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Fiverr's DIRECT DEPOSIT. [ACTIVE - Please discuss new DD feature here]


Guest superb_articles

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Guest superb_articles

Hey guys, I just checked my revenues page and I observed that Fiverr has a new payment method. It’s called “Direct Deposit”. Does anybody know what it’s all about? Does it mean we can link our banks directly?

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Reply to @emasonwrites: I don’t see how it would be the same fees. If PayPal is $1 after $50 and the new direct deposit with Payoneer is $3 - direct deposit appears more expensive. Maybe I am missing something.

Ah, never mind. I see now there are 2 transfer options and one of them is a buck. My mistake.
Missed this:
http://forum.fiverr.com/discussion/83429/announcing-a-new-way-to-withdraw-your-fiverr-earnings


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So is this direct bank withdrawal actually just a withdrawal to payoneer?

So then you have to wait for it to clear with payoneer, then get it from payoneer to you via another transfer? I am a little confused about how it all works - fiverr can you please explain it in more detail?

I thought it was like on other freelance sites, where direct bank transfer, literally means, you get money deposited into your account, but this seems to be just two different buttons for the same payoneer withdrawal option?

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Guest superb_articles

Reply to @dungdung: Yes it will be converted. Usually, it doesn’t really follow the day’s exchange rate. It’s usually a bit lower but all those are charges from the company handling the payment.

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Reply to @sue_mcl: Actually, this changes a lot. By implementing this, you don’t have to go through Payoneer’s website in order to get your money. You can finish everything from Fiverr and the same charges will still apply. Though this time, easier

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Reply to @emasonwrites: same fees as a Paypal transfer… yes but… are we sure that there’s no other fee to transfer funds to your bank? And what about transfer time?
I mean, when I withdraw on Paypal I know I can use that money immediately (both over internet and using a Paypal debit card), while sending money to the bank account takes at least a couple of days…
More: direct deposit is possible only in US, while for all other countries we just have the Payoneer service which has higher fees (unknown right now, because you can read about the $3 withdrawal fee, but you could also have other fees depending on location).

In short, for me sending money to bank account is really not an option I can consider: Paypal is safe, it’s fast and it’s on the market from several years…

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Reply to @superb_articles: I can’t see anything to indicate that - the blog post just talks about how to set up the service (ie register with payoneer), not what happens after it is set up - how do you actually get the funds once you go through that set up process with payoneer.

If it is basically the same as paypal, where you transfer to paypal, then you have to go to paypal and transfer to your local bank account, then this is pretty much the same as paypal, but without the benefit of an established and well known money system. How do you know that you can finish everything from fiverr?

Plus, there is no information about what extra fees may be charged - just that there might be some, which is pretty frustrating 😕

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So how long does the direct deposit transfer take then?

Some insight from MODs who maybe have some communication channels to Fiverr staff would be great.

I for one will not make the switch if there is a 3-5 (or longer) day waiting period on direct deposit. I would be happy to test it out by switching to direct deposit, but why in the world can I not switch back to Payoneer or Paypal if I don’t like it?

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Guest selectwearplus

That’s exactly what it means. Isn’t that superb? If you select this method, don’t think for a second that your money will be available in your account immediately after you receive your payment confirmation email from Payoneer, the company conducting Fiverr’s transactions. Its email clearly states that it takes up to three business days. If you don’t receive it within that time, permit the company another three days before you contact it to ask about your deposit. I like direct deposit. Go Fiverr!

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