[Foundation-l] Wikimedia financials - bank fees

[Garfield Byrd]

The Wikimedia Foundation's does not currently pay any fees to send money
via our bank.  We do not use Paypal very often to send money and it is
usually free for us to send money via Paypal.

In the fundraising agreement, a payment processing chapter is not required
to send money to our bank in the US.  They have the option of transferring
money to our EU bank.

As for Paypal, we currently have Paypal's lowest commercial rate for
receiving money and the Foundation has applied to get the lower charity
rate.

Garfield

Garfield Byrd
Chief of Finance and Administration
Wikimedia Foundation

On Sun, Mar 11, 2012 at 3:56 AM, Federico Leva (Nemo) <nemowiki at gmail.com>wrote:

> It would also be interesting to understand why everyone (for
> reimbursements, grants, scholarships etc.) is required to send and receive
> money to/from the USA bank or PayPal accounts although there is an EU bank
> account and bank transfers within EU are mostly free, while PayPal has very
> high fees and is not even usable everywhere and bank transfers to USA can
> cost hundreds of dollars (not to mention currency conversion headaches).
>
> Nemo
>
>
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-- 
Garfield Byrd
Chief of Finance and Administration
Wikimedia Foundation
415.839.6885 ext 6787
415.882.0495 (fax)
www.wikimediafoundation.org