Thank you @BenLeong, it’s good to know that we can still set an IBAN that’s within EU space. Can we simply ignore the “Bank Account Country” field then when setting up the IBAN? As it forces us to chose from either the Country set under “General Information” section, or United States, none which would apply, as the Bank would be in a different country (see attachment).
As for “USD”, I’ve opened a ticket, and provided my USD IBAN in that ticket.
@BenLeong How where find SWIFT/BIC code?
when i try setup payoneer account. So, there available option & require SWIFT/BIC code. but, I can not find this details in payoneer account.
You have not mention SWIFT/BIC code related any information here- https://help.author.envato.com/hc/en-us/articles/20535795834393-Getting-started-with-the-new-Market-payout-system?_ga=2.157233787.1314804886.1694580788-663139101.1691126171#h_01GXAGG53WJD57AX1PMDB8906B
So, please, how where find SWIFT/BIC code?
The point is that authors dont neccessarily make conversion of their earnings as soon as they get paid. Instead they just keep earnings in their bank in usd and simply wait for better dolar value.
Is Paypal usd available for Croatia?
Most of the authors are experiencing it differently. The 1.9% is higher than many of the banks have been charging. I mentioned it earlier:
For AED, I am told a currency conversion rate right now is: 3.60216. This is beyond absurd when the worst rate available by any bank for this currency is 3.65 (my bank does 3.67).
If you really believe the 1.9% is better for some, then offering both the options would have been better.
We have shifted to Wise.com but it’s not an ideal solution due to reliance on an intermediary/3rd party that may change their rates at any time.
Got an official answer via Author Support.
No USD support for any Revolut accounts within Europe, nor for any other USD Bank Accounts in Romania / Lithuania.
So we went from a system that allowed us to withdraw USD straight to our bank account, to a system that not only does not allow withdrawing our money in the currency we’ve earned them via a bank account, but as a result of that, forcefully making an FX transaction to a different currency, if we want to continue withdrawing to bank accounts.
There’s nothing that this system brings compared to the old one for European Authors. We had PayPal on the old system as well, and SWIFT/BIC transfer with no limitations and a fixed fee for the transfer and that’s it.
Sorry but how I see it, this is a major downgrade from the old system.
To all Authors outside United States
To make matters worse, if you decide to use Wise, and you don’t live in U.S., all transfer fees to banks outside U.S. will carry additional fees: Sending USD to countries outside the US | Wise Help Centre
(Again, this was NOT the case with Revolut, as all Revolut Transfers have ZERO fees to all European Banks, and most likely to the same to other regions as well).
It begs the question on why was “EUR” chosen over “USD” for countries where “EUR” is not the local currency.
@BenLeong Can you please explain or redirect my question to Author Payments team because my support ticket 3317723 without answer more than 4 days.
When filling out the new form with non US address on second page, I could not enter the details of my US bank account linked to Payoneer. Initially there is only the option of sending to a Local Bank Account with the IBAN number. After choosing to send to a US Bank Account, nothing changes. In the USA, bank accounts do not use an IBAN number!!! It uses the ACH/Direct Deposit ABA Routing Number, which is discussed in the Important footnote.
But there are no fields to fill in about the Routing Number and Account Number of my US Bank Account!!!???
How can i send my earned money to my Payoneer???
What is going on?
How could the transition to a new payment system be allowed if it does not work properly?
And why does support team take so long to respond? (4 days no answer)
Please explain to me what is the positives of this change for authors? Besides the fact that I cannot receive in dollars, I have to pay a commission, who benefits from these changes? I only see it getting worse, why “worse things” are better ones for us?
Also it’s unclear from the help docs which address you need to provide for Wise. I provided the bank address and it was rejected today.
Yesterday I received a letter from the support team.
They fixed all!!!
Now, when you switched to US Bank Account (for non US resident), all the necessary fields for Payoneer (or other US to US payment) became available!
P.S. Thanks to Envato Support Team
They also warned about one bug, which has not yet been fixed.
When we change Bank Account from local to US estimated fees didn’t change from 25$ for Swift to 1$ for US payment.
“There is a known bug where this is not reflecting correctly when you change the bank account country. It should not charge you $25.00. The bank transfer fee (US to US) should be $1”
On first page of Payment Details you need to fill in your individual resident information, your local address, id, etc.
On next page - information about your bank account.
Normally if you fill in correct IBAN (for international payment) or ACH/Direct Deposit ABA Routing Number (for US to US) system will show bank info (name of bank, address of bank etc) on right side.
