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Please add other withdrawal options

**please try to add other withdraw options for strategy managers like skrill
i am really not satisfy with Paypal, it’s was my first time i use it and i have money with other firm that Paypal rejected to receive it without clear reason and with horrible customer support and just bots without respect to clients or offer real help … maybe paypal just good for US and some countries not all… now i don’t think even i can receive money i have here at c2 , so i private my strategy and i don’t think i will renew it again.
but i hope in the future add new payment methods for make things more easy then may i will renew my subscription.

**

Hi Bears,

According to your profile you are currently trading from Egypt.
Are you presently having difficulties receiving Paypal payments from the US, or other countries?

**yes i am from egypt, it’s other platform similar to here … it’s first time i use paypal , i registered to paypal for use it for c2 and other platforms which need paypal for withdraw … when i tried to withdraw company sent to me they get that error from Paypal:
Sorry, this payment can’t be completed due to regulations

**

There is a Paypal help page about incoming Paypal payments to Egypt, here it is:
https://www.paypal.com/eg/webapps/mpp/ua/recpymt-full?locale.x=en_EG

Also note that Paypal can restrict (or even forbid) some companies from sending you money, regardless of your physical location.

Good point, I would certainly appreciate another payout system. PayPal is (mostly) fine when your own base currency is USD and you’re spending in USD as well. But converting USD to another currency on PayPal is just a rip-off. My base currency is EUR, but converting USD to EUR is very costly on PayPal.

After some searching I found TransferWise. https://transferwise.com/ It’s sort of a virtual bank where you can hold several currencies under a normal real bank account number. Their exchange rates and fees are transparent and more important, far better than those of PayPal. Opening a bank account and credit card is completely free.

The first thing you then may want to do is connect your TransferWise USD-bank account to PayPal… Unfortunately… PayPal does not allow that, because it’s not a real bank they say (other more likely reasons they don’t want this, are obvious).

So, in short, it would be great if Collective2 could payout to a USD bank account, held with TransferWise. Give it a thumbs up :smiley:

@MatthewKlein Could you add TransferWise as a payout to C2 someday in the future?

1 Like

**they sent that link to everyone and i read it where there is nothing useful i get mad and i shouted to them to tell me clear answer not send links then they reply saying maybe because i used masterCard and they only accept verify account by visa! then why they accepted and verified my mastercard then.
very disappointed & not satisfy
**

C2 can also send you a check in USD, here are the details and I quote:

“If you live in a country where PayPal refuses to send you payments, we can work out an alternative arrangement in which checks can be mailed to you, for an additional service fee of $10 per check. The checks will be drawn on a U.S. bank and payable in U.S. dollars. Please note that we will hold your check until your balance reaches $500. For a complete list of our policies regarding payments by check, please email the help desk.”

Hi Raoul,

Could you please post some evidence that show that the currency rate is better than Paypal?

Thank you.

Sure, I thought the PayPal converter was public, but it seems you have to log in first. So just the numbers at this moment of writing:

PayPal: USD 1000,- converts to EUR 861,36
TransferWise: USD 1000,- converts to EUR 884,- (net after applied fee of USD 9,02)
PayPal: USD 5000,- converts to EUR 4306.80
TransferWise: USD 5000,- converts to EUR 4423.83 (net after applied fee of USD 40,83)
TransferWise: USD 5000,- converts to EUR 4434.58 (net after applied fee of USD 28,78 wire transfer selected)

In the fee calculator you can pick a transfer method. ‘Wire transfer’ seems favorable for higher amounts.

TransferWise uses the ‘official’ exchange rate and then adds a fee (fully transparent) while PayPal uses an exchange rate that is favorable for them. For very small amounts the difference goes to 0, or even favor PayPal (but then you have so save up :wink: )

TransferWise has a public calculator on their homepage.

I haven’t checked other currencies, but it seems reasonable to assume the effect will be the same there too.

1 Like

Great, thanks a million for the info Raoul! :+1: :slightly_smiling_face:

There is only one problem I believe : Paypal transfers are instant, but take 3 days for TransferWise, yes?

Not sure about that. I just opened the TransferWise account a couple of weeks ago hoping to connect as a usd bank account to PayPal. That was blocked by PayPal and so I haven’t really used TransferWise thus far.

You are in the Netherlands so try to open an account at J.P. Morgan Chase (the biggest bank in the US) in Amsterdam. This bank was formerly known as Chase Manhattan.

Then link that account to Paypal, or any online payment processor you like. Here are the details : https://thebanks.eu/banks/18946

1 Like

True, I could open a usd account here, most banks support it next to any currency. But those traditional banks also have hidden fees and what not. TransferWise just looked perfectly fine :slight_smile:

Yep, banks (and credit card companies) earn outrageous profits with these so-called “fees”.

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