Back in the day, no matter what happens, we need our Bitsafe accounts to be verified for that was then the only way to receive our salaries especially that a large chunk of operators does not own a euro bank account to even choose the second payment method offered: Direct Bank Transfer.
While Bitsafe fees are very economical, the IDs they require, even though primary and everyone should have them in the first place based on your respective countries, were quite difficult to produce especially during the tough times.
The required identification on the app was one of the main struggles encountered by new hires.
The required identification on the app was one of the main struggles encountered by new hires.
It's a good thing, new ways to receive pay came into existence!
We now have Paypal and Wise added to the list.
Do note that regardless of our chosen payment method, salaries are subject to transfer fees. This fee is deducted before being sent to our preferred platform. See screenshot below:
This is indicated on each and every invoice you receive, found on the very last page of the PDF copy.
Paypal
Minimum Payout: 50 euro
It's easy to get a Paypal account. By simply registering using your email address and filling out all the basic information required, you can readily get one that you can use to send and receive money, even make purchases locally and internationally.
Now, some may have had issues receiving salaries using Paypal but this is a case-to-case basis and while Texting Factory makes sure every salary is sent out on time (they hired Tipalti to make sure this is done correctly!), individual account problems here and there are inevitable.
Paypal has been around for so long and is known for its reputation for convenience and worldwide reach. However, its convenience comes with a price.
Con #1: They take 3% of your money which means, the larger the payment, the larger their deduction is. (Ouch!)
Con #2: Based on others' experiences, conversion is way too low compared to Wise. In Philippine Peso, Wise normally has 1USD = 59.xx PHP conversion while Paypal offers 56 PHP on average. You do the math.
Con #3: Paypal may hold your money especially for new accounts for whatever reason. This is a usual pattern for seller accounts but I have seen one case of an operator who had this happen.
The nice thing about Paypal is, once salary is received, you can right away transfer it to GCash (PH users) at no extra cost and it is unbelievably instant!
Wise
Minimum Payout: 25 euro
I am a Bitsafe user since forever and have been using Wise to transfer my money over to my local bank. It serves as a middle man for my transactions. Little did I know that I can use Wise directly to receive my pay!
Thanks to our resourceful fellow operators who always find ways and shared this with me. I do not plan on switching in the near future since I am doing okay with Bitsafe but I am glad I can share this with anyone who wants to save the hassle of creating Bitsafe who does not have the necessary IDs required by the app.
You may not see Wise as an option when choosing your payment method this is because you will be using Wise to create your very own euro bank account which will make direct SEPA bank transfer possible for you.
Now, let's get to the complicated part.
Wise is an excellent finance app that lets you send, spend, convert, and receive money internationally. It also enables you to get real account details in multiple currencies without having to open an actual bank account abroad.
To do this, we'd need to activate a euro account on the Wise app so you can get your own European IBAN which is required if you opt for direct bank transfer as your mode of payment.
In this process, you'd be required to deposit a certain amount to verify your account. I have forgotten how much euro was it but I remember it was around 1400 PHP when I checked the conversion. Do not worry though as this is not a form of payment and you can get it back once your account is verified and activated.
Here's how to do it:
Here's how to do it:
- Open a Wise account (or log in if you already have one).
- Click on “Balances” and then “Get started”.
- Complete your profile and upload your documents to verify your account for security.
- Activate euros and any of our other 45+ currencies in your account.
- Optional: Order your debit card and start sending and spending money around the world.
Wise fees based on my experience are at 2.xx euro to 3.xx euro but most likely varies depending on the amount of your transfer.
Bitsafe
Minimum Payout: 25 euro
I am adding this here for the others who do not like switching between articles. As mentioned, Bitsafe is quite strict with the identification they require. Honestly, it took me some time to be verified and had to wait for my primary ID just to get my first salary.
Other than this issue, using Bitsafe had been flawless. They take a standard 0.75 euro on every transfer I make regardless of the amount.
Bitsafe to Wise to Local Bank transfer takes one full day.
Other than this issue, using Bitsafe had been flawless. They take a standard 0.75 euro on every transfer I make regardless of the amount.
Bitsafe to Wise to Local Bank transfer takes one full day.
You'll find its full guide here.
If you find one of the featured payment methods here better than what you have today, you can request to switch through our finance department at finance@textingfactory.com.
Please note Finance's guidelines when sending an email:
Texting Factory is one of the best chat moderation companies existing. It is a part of WebTech Interactive Media LTD. based in Apia, Samoa. They offer one of the highest rates in the industry and pay on a weekly basis. They are in continuous hiring and if you are willing to be a part of the team, you can apply here: https://tinyurl.com/textingfactory
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