FAQ ABOUT PAYMENTS
Which party will be paying you, depends on the company you will work for. There may be differences, but below you can find the answers to the most frequentlly asked questions:
I want to change my bank account, is that possible?
Yes, as long if the account is in your own name.
However, do this on time! If you want to change your account for the next upcoming (monthly) payment, you must do this before the 25th of the month.
Due to financial protocols, most companies do not accept changes between the 25th and the 7th of the next month.
With some companies including a copy of your ID is required.
I received an invoice, but I think it is not correct.
Mistakes can be made. The e-mail itself will only show you the total amount. Always download your invoice and open it to check the numbers with your own stats in your account. In case you notice a one euro difference: that would be the administration costs. If there is really something wrong, contact the company you work for right away.
I received an invoice, does this mean I get/got paid?
No, an invoice is an overview of your earnings for a certain period, usually a month, it is not a payment confirmation.
I did not receive an invoice.
Check your email inbox, if it is not there, check your spam box or folder. Are you checking the same e-mail address you used for applying?
Did the company already announce in the GC all invoices have been sent? Did you change your e-mail address and if so, did you inform the company? Is your inbox full? If non of the above, check your details with the company.
How do I prevent invoices ending up in my spam all the time?
Add the address of the sender to your address book, this will often be enough. If not, white list the address or mark it as 'not spam'. Google the how, it is different with every provider.
Why does my invoice show a minus amount, not plus?
Because that is the right way to do it. It is a reversed invoice. In fact you should be the one sending us one for the work you did. See it like this: if we would have a webstore and you bought a pair of Nikes on our site, you would get an invioice from us of, say, (+) 145 euro. You owe us. But if you work for us, we owe you, so it should be minus.
I received an invoice, but it does no show the money you owe me for last month, why?
Because your invoice is an overview of your earnings for a certain period (usually a month). For last month you already received an invoice.
Your balance is simply the total of all open invoices from the company you work for. Once paid you will receive a payment confirmation for each seperated invoice.
When will I be paid?
This depends on:
- The minimum amount for pay out, set by the comapny you work for
- If the payment period is weekly or monthly
- How long it takes before the paying party receives the money from the overall company
- How much time it takes to prepare all payments (which depends on the number of people working for the company)
- If there is a weekend or holiday involved
Number 1 and 2 you can find on the job pages. Number 3 usually will take a couple of days. Number 4: usually one to a couple of days, it really makes a difference if a company has 50 or 500 people working.
Number 5: banks don't process foreign transfers during holidays or weekends (both on the sending and receiiving side). Fully automated payments (like real time payments within The Netherlands) will not be delayed by holidays or weekends.
I did not receive a payment confirmation.
This may be because the company did not complete all transfers yet. Did they announce they are done? Also check everything under 'I did not receive an invoice'.
I received my payment confirmation, does this mean I have been paid.
This depends on the company, it either means you just have been paid or your payment has been prepared. Some companies will prepare all payments while waiting on the money to come in from the overall company, for faster payment. So once the money has been received they can make all the transfers right away. In those cases there can be a one or 2 day difference between receiving the payment confirmation and the date the money really is transfered.
I did receive a payment confirmation, but there is nothing showing in my account / my bank says there is nothing to be found!
Did the company announce all transfers have been made? (see the above).
Where do you live? Only payments within the Netherlands are real time. Payments to other IBAN/EU accounts and countries and payments to E-bank accounts at least one full day. Payments outside the EU will take 3 to 5 working days (so with weekend included at least one week) on average. Foreign transfers are often accepted the day after you got your payment confirmation (due to different time zones). So that is already eight days. That is why in reality it may take up to two weeks before you have your money in your account, because your bank needs time to process the incoming funds as well. Some countries are faster than others, some banks within a country are faster than others. And there may even be differences between branches of the same bank in different cities.
If you did not receive the money after two weeks, contact the company you work for, so they can request the SWIFT details from the sending bank to help you (your bank) trace the transfer.
What are the costs?
To a regular IBAN/EU account: free (this also includes E-banks with IBAN accounts).
To banks with IBAN outside the EU or not a full member of the EU: depends on the country, usually around 10 euro (like Turkey). However, in those cases the local bank may take out a fee as well.
All other countries: that really depends on the country and can be anything form like 20 or 25 euro to 50 euro or more. The total of the cost is the sum of the sending bank fee, the international transfer costs, the intermediary bank and the fee and/or adminstration costs from your local bank. For non Euro accounts, currency exchange rates can be of influence as well.
E-banks: in case the company you work for uses an E-bank to transfer the money, this won't really change things. Bitsafe transfers to other Bitsafe members are free, to regular IBAN accounts it is not, but the costs are only 75 euro cents. Standard transfer fee to banks outside the EU are 25 euro, but this does not include the intermediary bank, nor costs from your local bank, so in the end it will just be something alike.
What is an intermediary bank?
In rare cases banks have a direct contract wiih each other, for instance when the sending bank has major interests in the country you live in, but usually not. In those cases a bank has a contract with another bank that is specialized in transfers to your country. Usually they will take out a fee.
What is an E-bank and what can it do for me?
An E-bank is just a real bank. The difference is that it is an online (only) bank.
And yes it can be useful. For instance you can use it to gather and/or save up your payments for a certain period of time before you transfer it to your local account. You will still have your transfer costs, but only once. Payments form the company to your e-bank are free of charge.
An E-bank like Bitsafe secures your money in Euro, which may come in handy in countries with a high inflation. Also they offer a real Meastro debet card, which you can use to withdraw money from an ATM (if possible in your country) or pay for things online or in stores.
It is availble for countries world wide, unless your country is blacklisted for some reason.
You do need a valid and offical ID such as a passport to open an account.