Are there any additional charges?
There are some exceptional instances when extra fees may be required. In any normal transaction these will not apply:
Extra payments - Out: Should extra payments be required out of Transpact (other than the normal final single payment out), then an additional fee of £2.95 / €3.39 / $9.38 per extra payment out will be charged and taken from the payment. This charge also applies if you invoke a dispute and the referee decides to split the final payment on grounds of equity or requests extra payments be made. This charge also applies (in addition to the extra payment-in fee) if a transaction is cancelled before it has commenced but after you have made payment, so that payment must be received and returned to you - although in that case there will be no transaction fee to pay.
Extra payments - In: Should extra payments-in to Transpact be made (other than your normal requested initial payment), then an additional fee of £2.95 / €3.39 / $9.38 per extra payment in will be charged.
Adding to a Live Transpact: If you desire (and that transaction allows it), either party may add funds to a Transpact at any time after it becomes live, although you will need to ensure that the conditions agreed for the Transpact make sense in respect of the additional amount (otherwise you may be left with a dispute over how to handle the additional sum). It is often better practice to create a new and separate Transpact for the additional sum, and in the Transpact conditions for the new Transpact refer to the existing Transpact, thereby linking the two.
The cost of each additional payment-in is two-thirds of the total cost of a new Transpact (the sum of the initial charges payable by both parties) current at that time.
Disputes - Transpacts Fee: In the unlikely event that you enter into dispute with the other party to the transaction and the referee is involved and you decide to allow the referee to arbitrate the dispute rather than settle, then a £20.00 / €30.00 / $40.00 arbitration administration fee is charged by Transpact. This fee is refundable and returned only to the party in whose favour the referee decides (in line and proportion with the referee's decision). So if you are forced to enter arbitration and the referee decides fully in your favour, then you will receive this fee back in full, and not be out of pocket.
Disputes - Possible referees Fee: In the unlikely event that you enter into dispute with the other party to the transaction and the referee is forced to arbitrate, then the referee, at his/her discretion, may decide where necessary to incur expense to resolve the arbitration which you must pay (and the Extra Payment - In fees above will apply). Any such amounts are refundable expenses to an 'innocent' party as above. These fees are a matter between you and the referee, and these are not Transpact fees. We suggest you set out any instructions for the referee with respect to possible arbitration fees in the transaction conditions (any instructions relating to arbitration fees you set out in the transaction conditions will be binding on the referee).
International payments (and non-SEPA Euro Payments): Incoming GBP payments to Transpact.com from a non-UK bank of value £100 or more have a surcharge of £6.00 deducted during processing, and incoming non-SEPA Euro payments to Transpact.com of value €65 or more have a surcharge of €12.50 deducted during processing, and if applicable payers must increase their payments to Transpact.com by these amounts. All GBP payments Transpact.com makes to bank accounts outside the UK incur a £17.00 surcharge, and all Euro payments Transpact.com pays which cannot be made as SEPA payments incur a €17.50 surcharge, and these surcharges will be deducted from the payment being made at the payee's expense.
A USD payment below $2,500 not made to the USA will be subject to the smallest USD Large Payment Surcharge and the $15 USD payment fee. This surcharge will be deducted from the payment being made at the payee's expense.
Euro Payments to or from Switzerland, Monaco and other Non-EU/EEA States: Although these countries may be part of the SEPA area, our Euro handling bank does not currently treat payments to or from these countries as SEPA payments for tariff purposes. Therefore, Euro payments to or from states which are neither in the EU nor in the EEA will be treated as international payments and incur the international Euro surcharges above, even if they are made as SEPA payments (such states include Switzerland, Monaco, San Marino, Andorra and others).
Loss of password: Please do not lose your password. Due to the sensitive nature of Transpact.com, we cannot employ normal 'What was the name of your first pet' type security authentication, as such methods are not sufficiently secure. If you lose your password and do not have any live transaction with us, then we will take special measures to authenticate you at a charge of £14.50. If you have live transactions with us then for security you must go through the same procedures (and at the same cost of £48.50) as amending your bank details. You can (and should frequently) change your password at no charge, by logging in to Transpact.com and clicking 'my account'.
Incorrect bank/payment details: When you send money to Transpact.com, please ensure that you send the correct payment amount with the correct reference, from the bank account you registered on Transpact.com. Failure to do so will mean that the money sent unfortunately cannot be allocated and will be returned, and the fee show in 'Extra Payments - Out & In' above will be charged and subtracted from the returned amount.
