A STEP-BY-STEP GUIDE ON WITHDRAWING YOUR PAY FROM PALFISH (without paying crazy fees)
Ok so I wanted to quickly write this as I have seen SO many people asking the same questions over and over. I hope this helps you avoid having to lose any of your hard earned pay each month.
A little bit of background on me… I have been working for Palfish for about 5months. I live in Portugal but choose to get paid in GBP as I have a British bank account. It took me two months to figure out how I could get paid in to GBP without loosing a tonne of money.
I know how frustrating it is when you work crazy hours on Palfish only to loose 4 lessons (or more)’s worth of pay on poor exchange rates and fees. I lost £20 on my first pay check which prompted me to find a better way. I would also like to point out that it doesn’t cost you anything to set up this method other than your time to set up the accounts.
I want to point out this probably isn’t the only way to do this. in fact I’m sure there are plenty of other methods but this one has worked for me personally which is why I am sharing it. I am from the UK with a UK bank account but live in Portugal. A far as I know this method should also work for people in the US but feel free to contact me if this is not the case so I can edit the blog.
For complete transparency…. some of the links in this post are affiliate links. This means if you sign up to Transferwise or Revolut using one of these links I make a small commission (about £3 a card for Revolut).
It doesn’t cost you anything to use the inks in this post, in fact you will receive free card delivery with Revolut if you sign up using one of the links in this blog. Alternatively you can go directly to the Revolut or Transferwise website from Google if you prefer; in which case I do not make the commission, Google does.
MY PERSONAL EXPERIENCE WITH REVOLUT AND TRANSFERWISE
I have been using Revolut since I moved to Portugal 4 years ago. I regularly exchange between GBP and EUR and I use this card here everyday. It is also great for anyone that travels frequently as you’ll save on ATM. Withdraws, card payment fees and more. I have actually written a whole post on my personal experience using Revolut if it is any help!
I have also been using Transferwise for around 3 years but for business purposes – I have small beach lifestyle brand and often have to send a receive in different currencies.
Basically I have a bit of experience in using these types of cards and accounts which is why I was able to make it work for me and why I am able to tell you about it.
Anyway I am guessing you’re not here for my life story are you?
Firstly I want to say (as far as I know) you can’t avoid any deductions Payoneer makes from withdrawing from Palfish. This is set by Payoneer and is, I guess, their way of making a little bit of money out of you using their services. When I checked this it was only something like a $3 cut so not too much to worry about.
What I can (and do) do is avoid withdrawal fees and terrible exchange rates that my UK bank (HSBC) imposes on me. I do this by using a combination of Transferwise and Revolut to withdraw money from Payoneer.
WHAT DO I NEED?
SIGN UP FOR A PAYONEER ACCOUNT – THEN SELECT THIS FOR YOUR BANK ACCOUNT ON PALFISH. If you use the link below to sign up to Payoneer we BOTH receive 25USD – winning!
SIGN UP FOR A REVOLUT ACCOUNT
Sign up for a Revolut card and account. You should have access to the account almost right away through the app but you will have to wait for your actual card to be delivered. You can get a card for FREE when you sign up using one of my links. Or pay £4.95.
SIGN UP FOR TRANSFERWISE BORDERLESS ACCOUNT
Sign up for an account and order a Transferwise Borderless card. You should be able to open different currency accounts straight away.
HOW TO WITHDRAW FROM PAYONEER
STEP 1 : WITHDRAWING FROM PAYONEER TO TRANSFERWISE USD ACCOUNT
Set your withdrawal bank account to your USD Transferwise account. Make sure you enter the account number, BIC and routing number from your Transferwise USD account. If you enter GBP account details you will be charged.
From experience this usually gets confirmed the same day but takes 2 days to land in my Transferwise account.
STEP 2 : WITHDRAWING TO REVOLUT FROM TRANSFERWISE
Once the money is in your Transferwise USD account KEEP IT IN USD.
Once in Revolut add your Transferwise card details to your account.
Go to your USD account in the Revolut app and click ‘add money’. Select Transferwise card. Make sure USD is selected and choose amount. Click ‘Add Money’
A pop up box will appear saying ‘you should always add money in the card’s currency’. This is because thinks your Transferwise is in GBP. Click Yes, Continue.
Along as your Transferwise account is in USD it will work fine. If you want to test it try it out with 20USD first for peace of mind. I have used this method for the last three months with no problem.
Your Revolut card will usually top up almost immediately.
STEP 3 : USE REVOLUT TO EXCHANGE CURRENCY
Use Revolut app to exchange your currency. Revolut uses Forex rates (the best possible exchange rates you can get) so you will never get a bad deal. Revolut adds a 0.5% fee on exchanges during the weekend so only exchange your currency on a weekday.
Once you have your pay in your chosen currency on Revolut you can either
-Keep it there – its a great card to have whilst travelling or for everyday use
– ‘Make a payment’ to your bank account. This works like a normal bank transfer and along as you are sending the same currency as your bank there is no fee. It is usually in your account the same day!
The initial setting up is a little bit of hassle because you have to sign up for the accounts but after that everything is made much easier and cheaper. Follow this method and you won’t pay any fees or loose out to bad exchange rates when withdrawing your money.
I hope this helps! If you have any questions feel free to email me but I am super busy with lessons right now so it may take a little bit of time to get back to you.
I hope this has been a useful guide on how to avoid fees when getting paid by Palfish.