Does anybody know about www.translatorpay.com?
Thread poster: emanuela.v

emanuela.v
Italy
Local time: 02:32
English to Italian
+ ...
Oct 29, 2014

I was asked to log into this website for a translation agency, a new customer or potential customer for me.
Unfortunately my browser blocks me when I want to register because it says that the web site is not safe.
It allows me to proceed, of course, but at my own risk.
Can somebody share his/her experience about this site with me?
What do you suggest me to do?


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Karen Stokes  Identity Verified
United Kingdom
Local time: 01:32
Member (2003)
French to English
News item 10 March 2014 Oct 29, 2014

You'll find a number of threads if you search the forums for "translatorpay" e.g. http://www.proz.com/forum/money_matters/265216-general_impressions_on_translatorpay.html but you might also want to read the news item posted on their website on 10 March 2014:

"The cost of sending relatively small sums of money between currency zones can be very expensive. For both translators and Translation Service Providers the cost of international payments often represents a significant proportion of the total amount sent. Translator Pay was set up to address this problem by providing translators an inexpensive way to receive or send money internationally.

However, the international money transfer business is becoming increasingly difficult because of global efforts to counter money laundering. Banks around the world are putting pressure on money transfer operations by enforcing stricter and more onerous compliance obligations and in many cases, are closing them down. This is affecting both small operators, and large internationally recognised money transfer businesses.

Until today, Translator Pay had an arrangement with a globally recognised foreign exchange provider who handled our settlements and gave us access to competitive foreign exchange rates which we have been able to pass on to our customers.

Due to the pressures from the global banking system, our FX provider has decided that they will no longer deal with independent money transfer providers such as Translator Pay. Our company has not been singled out - this decision has affected other money transfer companies. Translator Pay has had no choice but to suspend operations as of today.

We are immediately looking for alternative solutions which will allow our business of inexpensive money transfer to continue. We hope to have an update within the next month.

In the meantime, customers with a credit balance with Translator Pay will be refunded in full. We will be in touch with those customers to organise repatriation of their funds.

The suspension of Translator Pay’s operation is entirely beyond our control, and we are naturally disappointed that we are currently not able to provide what we see is a much needed service for low cost small money transfers.

All of us at Translator Pay wish to thank our customers for the support they have shown us in our attempt to make this sort of service possible. We will email you with further news if there are subsequent developments."

I don't know what's happened since, if anything.


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Michael Joseph Wdowiak Beijer  Identity Verified
United Kingdom
Local time: 01:32
Member (2009)
Dutch to English
+ ...
Smart Currency Exchange Oct 29, 2014

No experience with translatorpay.com, but I have been using Smart Currency Exchange for a few years now to send euros from my Spanish bank account to my UK £ account and am very happy with them.

http://smartcurrencyexchange.com/

PS: If you choose to use them, please mention my name, as I'll get another one of their £25 vouchers for referrals


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Tom in London
United Kingdom
Local time: 01:32
Member (2008)
Italian to English
have nothing to do with it Oct 29, 2014

emanuela.v wrote:


What do you suggest me to do?


I have taken a quick look at the website, which is one of those websites that uses stock photographs of smiling people in offices looking busy and dynamic. It also makes a big deal about the translations being cheap.

Personally I would have nothing to do with it!

It's probably a scam. Your browser is probably warning you because if you do try to register, they may ask you to provide information that you really should not be providing. After all you don't know who they are, do you?

[Edited at 2014-10-29 14:56 GMT]


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Richard Foulkes  Identity Verified
United Kingdom
Local time: 01:32
German to English
+ ...
Transferwise looks similar to Translatorpay Oct 29, 2014

I haven't used either myself (obviously the latter has suspended operations as discussed) but I'll look into the former if I need to avoid large fees on international payments in future. My understanding is these companies do large-volume forex trading so they can offer better exchange rates than the banks and Paypal (and no fees).

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Michael Joseph Wdowiak Beijer  Identity Verified
United Kingdom
Local time: 01:32
Member (2009)
Dutch to English
+ ...
better exchange rates than the banks/Paypal and no fees Oct 29, 2014

Richard Foulkes wrote:

I haven't used either myself (obviously the latter has suspended operations as discussed) but I'll look into the former if I need to avoid large fees on international payments in future. My understanding is these companies do large-volume forex trading so they can offer better exchange rates than the banks and Paypal (and no fees).


Exactly. The rate Smart Currency Exchange offers me is always better than anything a bank or PayPal would give me, and there are no fees. You are assigned a trader and just call him whenever you want to send yourself some money. He checks what he can offer you at that specific moment and you agree/disagree to it. The entire process takes all of 2 minutes.

Recently, a number of UK banks made a big deal about lowering their transfer fees but they still get you on the rates.

Michael


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