Update on instant pay-outs for Doms

Posted by MasterOfAll

Over the last few weeks I have been working on instant pay-outs for Doms.

As the new system gets closer to release I wanted to update you on how this new system will work.

- Doms will still only be able to cash out Tips that they have had for 4 weeks

- The minimum amount of Tips you can withdraw will be lowered to 500 (£50), this is down from 800 (£80)

- When you have completed the withdrawal the payment will be sent instantly, there will no longer be a monthly pay-out date

- Depending on what kind of account you're withdrawing to determines how long the payment may take to reach you:

Revolut account - instant

UK bank account - within 2 hours (usually instant)

An account outside the UK - up to 5 days

Although payments to accounts outside of the UK will take longer than with WISE, I think we can all agree this is still quicker and more convenient than one monthly pay-out.

In addition to the withdraw fee that the site takes, there will also be an additional transfer fee to cover my banking costs, as I get charged per transaction, however these fees are minimal:

Revolut account - no fee

UK bank account - 2 Tips (20p)

An account outside the UK - 30 Tips (£3)

Because of this I recommend that if you're using a UK or International account to build up Tips and put in one pay-out rather than many smaller ones to save on fees.

To help you understand better when your Tips will be available to withdraw and plan when to put in a request a new section will be added showing the dates that Tips will be available to withdraw.

In the coming weeks a select number of users will be asked to participate in testing of the new system, when the testing has completed the new system will be rolled out to all users.

Thank you for your patience.

MoA