How to receive a wire transfer from an affiliate network
There are hundreds, if not thousands, of affiliate networks throughout the globe, and each network offers you a variety of ways to withdraw the money you have earned. Today we are going to cover the most common, though not always the simplest, method of receiving money from an affiliate network, namely a wire or bank transfer.
A bank transfer or wire is a series of transactions carried out when a person or entity instructs their bank to send money directly into another bank account. So, a wire transfer involves intermediaries and is typically made from one bank account to another. The speed of transaction processing varies from one financial institution to another, and a small fee is charged on each individual transaction.
Let’s consider a few ways of getting a wire transfer.
Registering a company overseas
You can start a company in a state with a favorable tax climate and open a business account to receive bank transfers. The majority of transactions are carried out in the SWIFT system and take from 3 to 5 days. In this case, you won’t incur any taxes.
However, registering a company overseas and opening a bank account in a foreign country can be time-consuming and rather costly. This method would be a good option for solo affiliates with a huge turnover or for affiliate teams.
In a separate article, we will tell you where it’s more advisable to register a company.
There are special exchange bureaus through which you can receive a bank transfer.
In this case, you will have to inform a bureau representative what electronic funds you would like to receive. The representative will give you the wire transfer details which you will have to submit to an affiliate network. After the transfer has been completed, you will be able to get the funds in the form you have chosen. For instance, if you want to transfer the money to your Webmoney account, the commission will amount to 3%. If you want to get your money in cash, you’ll have to pay a fee of 4%.
Pros: there is no need to register a legal entity, you can pick a payment system most convenient for you and enjoy full anonymity.
Cons: you have no control over your money. No control whatsoever. Full anonymity, remember? So, this method is rather precarious.
It’s great when an affiliate network can transfer the money directly to your ePayments account. However, this is the exception rather than the rule.
However, if you have an ePayments account, you can use it to receive bank transfers. To that end, you should submit your account details to an affiliate network.
You can also receive bank transfers to your ePayments wallet. In this case, you’ll need to submit your wallet details and number (XXX-XXXXXX). The transaction process will take about 3-5 days, while the commission will account for 1 euro.
We have listed the most common ways of receiving a bank transfer that can be of use to both solo affiliates and affiliate teams. By the way, keep in mind that if a tax man hasn’t yet come a-knocking at your door, this doesn’t mean that he won’t remember about you one day.