Incorrect payment method: Payment to Transpact.com must be by standard direct bank transfer only (no cash, cheques, nor any other payment methods) directly from your registered bank account. Due to money laundering concerns, if this instruction is disregarded then any bank or other charges incurred by Transpact.com will be charged to you, plus a £25.00 fee for the considerable administration Transpact.com will become involved with. Significant delays may be incurred, and the incorrectly paid sum may not be able to be easily or quickly returned (less the respective fees).
Amending bank details or email address: To protect you and safeguard your money, we cannot change your bank account details or email address for any on-going transactions (although you can change these for all new transactions not yet live). In extreme circumstances, if required, we will require stringent extra checks on your identity, plus a fee of £48.50, to enable us to properly authenticate the change. This procedure is in your interest, and safeguards your money.
A charge is made for any payments of £10,000 / €15,000 / $2,500 or more that are to be made to you.
- For any GBP payment between £10,000 and £19,999.99 that is due to be paid to you, a large-payment surcharge of £12 will apply.
- For any GBP payment between £20,000 and £29,999.99 that is due to be paid to you, a large-payment surcharge of £19 will apply.
- For any GBP payment of £30,000 or more that is due to be paid to you, a large-payment surcharge of £86.34 will apply.
- For any Euro payment between €15,000 and €29,999.99 that is due to be paid to you, a large-payment surcharge of €15 will apply.
- For any Euro payment between €30,000 and €49,999.99 that is due to be paid to you, a large-payment surcharge of €38 will apply.
- For any Euro payment of €50,000 or over that is due to be paid to you, then these cannot be made as SEPA payments, and so incur the International/Non-SEPA
surcharge shown above. They also incur a further large-payment surcharge of €79.87.
- For any US Dollar payment between $2,500 and $19,999.99 that is due to be paid to you, a large-payment surcharge of $14.72 will be incurred, in addition to the normal $15 USD payment fee.
- For any US Dollar payment between $20,000 and $49,999.99 that is due to be paid to you, a large-payment surcharge of $44.16 will be incurred, in addition to the normal $15 USD payment fee.
- For any US Dollar payment of $50,000 or above that is due to be paid to you, a large-payment surcharge of $97.43 will be incurred, in addition to the normal $15 USD payment fee.
All large payment surcharges are subtracted from the payment made at the payee's expense. Please note that whereas you control the timing and level of payments made to the other party to a transaction, you have no control over the timing or level of payments that are made to you (this is the very nature of escrow). These large payment fees are a condition of use of Transpact.com, and you agree to pay them when you agree to use Transpact.com.
Very Large Transactions - £100,000 / €110,000 / $150,000 or more: If your transaction size is at or above £100,000 / €110,000 / $150,000, a large transaction fee of £250 / €300 / $500 will be charged (separately, to both parties) in addition to the initial fee. In certain situations, we may be able to reduce this additional fee. Please also see the 'Proof of identity and clean source of funds' section below.
Very Small payments - USD: Any USD payment we are due to make below $2 will be surcharged with a 'small-payment surcharge' equal to the payment amount itself, and this amount will be subtracted from the payment at the payee's expense. The net effect will be that no payment below $2 will be made.
Third-Party Fees: Sometimes, a Transpact proposal is not created by one of the two parties involved, but by a Third-Party who is bringing the two parties together (such as another website). In such a case, the Third-Party can stipulate fees to be payable to them from the funds held as part of the Transpact proposal. Any such fees will be clearly shown to you along with the Transpact conditions before you start. These fees are not Transpact.com's fees, and we have no connection to them and take no responsibility for them. You do agree, when you agree to the Transpact transaction, to irrevocably pay these amounts out of funds Transpact.com holds to the Third-Party.
Proof of identity and clean source of funds: To comply with the law, we may occasionally require you to provide us with proof of your identity and/or crime-free source of funds, according to our then current requirements. If so, confirmation from a professional person or firm (registered lawyer, accountant, bank, etc.) may be sought, amongst other confirmation. This confirmation must be provided by you at your own expense.
If you cannot easily provide this confirmation, we will often be unable to transact with you. We may, however, on occasion provide you with the option to pay us a fee to undertake this service for you. If so, the price of this service will depend on your exact circumstances at the time. If we do offer such a service, we will notify you of the price before the transaction begins, so that you can choose to accept the service, or decline the Transpact transaction (at no extra cost).