Add TransferWise as Payout option!

Dear Envato and Envato Authors,

For a long period of time we have been facing issues on payouts for countries that
do not have clarified international banking status and the current provided methods of payouts are inefficient way to withdraw/deliver funds properly and save on fees in the same time.

We’ve been contacting Envato regarding this issue for years (6 years or more) and no acceptable solution was provided even though they tried but it wasn’t depended on their side to solve the issue with SWIFT transfers.

As a team with main income from Envato/ThemeForest, we are obliged to find sustainable way of payments, because the current payout methods are not sufficient.

We are not representing this problem only for us as Envato author but for the whole community that have issues on this topic, especially people from Kosovo.

So our suggestion is to add TransferWise as a Payout method which allows fast transfers and lower fees compared to PayPal and Payoneer.

Any action taken on this topic would be highly appreciated and great gift for 2021.

Kind regards,
Laborator Team

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I’m not sure which method you’re using but you could transfer the money from PayPal to TranserWise with no extra charges. I have been using it over a year but I have transferred some $$ today, there were “additional charges/fees” from USD to USD account. I will be waiting response from PayPal.

Dear @ki-themes

We have tried that option but actually the Bank Institution provided by TransferWise is not allowed on PayPal so there is no chance for us to transfer from PayPal to TransferWise. Add to this the “fees” that may be introduced to the future and it makes less desirable option for withdrawal.

The solution is direct transfer to TransferWise account from the Envato account.

Transferwise it would be great for me either.

Transferwise it would be great for me either.

You can add a bank account in your country’s currency, not in other currencies.
If I want to add a USD bank account, I can not and Paypal charges me extremely high conversion fees.

Transferring USD to any other USD account was free of charge till 16th of December ( U.S Accounts only ). I believe PayPal noticed that “free charges” and now they are requiring 3% charges as well for the USD transfer.

There’s no additional charges from USD to other currencies at PayPal ( assuming you’re in EU, for example EUR ) but the hidden ( exchange rate differences ) charges is same as 3%.

I was using PayPal USD to TransferWise USD account ( then the rest of exchange rate was taking care of by them as low as 0.6% )

In addition, you’re not actually transferring money from USD to your USD bank account via TransferWise but the exchange rates was better than PayPal

I can not have PayPal in USD because my tax residency is UK. Thanks anyway for the information!

+1 for TransferWise! Absolutely!

Same here, I’ve called them. New policy unfortunately. So Paypal>Transferwise isn’t good option now.

They have replied my message/support request as well. There’d be additional 3% charges at the PayPal side ( ~3.5+%, plus 3% charges for the transfer as well )

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I just want to understand this: can Transferwise not be used by receiving payments via SWIFT? or is there some issue authors are seeing with SWIFT?

I usually get paid in Revolut via SWIFT, and I was planning to do the same with my recently opened Transferwise USD acct.

TransferWise can send or receive certain currencies via SWIFT payment.

But why do you need to use TransferWise to receive payment via SWIFT instead of your bank account?

More flexibility and it ends up cheaper as I frequently have to send money to another country. Home banks exchange rates and fees for foreign currencies are generally ridiculous.

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Does anybody know how to set up SWIFT transfers for USA/Canada banks?
Envato requires an IBAN code that doesn’t work in Nort America.
Without it, I can’t withdraw money from video hive.
I’ve contacted support, but they have a high volume of inquiries and can’t respond quickly as needed.

You’re not required to enter IBAN. If your bank doesn’t support IBAN, you can enter Bank Account Number

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since no one tagged anyone from envato team, I am doing that.

@steve_lam @rohanchandler can you guys please look into this or tag someone who can take care of this!!

cc: @BenLeong

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+1 for Transferwise as a payment option. Paypal is a nightmare.

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I’ve contacted TransferWise, they can only receive SWIFT payments only coming from US. Anyone already using SWIFT as a payout option here? I need to know where envato sends the payment from US or Australia.

It’s probably Australia

Then it’s not possible to receive it in TransferWise guys. TransferWise can process USD wire transfers only from US. If it’s coming from Australia, it must come to AUD balance and in the same currency. Still not sure if wire transfer supported there.

Envato should have US local bank transfer here, mabe even as different payment method. I don’t understand what was the reason for envato to expand to US when there is no US bank payouts available and they still process payments from Australia. Then why are they charging the taxes from authors? Please tag some officials here who can give answer to this question and clarify us.

For me, I do not have PayPal available in my country at first. I don’t even use Payoneer for some reason. I only have SWIFT transfer left.

Now think I got 500$ and it processed for payout. Envato already charges 25$ per payment. My bank will still charge another 30$ when I receive it. Also I have to submit a papers each time (eg. my ID card, envato transaction print out, purpose of business etc.) Here 55$ is already gone. Now let’s come to conversion rate. Local bank in our country gives nearly 92-95% of the regular conversion rate. Believe me. For example, 1 USD = 84.80 BDT in our local currency. But our bank will take this if I buy USD from them. But if they give me local currency in exchange of USD, they’ll only give me something near 80-81 BDT. In the long run, a huge amount of my earning is lost in the air.

If I get it in TransferWise it’s easy and simple. When I receive SWIFT they only charge 7.5$, and even free if it’s a normal ACH transfer. Then when I send the money to my local bank, they do a normal EFT transfer from their partner in that country which don’t charge any extra amount. Also the conversion rate is always 98-99%. In the long run, I can save a lot. Why shouldn’t I? Because it’s my earning right? And all those way I explained above is 100% legal. Now tell me.

1 Like