Vendors have a wide variety of choices in how payments should be sent out from their 2Checkout account. The payment types, fees and availability can often be confusing. Release of payments also depends on the status of your 2Checkout account, which would have to be of a “Y” or “P” status to be eligible for the funds release. Below are the definitions, geographical availability and the associated fees for each payment type.
Definitions
- EFT — Electronic Funds Transfer is the quickest method of money transfer and they do not cost anything through 2Checkout. Vendors are able to transfer very small amounts (minimum of $10 USD) from their 2Checkout account to their bank, hence enabling vendors to potentially be paid every week without the penalty of transfer fees. It is recommended by the banking systems for the safety of the vendors that no more than $10,000 USD be transferred per payment for vendors who can receive EFTs, as they are rescindable. Although EFTs are not available in all countries, vendors always have the option of signing up for a Payoneer card to enable their ability receive EFTs.
- Payoneer — The 2Checkout.com-branded Re-Loadable MasterCard® (powered by Payoneer) is the solution for vendors who wish to be able to accept EFTs in countries that do not offer the EFT service. The opportunity to receive EFTs in a country that does not support them is accompanied by the inherent benefit of being able to receive payments from your 2Checkout account with only a $20 USD minimum payment and no 2Checkout transfer fees (although, Payoneer does charge nominal fees for transferring money to your card). Additionally, it is very handy for those who wish to have direct ATM access to the funds transferred from their 2Checkout account into the Payoneer card. Click on the following link if you would like to sign up for the 2Checkout.com-branded Re-Loadable MasterCard®.
- Wire Transfer — Monetary wires are not as quick as EFTs, although they are typically suggested for payments greater than $10,000 USD. Wire transfers give you the assurance that your check-in-hand is as good as cash and no charge-backs can take place against that amount unlike EFTs, which are rescindable.
- Paper Check — Checks are manually printed from our 3rd-party processor and then mailed out to the address you specify within the Banking Wizard.
Payments within the United States
- EFT (ACH)
Transfer: 2-3 business days
Fee: NONE
Release Level: $10 - Payoneer
Transfer: 2-3 business days
Fee: Varies (no 2Checkout fee)
Release Level: $20 - Paper Check
Transfer: Standard First Class mail
Fee: $4
Release Level: $100
Payments Outside the United States
- EFT (DEFT, AEFT, BACS, other) — Click here to learn about foreign ACH transactions.
Transfer: 2-3 business days
Fee: NONE
Release Level: $10 - Payoneer
Transfer: 2-3 business days
Fee: Varies (no 2Checkout fee)
Release Level: $20 - Wire Transfer (in local currency)
Transfer: 14-21 business days
Fee: $6
Release Level: $300 - Wire Transfer (In USD to destination bank based in a supported foreign currency country)
Transfer: 14-21 business days
Fee: $15
Release Level: $300 - Wire Transfer (In USD to destination bank based in an un-supported foreign currency country)
Transfer: 14-21 business days
Fee: $10
Release Level: $300 - Paper Check
Transfer: Standard Air Mail
Fee: $4
Release Level: $100
Supported Foreign Currencies — for ACH Transactions
- AUD - Australian Dollars
- CAD - Canadian Dollars
- EUR - Euros
- MXN - Mexican New Peso
- NZD - New Zealand Dollar
- CHF - Swiss Franc
- GBP - Great Britain Pound Sterling
Supported Foreign Currencies — for Wire Transfers
- AUD - Australian Dollars
- CAD - Canadian Dollars
- EUR - Euros
- HKD - Hong Kong Dollars
- INR - Indian Rupee
- JPY - Japanese Yen
- MXN - Mexican New Peso
- NZD - New Zealand Dollar
- NOK - Norwegian Kroner
- SGD - Singapore Dollar
- SEK - Swedish Kroner
- CHF - Swiss Franc
THB - Tai Baht(temporarily unsupported!)- TRY - Turkish Lira
- GBP - Great Britain Pound Sterling
- CZK - Czech Republic Koruny
- DKK - Denmark Kroner
- EEK - Estonia Krooni
- HUF - Hungary Forint
- ILS - Israel New Shekel
- KWD - Kuwait Dinars
- PHP - Philippine Pesos
- PLN - Poland Zlotych
- SAR - Saudi Arabia Riyals
- SKK - Slovakia Koruny
- AED - United Arab Emirates Dirhams
To set your payment preferences, use the Banking Wizard within your 2Checkout account.
2 Comments »
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Good options are available, my question is i am living india, if 2co receives money how can i withdraw. my clients will pay in dollars and euros etc. will 2co convert the dollars or euros to my currency and can it help in transferring to my bank account.
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Hello Lakshman,
The customer is able to purchase the products in any currency that we have available, including US dollars and Euros. Here is a full list of 2Checkout’s payment currencies.
Once the purchase is made, we add the money to your 2Checkout account, and track it in US dollars. We will then pay you using the option you choose. For India, there are two ways that you can be paid directly in Rupees– wire transfer and the Payoneer card.
The wire transfer option will deposit the money directly into your India based bank account in Rupees, and you can draw your money directly from your bank. Because of regulations from the Indian government, the payment must be at least 100,000 INR in order for us to be able to wire you the money, so this is something to be considered.
The 2Checkout MasterCard powered by Payoneer allows you to be paid by a prepaid debit card that you can use anywhere that MasterCard is accepted. You can also withdraw money in the local currency at any ATM worldwide.
I hope that this clarified things for you. If you have any further questions, please let us know!
Julie