Global Banking for Collectibles Marketplaces
Pay consignors and sellers the day a lot closes. Local accounts in local currencies, wholesale FX, and settlement that keeps pace with your auctions.
What happens after the hammer falls
The auction is the easy part. Everything that decides whether a consignor comes back happens in the days afterwards, inside a banking stack nobody chose on purpose.
The consignor waits five days
The lot closed on Saturday. The seller sees the money on Thursday, in a currency they did not ask for, minus a fee nobody quoted them. Next season they list somewhere else.
The overseas premium goes to your acquirer
A third of the bids come from outside your home market. Every one of them is converted twice on the way to you, at a spread you did not set and cannot see.
A headline lot moves the whole day
One $2M hammer price lands in the same hour as four hundred small ones. That is exactly when a retail FX desk widens on you, and exactly when you can least afford it.
Our best consignor asked why a buyer in Singapore could pay in ninety seconds and it took us five days to pay her.
Settling a lot, before and after
The same auction, run through the stack most marketplaces inherit, and run through one account.
See why leading companies choose Magellan for their global payments.