Zero Collective Balance

Before changing hosts or closing a Collective, the balance must be at zero.

You can move money out of your Collective in several ways:

Leftover Balance

Let the Payee cover the fees

When emptying the balance for a collective, you have the option of charging the payment processor fees on the payee which will guarantee that 100% of the collective's balance will go out. This option is only available for bank transfers for hosts that support Transferwise at the moment.

When these conditions are met, the host admins will see a checkbox on the Pay expense modal:

Dealing with small leftovers

When it's not possible to use the feature previously described, you may sometimes end up with a small amount left behind if you try to withdraw 100% of your balance. This is usually caused by fees being hard to predict exactly.

If this happens, go to your Collective's page, click on the gear icon next to your logo, head to Advanced and use the Empty Balance button to transfer the remaining funds to your Fiscal Host.

Last updated

Ⓒ Open Collective 2024