Payouts with TransferWise

Instructions on how to safely connect to TransferWise.

This feature is currently in Beta test, read more about it here.

For hosts that are using TransferWise, this integration can be used to automate expense payment by providing a one-click solution for paying expenses.

After connecting your TransferWise account, users submitting new expenses will have access to a structured form for providing a valid bank account information and you will be able to pay those expenses automatically with the Pay with TransferWise button.

The Beta test

We're currently testing this feature with the help of selected Host collectives.

If you're interested in testing this feature, please reach out through support@opencollective.com. If you're already testing the feature and wish to leave the test, you can also send an email to support.

Limitations

  • Payments through TransferWise require a borderless account.

  • Payments should respect amount of funds you have accounted for in the platform.

    • You can't pay expenses if the budget accounted in the collective is not enough to cover the transfer expenses.

  • The host is still responsible for managing funds in TransferWise.

    • Transfers are funded with your host currency.

      • If your host is using USD, we're funding all your transfers with your USD balance.

Connecting TransferWise

TransferWise is currently in beta test, if you're interested in testing this feature, please reach out through support@opencollective.com.

If you're already in the beta test group, you can follow these instructions:

  1. Open TransferWise website and log in into your borderless account;

  2. Go to your settings menu in TransferWise;

  3. Select API tokens and then Add new token:

    • Name this token after Open Collective, this way you'll always remember where this is being used.

    • Set the token permission to Full access, we'll need that to create and fund transactions for your expenses.

    • As a security measure, make sure you whitelist the IPs 54.173.229.200 and 54.175.230.252.

    • Click on Create token and then on Reveal key and Copy the API key you generated.

  4. Now, open a new tab and go to Open Collective.

  5. Open your Host collective settings page and click in the Sending Money option in the menu.

  6. Paste the API Token you created in the TransferWise field and click connect;

  7. Now, back in TransferWise settings!

  8. Select Webhooks and then Create a new webhook:

    • Name this webhook after Open Collective.

    • Point it to our URL https://api.opencollective.com/webhooks/transferwise.

    • Select Transfer update events events.

    • Click on Create webhook.

  9. Done! Now all your hosted collectives will be able to submit Bank Transfer expenses compatible with TransferWise and you'll be able to pay for it with one click.

    • Notice that this option will only be available for new expenses, expenses created before these steps are not structured as required by TransferWise and will need to be edited or recreated by the payee.

Reducing Risks

In order to reduce risks related to having an active API token that is able to create and fund transactions, we strongly suggest you to:

  1. White list our fixed IPs when creating your API token.

  2. Keep just enough balance in TransferWise to pay your expenses.

    • This can be achieved by calculating the amount needed for the current payment cycle and transferring it beforehand.

Troubleshooting

  • Unable to fund transfer

    • You don't have enough funds in your host's currency balance. Please add funds and try again.