Envato Elements switched to a new payment method and I entered my Payoneer “First Century Bank” account information.
With the previous payment method, I received my payment on the 16th of every month. I could not receive my payment with the new method. It shows active in the Payment method section (attachment).
My friends who sell on “Envato Elements” have not switched to the new payment method. Rather, they did not receive the information to switch to a new payment method. This worries me very much.
Have you switched to the new payment method? and have you received payment?
Bank Transfer processing times will vary depending on factors like the payment method, the destination country, and whether you’re being paid directly into a bank account (e.g. local currency payments) or into a money transfer provider like Payoneer/Wise/Revolut.
The best combination of transfer fees and speed will likely be different for each author, and what your expected monthly payout amount is. I strongly recommend looking at the range of options that are now available, particularly if you receive a large payout each month, as you may find that new options can significantly reduce your costs.
The level of transparency also varies significantly between service providers - for example, I know that Wise provides a currency converter, and calculators to send and receive money that show exactly what their fees will be.
@StrokeVorkz When you received your email (“Envato sent you a payment”), did it include an estimate of the processing time? Sending bank transfers to a Payoneer USD virtual receiving account is a more involved process than the old system, so that payment method is likely to take longer. The tradeoff for this is that the new system opens up all the other Money Transfer Provider options on the market, as well as local currency payments (which typically clear in 1-2 days, compared to 5+ days for USD payments via the SWIFT network).