payment you can no longer tell customers that you'd rather they pay with Transferwise.

"At all of your points of sale (in whatever form), you agree not to try to dissuade or inhibit your customers from using PayPal"

https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full?locale.x=en

Fidgetbuzz · « **Reply #18 on:** 11 February, 2017, 09:56:49 pm »

As you all know we have not accepted Paypal for entry fees . but we will be for clothing purchases.

We can live with their 70% withhold there.. and they will save a considerable amount of work with their order reporting etc .

jsabine · « **Reply #19 on:** 11 February, 2017, 10:34:02 pm »

Quote from: inappropriate_bike on 11 February, 2017, 09:00:23 pm

Just FYI...

PayPal have updated their T&Cs so that if you offer PayPal payment you can no longer tell customers that you'd rather they pay with Transferwise.

"At all of your points of sale (in whatever form), you agree not to try to dissuade or inhibit your customers from using PayPal"

https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full?locale.x=en

IMO the line between "dissuading or inhibiting" and "informing your customers of your reasons for deprecating" isn't really that fine - and if you don't accept PayPal at all, it doesn't even exist.

Besides, they've prohibited you from disadvantaging PayPal users - eg with surcharges - for a very long time now anyway.

Author Topic: [LEL17] Process to get my USAnian dollars to LEL2017's account (Read 4994 times)

Phil W