what does myid charge for escrow services?
As fwdtech stated above, MyID escrow fees are very reasonable.
I actually looked at their fees and those of escrow.com and MyID fees are lower irrespective of what the domain sales price is.
| MyID.ca in CAD
| Escrow.com in USD
|
Domain price < $5,000
| 3%
| 3.25%
|
Domain price between $5,000 and $25,000
| $150 + 0.25% of amount over $5,000
| $162.50 + 0.26% of amount over $5,000
|
Domain price > $25,000
| 0.88%
| 0.89%
|
So a $5000 domain sale will incur a $150 CAD fee with MyID.ca and $162.50 USD with Escrow.com.
A $10,000 domain sale will incur a $162.50 CAD with MyID.ca and $175.50 USD with escrow.com
A $25,000 domain sale will incur a $200 CAD with MyID.ca and $214.50 USD with escrow.com
A $50,000 domain sale will incur a $440 CAD with MyID.ca and $445 USD with escrow.com
But for transactions in CAD, your cost with escrow.com goes significantly higher as fwdtech stated above with on average both seller and buyer losing 3% in currency conversion. Add to that the cost to send you the money. Escrow.com charges $60 USD for check via overnight courier from US to Canada. With MyID, you will get your funds in your bank account within hours of transfer taking place and the cost is free if you have a TD account. In case of Interac email transfer, it is $3 per Interac transaction.
Here's what a typical experience with MyID escrow is. This is actually what happened today with me on a $2290 CAD sale.
10:00 am - Buyer contacted MyID and started an escrow transaction. (I was cced on their email to MYID)
10:12 am - MyID.ca contacted me letting me know that an escrow transaction was started on one of my domains and asking me to confirm the domain and sales price agreed upon.
10:18 am was my reply and confirmation.
11:04 am I am notified by MyID that funds have already been received. (For domains that do not have MyID as registrar, they will then ask that domain be unlocked and its auth code sent).
11:29 am I get notification from CIRA that my domain was transferred to another registrant.
12:22 pm I get Interac email transfer for the funds and I deposit these directly in my Canadian account
Total process: 2 hours and 22 minutes! Total currency exchange fees: $0. Total cost to receive my funds: $3.
Now had this transaction been done with Escrow.com, the process would have been much much longer and the cost much much higher.
Escrow.com is not a registrar and so they cannot do a transfer. Instead they rely on buyer letting them know that transfer went ok. And if buyer is using Go Daddy, there is 90% chance that the transfer will be screwed up resulting in the domain being locked for 60 days after a registrar transfer and still in my name. The registrant transfer is then not doable for 60 days.
Then you have the scenario where the buyer is a crook and denies having received the domain. CIRA notices for registrar transfers do not show who the domain was transferred to and so it is impossible for seller to verify that buyer got the domain. And so there is a serious risk that one may get screwed. There is a definite potential for headache or something going wrong with escrow.com.
With MyID on the other hand it is extremely simple. They do the transfer and verify that all is done as it is supposed to. All a seller does is confirm domain name and sales price and then unlock the domain and send its authcode once advised by MyID that funds have been received. That's it. No headache, no hassle and a very simple and straight forward process that comes with 100% guarantee to all parties that all will go well. As I mentioned above, I have used MyID escrow service for 15 transactions in the last 2 years and it really is awesome.
And MyID will send your funds after business hour. So if buyer sent funds at 10 pm, they will still notify you and send you your funds even after midnight.
And of course MyID is a Canadian company that deals exclusively with .ca domains while escrow.com is a US company that does so many things from cars and boats, to rugs and paintings. Even if MyID was slightly more expensive (which it is not), and even if Escrow.com is a registrar (which it is not), and even if Escrow.com offers an identical MyID service with respect to speed, lack of hassle, and zero potential for things going wrong (which again they do not), I would do business with the Canadian company in Toronto than the US company in Santa Margarita California.
