How do you get paid if you join international affiliate programs? Part 3.
This post concludes the series "How do you get paid if you join international affiliate programs?" You can read the first two parts by checking the following links:
Part1
https://my.wealthyaffiliate.com/ewo/blog/how-do-you-get-paid-if-you-join-international-affiliate-programs-part-1
Part2
On this post, I will introduce you two global fund transfer companies that can be good alternatives to Payoneer. They are WorldFirst and TransferWise.
TransferWiseTransferWise is a UK based company. You can register with it as an individual or business. TransferWise let you transfer funds to family or friends and making payments towards domestic or international invoices. In addition, you can receive funds from TransferWise account but not cash pick-up as an option however.
Borderless Account
Receive Accounts
The borderless account from the TransferWise is the most attractive service provided, in my opinion. It provides TransferWise customers a unique US dollar bank account with associated bank account number. Moreover, TransferWise offers British Pounds and Euros unique bank account numbers too. Up until June 2018, TransferWise added Australian dollars as the fourth currency to the borderless account. With borderless account, you get bank accounts to receive funds locally in the US, the UK, Australia and the Euros Zone. You can hold and manage your fund up to 27 currencies.
Currencies that you can hold and manage
For Canadian dollars, what you can do right now is to hold the currencies in USD, AUD, EUR, and BGP to your borderless account. When the exchange rate is right, you convert the funds to Canadian dollars for the best deal.
Debit Card
TransferWise offers a debit card linked to the customer's borderless account. Right now in 2018, the debit card service is only fully available in the UK and the Euros Zone.
Fees and Exchange rates
Guaranteed exchange rates
The exchange rates and the fees that will cost you are very transparent and remain low. You can check the service charge that end up with from the online calculator on the TransferWise.com website. Fees are clearly listed in the calculator widget which shows the total fees and the guaranteed exchange rate within 24hrs to the amount of fund you want to send. Please noted that the guaranteed rates will only be applied to some currencies but not all of them. The guaranteed rate is the lock in exchange rate when you set the transfer up within 24hrs. You will get the rate as long as pay in the stated time frame which is 24hrs or 48hrs.
Mid-market rates
In essence, the mid-market rates from TransferWise remain close to prevailing market rates, and you pay a percentage of the amount you transfer as fees. The transfer amount and the target currency will affect the transfer cost from TransferWise. For example, you will pay $6.96 USD for exchanging $1000US to Canadian dollars while you will pay $1.74 USD for $100 USD for the same conversion. You will see that you will get better offer from a bigger transfer.
Payment methods
Payment methods will have a bearing to the transfer cost too. Options of payments can be a debit card, a credit card or through an international SWIFT network. You can check the fee breakdown from the online calculator on the TransferWise homepage. From that calculator, you would choose the options like debit card, credit card and wire transfer to figure out the cost of each transfer.
For the pricing details, check https://transferwise.com/pricing/gbp-to-eur
Fund transfer speed & Minimum transfer amount
Depending on the currency you want to transfer, the minimum amount will be $1 USD, 1 British Pound, or 1 Euro. The transfer speed would depend on the countries you are sending to or receiving from. That could be one or couple days up to 4 or 5 days. For further details, search https://transferwise.com/help.
WorldFirstSimilar to TransferWise, WorldFirst is another UK-based business that provides money transfer to individuals and businesses. It has opened offices in the US, Hong Kong, Australia, and Singapore. WorldFirst is among the best foreign exchange brokers online. You can get some of the best exchange rates and the lowest fees.
WorldFirst World Account
World account is specially tailored to international online sellers. It is a multi-currencies account similar to the TransferWise's Borderless Account. With the world account, you have access to the receiving accounts in USA, Canada, UK, Europe, and Japan. This enables you to get payments from online marketplaces locally. You will have virtual banking accounts that come with their own unique banking details so you don't need any reference number for the money to arrive in to your account.
The world account is best suited to WA members, in my opinion. You can read through https://www.worldfirst.com/us/online-sellers/ to find out more details.
Fees & Transfer Speed
Fees
The minimum transfer amount is $1000 USD, 1000 pounds, 1000 Euros, or $2000 AUD. For under $10000 USD, USA customers will pay $10 USD for any amount of fund to be transferred. Since January 2018, WorldFirst.com offers no fees to US customers for the life of their accounts. You have to use the coupon from iCompareFX.com to get this exclusive deal to remove all fees.
For non-US customers, there's no fee from WorldFirst on every transfer. What you need is to send or to receive more than the minimum transfer account, and find out the charges from the banks that handle the transfer along the way.
Currency Exchange rates
You can find out the rates from the international currency converter on WorldFirst.com by clicking on the following link: https://www.worldfirst.com/au/currency-converter/.
Speed
The turnaround time of the fund transfer can be one day up to 4 days. It depends on the currency and the amount you wish to trade and the bank involved to your transfer.
ConclusionWorldFirst and TransferWise are the best options for WA members to have their payment received. If you can make more than $1000 per month consistently, then WorldFirst is the first choice since you will get the lowest fee to get money received. Otherwise, for members who make less, then stick with TransferWise first. Remember to get the coupon from iCompareFX.com if you are from the US. In addition, there's a coupon from iCompareFX.com to get $3000 pounds fee free if you join TransferWise. To access that coupon, check the site: https://www.icomparefx.com/transferwise-review-for-online-money-transfer/ .
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