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HomeHelpdeskAnnouncementsAdded Transferwise (Bank Transfer) …FAQ My Tickets

Added Transferwise (Bank Transfer) as Payout Method.

15 Oct 2020 03:34 pm
We have added a new payout method (TransferWise) to our line up the other day. This method allows many users in up to 220+ countries to skip the middleman and get their money deposited directly into their bank accounts in their local currency.

If you wish to use this method, you can set it on your My Profile page. Keep in mind the first time a payout is to be sent to you with this method; we will need to open a support ticket and ask you for the details required to send your payment. The requirements to send payments are different for each county. Your first payment can not be sent without a response from you to this ticket. Also make sure your details on your profile are accurate as they are used in the bank transfer process.

Be aware the first payout with this method may be delayed depending on how fast you respond. To you can be sure, there are minimal delays in sending your payment; if you set this method, make sure you check back in now and then as we come up to the 20th of the month for your first payout with TransferWise. Also, In our testing, we have found it takes around 2-3 business days or less (Some arrived within 4-6 hours of being sent.) for most people to see the money show up in their accounts; others took as long as 4-5 days. We will attempt to send the payments on the 20th as usual but when it arrives depends on your bank and your country.

You may ask how much are the fees for this service. The response would be the same; it depends on your country. You can check the most current prices from USD to your currency --->HERE<---
On the right-hand side of the form, replace "GBP" with your currency; This will show you the fee that will be taken out of the transfer sent to you. We will not be charging any fees on our site since they take the costs out of the transfers automatically. The price is around $1.50 to $2.50 from what I have seen, but it does vary from country to country.

What about Paypal Vs TransferWise??

Some users had asked that we add Paypal as an option for payouts. We wondered how they used the money sent to their accounts. So we asked, and the response from all of the publishers was we transfer the funds to our bank accounts that day or the very next day. TransferWise is a much better option when comparing to this use case.

Some numbers for you. International transfers in foreign currencies are cheaper with TransferWise. Their currency conversion fees are tiny compared to PayPal’s and most banks because TransferWise uses its accounts in the recipient’s country.

TransferWise does not "literally" transfer money from one country to another. Instead, they move the requested amount from TransferWise’s account in the recipient’s country to your recipient. This way, the surcharges that generally apply to cross-country transfers do not apply to TransferWise, allowing them to only charge a small fee (typically around 0.40% + fixed fee of approximately 0.50 EUR) from users.

PayPal, on the other hand, typically adds three fees to a cross-border transfer into another currency. A currency conversion fee of 3.75%-4.00% added to the base exchange rate, a cross-border fee of 0.50%, and a fixed commission of €1.99 applied to transfers to Europe, Canada, and the United States, or €3.99 if you send to the rest of the world. With the money received in your PayPal account, you pay an increase of 2.50% on the base exchange rate to convert it into another currency within your account.

In summary, TransferWise is just a better method due to the speed and cost savings.

The AdHitz Team