Receiving payment through Payoneer or Wise
The preferred payment methods on Open Collective are Bank Transfer and Paypal. Unfortunately, there are some countries where direct payment to your bank or PayPal is not an option.
When you are filling in an invoice and do not see your currency as an option for payment, this is likely because banking regulations prevent a transfer of funds between the country your bank is in and the bank of the collective that is paying you. If this happens, you might be able to use Payoneer or Wise to transfer funds.
- 3.From the Receive menu, select Receiving accounts and choose an account to receive the payments
4. You will see the details of the receiving accounts in different currencies:
5. On Open Collective, when filing an Expense or Invoice, choose to be paid via bank account.
Payoneer usually defaults to pay in USD. If the host you are filing an expense with is also based in the US, please select the option of 'Local bank account'. OSC and OCF are based in the US.
If the host is not based in the US, use SWIFT.
6. Enter the information from Payoneer in the banking fields and submit your invoice or expense for payment. Payment will be made to your Payoneer account which you can then transfer to your personal or business bank account.
Payoneer refers to the Routing Number as ABA and Open Collective refers to the Routing Number as ACH.
- 1.The payee needs to open a currency account with Wise (instructions here). It would be best to create an account in the country's currency you are expecting payment in. For example, if you are expecting payment from a collective hosted by OSC or OCF, create a US account to be paid in USD.
- 2.You will need to follow the Wise process to verify your account. Once verified you will be able to see your account details.
- 3.Use the Routing and Account numbers from your Wise account in the OC expenses field to receive payment to your Wise account using a bank transfer.
Note: Use the ‘Local bank account’ option for a US to US-based transfer. Use SWIFT if the transfer is to an international-based bank account.