You don’t need to provide bank address. It’s completed automatically.
Yes, I do confirm Wise works well to get USD even being in the euro zone.
However, having another money flow step is really not a great deal. I’m not saying Wise is unsafe, but requires a further step for us and would require a lot more explainations in case of tax audits (since our incomes are not directly attributable to Envato).
Long story short: I have a multicurrency italian bank account able to receive USD with an international IBAN. I must be able to get dollars, the currency in which I sell my products.
Any other option is a worse service Envato gives us adding more stress to an already exasperated situation.
Exactly this!!! Using a 3rd party processor means we’re not receiving money directly into out business account, it will go through a 3rd party. Super hard to explain on why one would use a 3rd party when it comes to finances, as well as more documents to keep & process.
Still can’t wrap my head around on why USD for Poland is possible, but for Lithuania, where the largest NeoBank in Europe operates is not possible, or even why USD is not an option for Europe at all.
Revolut is an actual bank, that’s certified to operate in Europe as such, has zero transfer fees to all European banks, and also has an insurance on all accounts for up to EUR 100,000.
Wise, PayPal, and Payoneer are NOT banks.
Please, let us use our USD accounts in Europe.
I keep checking it every day just to make sure it’s not some bug I hope the money will be transferred smoothly and I hope they will be able to turn that option for other countries.
Even the fact that we will need to wait additional 5-6 days for the transfer according to what they say is a problem for us because there are certain taxes or payments we always did before 20th, and we had a comfort of having the money usually the same day that Envato did payout on 15th.
I will not help you with receiving USD, but I think I found the cheapest and fastest option to get your money.
- So first you send earnings to Wise, it costs $2 (one dollar for Market and another for Elements).
- Then transfer money from Wise to your local bank with a conversion to local currency. For me, Wire exchange rates are always better than those at my local bank in Poland. I save around 0.5% in conversion. The transfer costs $0.42 fixed fee and 0.62% variable fee. And takes around 2 hours.
So in total, I pay:
$2 + $0.42 + 0.62%
And save around 0.5% in conversion and have no fees in my local bank.
How do you get USD with WISE?
When I select bank account and my country, it says EUR.
Is it possible to send to Revolut in USD?
- If we choose Paypal, then earnings are sent in USD?
According to this?
“Please note that all PayPal payments are sent in USD.”
Can anybody with new payment mehtod confirm if Paypal does receive USD?
Hello, please tell me why there is no PayPal payment system in my account.
The fact that this new payment system introduces more delay in receiving our payment is more problematic. We always expect that when Envato releases the money on the 15th, we should receive it on the same day. Now, it will take 2 to 5 days to show on Payoneer. That honestly sucks. Envato should consider releasing payouts early so we can still get the money on exactly the 15th of the month.
Payment date is critical for us authors because we have dues that need to be paid. We are maintaining servers and other services for our customers.
This “new” payment system is indeed a downgrade for us.
@TitanSystems Understood. Moving the outbound payment date is something we can explore in future, but there are a lot of finance systems and processes that would need to change to accomplish that. Disconnecting payments from the shopfronts and moving all Elements and Market author payments to a central system does make it significantly easier to begin those sorts of projects, though.
It’s worth noting that for most people, Payoneer’s internal processing time does seem to be much shorter for subsequent payments. Once they’ve done their compliance checks for a new payment, payments in the following months tend to be much closer to the 2-day end of that scale.
@SZAudio Here is the list of countries that have PayPal payments available - we’re only able to offer the PayPal method for countries that are listed here:
It looks like you’re in Ukraine, from your profile. If so, PayPal only supports “Friends and Family” payments to Ukraine at the moment, not international commercial ones.
@Tean PayPal payments from Envato are always sent in USD.
I’m not familiar with how Revolut present the account details, sorry - if you have a USD receiving account with them, you should be able to get the necessary information for receiving a bank transfer from your Revolut account.
@BenLeong Thanks. Here in the Philippines, Payoneer has a direct integration with our local digital wallet called GCash, which allows us to withdraw Payoneer balance in real-time. That is why we really miss the old payment system and the speed of transfer.
Hi @BenLeong ,
I’m in Vietnam. I used Bank Transfer in a long time and it allows me to receive USD. But, the new system does not allow. Please send my request to your team and ask if they can add USD option to Bank Account Currency for my country.
Thank you very much!