TransferWise is now available for payouts
Dear admins and users,
It's been a while that we were thinking about a new payout method in order to speed up the process and make sure beneficiaries are reimbursed as fast as possible. While we offer the possibility to use PayPal, most of the payouts were done manually (through online business banking), which took a lot of time and administrative work.
After successfully testing TransferWise with Open Collective Europe, we are now glad to announce that we just integrated this service for your payouts in and out of the Euro Zone. TransferWise makes national and international bank transfers more accessible than with traditional banks, by applying transparent and low transaction fees. TransferWise does not take any fees on the exchange rate.
What are the fees involved?
The fees are charged by TransferWise and its value will vary with the currencies being and value being transferred. You can read more about TransferWise fees here. Fees are much lower for international transfers than in a conventional bank.
Who pays these fees?
These fees are paid by the collective the expense was submitted for. This means that transactions in TransferWise will display the fees but that value will also be deducted from the collective balance in our platform as payment processor fee.
How does it work?
When submitting a new expense, you will now have access to a structured form for providing a valid bank account information. This will drastically speed up the payout process.
We hope that this new service will inspire new initiatives to create more international solidarity.
Please feel free to reach out if you have any questions or recommendations about our payout service. Always happy to help =)
Best of luck with all your projects.
See you soon!