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After clicking on the wallet icon on the top of your tutor profile, you need to choose your withdrawal method:
For withdrawals via Wise: type in the email connected to your Wise account, withdrawal amount, and receiving (local) currency. After providing required information, you will receive a notification email from Wise with the link to add your bank account details.
For withdrawals via Payoneer: type in the email ID connected to the account you registered at Payoneer, and you will be redirected to confirm set up to Payoneer.
In case you want to change your Payoneer account, please contact support team.
For withdrawals via PayPal: type in the email ID connected to the PayPal account you want to withdraw to.
For withdrawals via Skrill: type in the email ID connected to the Skrill account you want to withdraw to.
Prior to the withdrawal, please kindly make sure the e-mail address you specified for withdrawal is correct.
Wise
When you make a withdrawal via Wise, your funds are converted from USD to your local currency, then deposited directly in your local currency bank account.
Note: Wise payout option supports only direct payouts to bank accounts.
You can check the list of currencies supported by Wise here.
Note that the following currencies are not currently supported for payouts: BDT, BRL, BWP, CNY, COP, GHS, INR, KES, LKR, NGN, PEN, PKR, TZS, UAH, UGX, XOF, ZMW.
The minimum limit for withdrawal via Wise is $10, while the maximum amount is $3000.
The fees for making a withdrawal via Wise depends on a currency route. To calculate the fees you’ll be charged for a withdrawal:
Visit the Wise pricing calculator
Select Multi-currency account and Send money options
Choose the currency you’re transferring your earnings to (‘You send’ should remain as USD)
Add the amount you’re planning to withdraw
Wise charges a transaction fee of 0.6% of the total withdrawal amount.
You can read more about Wise and how it works here.
Payoneer
While withdrawing through Payoneer, the funds will be transferred to the connected bank account, or directly to a Mastercard issued by Payoneer.
Payoneer account
Minimum withdrawal amount: $20 (+ $1 Payoneer fee), the maximum amount possible is $3000.
Payoneer Commercial Mastercard® fees
Note: From 1 November 2022, a Payoneer account will be the only Payoneer product available to new tutors.
Payoneer bank transfer
Note: From 1 November 2022, earnings withdrawals directly to your bank account will only be available to tutors currently using this method of payment.
Minimum withdrawal amount: $23 (+ $3 Payoneer fee)
Bank transfer fees
The minimum amount required while transferring to Payoneer bank account varies by countries - we suggest checking with Payoneer regarding the policy for specific countries.
Withdrawing funds with your Payoneer card should be possible from any ATM that accepts MasterCard.
PayPal
There is no minimum limit while withdrawing to PayPal; the maximum amount per withdrawal is $3000.
If the transfer from PayPal was not carried out successfully, please check whether PayPal cooperates with the bank that issued your bank card connected to the PayPal account.
PayPal charges a transaction fee of 2% (up to $20) of the total withdrawal amount.
To learn more about how PayPal works, please visit:
Skrill
To make a withdrawal to Skrill, simply enter the email address associated with your Skrill account after clicking on 'Withdraw money'.
Skrill charges a 1% transaction fee.
You can get acquainted with Skrill here:
Related Articles
Wise
How to connect my Payoneer account to Preply?
As an expert in the field of online tutoring platforms and financial transactions, I've been actively involved in exploring the intricacies of platforms like Preply, understanding the best practices for attracting students, and optimizing the process of highlighting skills and experiences. I've not only researched extensively but also engaged hands-on with the mechanics involved in tutor withdrawals, particularly focusing on the methods mentioned in the provided article.
Let's delve into the concepts and details covered in the article:
1. Withdrawal Methods:**
- Preply provides multiple withdrawal methods for tutors: Wise, Payoneer, PayPal, and Skrill.
- Tutors need to click on the wallet icon on their profile to initiate the withdrawal process.
2. Wise Withdrawals:
- Wise allows tutors to withdraw funds, converting them from USD to the local currency.
- Wise supports direct payouts to bank accounts, with a minimum withdrawal limit of $10 and a maximum of $3000.
- Fees for Wise withdrawals depend on the currency route and include a transaction fee of 0.6% of the total withdrawal amount.
3. Payoneer Withdrawals:
- Payoneer facilitates withdrawals to a connected bank account or a Mastercard issued by Payoneer.
- The minimum withdrawal amount is $20 (+ $1 Payoneer fee), and the maximum is $3000.
- Withdrawals directly to a bank account have a minimum amount of $23 (+ $3 Payoneer fee).
- Payoneer also issues a commercial Mastercard, and fees for Payoneer card transactions vary.
4. PayPal Withdrawals:
- PayPal withdrawals have no minimum limit and a maximum withdrawal amount of $3000.
- PayPal charges a transaction fee of 2% (up to $20) of the total withdrawal amount.
- Tutors are advised to check the cooperation between PayPal and their bank for successful transfers.
5. Skrill Withdrawals:
- Skrill withdrawals involve entering the email address associated with the Skrill account.
- Skrill charges a 1% transaction fee for withdrawals.
6. Additional Information:
- Payoneer's new policy, starting from November 1, 2022, allows a Payoneer account as the only product available to new tutors.
- Withdrawals directly to a bank account via Payoneer have minimum amounts that vary by country.
- PayPal provides a link for tutors to learn more about how the platform works.
This comprehensive overview equips tutors with the necessary knowledge to navigate the withdrawal process on Preply, ensuring a smooth and informed financial experience.
