Articles on: Payments

Withdrawing to a Bank Account - Local Transfer (ACH, SEPA, eCheck, EFT)

Local Transfers - Withdrawing to A Bank



goLance offers two ways to transfer money to bank accounts.
A local transfer and a wire transfer.
Please read this article and the one on wire transfers to make sure that you choose the best option for you.

What is a Local Transfer?



The local transfer method deposits your goLance earnings directly into your bank account via different payment networks. A local transfer uses existing regional networks to send the money to your bank in your local currency (a.k.a. ACH, eCheck, International ACH, SEPA, EFT, etc.) When you choose to withdraw money this way, the approximate amount that is seen will generally be the exact amount that is received into your bank account. However, this can depend on whether or not the withdrawal needs to be approved first.
When you choose a withdrawal method, the conversion occurs on goLance's end.



Here are some important details to note about using local transfers:



Countries Available for Local Transfer:
Andorra (EUR), Argentina (ARS), Australia (AUD), Austria (EUR), Bangladesh (BDT), Belgium (EUR), Bolivia (USD), Brazil (BRL), Bulgaria (EUR, BGN), Belarus (BYN), Canada (CAD), Switzerland (EUR, CHF), Chile (CLP), China (CNY), Colombia (COP), Cyprus (EUR), Czech Republic (CZK, EUR), Germany (EUR), Denmark (DKK, EUR), Dominican Republic (DOP, USD), Ecuador (USD), Egypt (EGP), El Salvador (USD), Estonia (EUR), Finland (EUR), France (EUR), Gibraltar (GIP), Greece (EUR), Honduras (HNL), Hong Kong (HKD), Haiti (USD), Hungary (HUF, EUR), Ireland (EUR), Israel (ILS), India (INR), Indonesia (IDR), Iceland (ISK, EUR), Italy (EUR), Japan (JPY), Kenya (KES), Republic of Kosovo (EUR), Latvia (EUR), Lichtenstein (EUR), Lithuania (EUR), Luxembourg (EUR), Monaco (EUR), Malaysia (MYR), Malta (EUR), Martinique (EUR), Mexico (MXN), Monaco (EUR), Netherlands (EUR), Norway (NOK, EUR), Nepal (NPR), Peru (PEN), Pakistan (PKR), Philippines (PHP), Poland (PLN, EUR), Portugal (EUR), Réunion (EUR), Romania (RON, EUR), Sweden (SEK, EUR), San Marino (EUR), Singapore (SGD), Slovakia (EUR), Slovenia (EUR), South Africa (ZAR), Spain (EUR), Sri Lanka (LKR), Sweden (SEK, EUR), Thailand (THB), Turkey (TRY, EUR), United Arab Emirates (AED), United Kingdom (GBP, EUR), United States (USD), Uruguay (UYU), Venezuela (VEF), Vietnam (VND).

goLance Fee:
$2 USD per transaction.

Payment Network Fee
This amount can vary but is usually between $0-$9 per transaction.

Payment Network Currency Conversion Rate / Fee
Funds are converted from USD to your local currency at the exchange rate set by payment networks. goLance has no control over this rate, or the fees that the payment networks set. However, goLance does select the Payment Network that offers you the lowest rate and fee each time you make a withdrawal.

When you make a withdrawal, you will see the exact amount you will receive in your local currency before you agree to the withdrawal.



Time to Withdrawal
Up to 5 business days. The time can vary from 1-5 days from withdrawal to withdrawal, as we use different networks to get you the best rate. Some are faster than others.

Advantages
Low and predictable cost.
Goes directly to your bank account.

Disadvantages
Longer time to process vs. some other methods.

When to Use
This is the best method overall. We recommend you use it if it is supported in your country.

How to Add a Local Transfer Payment Method



First log into your goLance account and navigate to your goWallet. Click on "Add a Payment Method"



Select "Withdrawal"



Choose the method, "Bank Account".



Select your local currency for a local transfer. If your country is the United States, you will see that the the currency you choose is set to USD. If you are outside of the United States, you may see your own currency and USD as an option. If you select USD, this will be a wire transfer and may cost more!



Fill in your banking details and click "Add Bank Account". Your payment method may need to be approved first but soon you will see a successful payment method has been added to your account.

Did We Answer Your Questions?



If you feel that this article has not answered your question, please leave some feedback below so that we can work on it further to answer your questions. Otherwise feel free to leave a thumbs up!

Updated on: 01/12/2022

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