Receiving payment through Payoneer or Wise
Last updated
Last updated
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.
Register for an account on Payoneer as an individual or a business
Once your account has been approved, sign in to Payoneer. *Note: the approval process can take up to 3 business days
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.
Please note
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 is based in the US.
If the host is not based in the US, use SWIFT.
Please note
Payoneer refers to the Routing Number as ABA and Open Collective refers to the Routing Number as ACH.
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 Open Source Collective, create a US account to be paid in USD.
You will need to follow the Wise process to verify your account. Once verified you will be able to see your account details.
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.
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.
