Save getting hammered on payout fees

For anyone with a clip or cam store, I think one of the most depressing things when it comes to payout is often how hammered you get for fees.

Aside from the conversion from $ (which seems to be the default currency) to £ (or € for some of our mainland friends) there’s nearly always a higher minimum threshold vs US bank accounts and a higher transaction charge.

Examples

C4S – transfer to UK bank – $45 – transfer to US or EU bank – nil
IWC – a bit more complex, but transfer to US bank has a minimum of $50, but Internationally is $100.  Your first withdrawal to an international bank is free, but additional in the same calendar month carry a $50 charge.
Cam Sites – I’m less versed on, but I heard someone charged $130 in fees for one of their payouts!

Start saving

However.
Something we found which has saved a small fortune..

Transferwise – sign up here

It’s backed by Mastercard and allows you to open bank accounts for different currencies.
So, for example, I have an account based in New York, for $ and one in Germany for €.

This means we can accept payments for the cheapest deals for the currency.  The money can then be forwarded to our standard bank account.

So, a recent C4S payout of $165.28, would have been hit by a $25 fee – but instead we only lost $1.85

If you’re a high earner possibly making $500 per month, then $25 is, well, 5%. If you’re earning barely the minimum then $25 is 16% of $150.  Even if you are a high earner, $300 per year has to be better in your pocket than a banks.

As I say, I don’t know all the individual fees for cam sites, but if it’s cheaper to be paid to a US or European bank than to your UK one, this is a good step to take.

If you travel – you can also get cards linked to the relevant currency. So, when travelling in Europe or US you will already have funds available in the local currency, saving you on exchange rates.

As I say, I’m backing Transferwise for this – please click the link as they do include my referral code…

But,
in the interests of knowledge share – I am open to anyone with options that beat this…


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