You know about Deel's payment methods
Deel has a wide array of withdrawal methods tailored to meet the needs of international contractors. You can choose from the conventional bank transfer to their prepaid Deel Card or transfer directly to cryptocurrency wallets.
The options include: - Bank Transfer - Deel Card - Deel Instant Card Transfer - Digital Currency Transfer - PayPal - Payoneer - Revolut - Wise
Setting it up
Setting up a withdrawal method is pretty straightforward. Just go to the Finance tab, click on Withdrawal Methods, and then Add Method. You will need to input your details, keeping in mind that some methods may require you to head over to their respective sites.
To automate the process, you have to navigate to the Withdrawal Methods page within your Account Settings and hit Set Up. This allows your earnings to be transferred automatically.
The advantages for global teams
Using their payment methods can really smooth out the process of paying international contractors. You won’t have to deal with endless bank forms or get locked in to using one payment processor.
- Banks and money transfer services can take days to process payments, while Deel's methods are usually pretty instant.
So in global payroll outsourcing, you can see why Deel's multi-currency payment processing options could be a game changer.
- Using Deel Instant Card Transfer for small amounts to your Deel Card helps you skip the PayPal fees, for instance.
The downsides
But let’s not forget the potential downsides either.
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While they support a lot of currencies and methods, there still might be limits depending on where your contractors are based.
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Then, of course, there are the fees. Using services like PayPal and Deel Instant Card Transfer will incur fees, and other transfer methods like Revolut can come with their own hidden charges.
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And if you're working with crypto, you’ll need to consider the volatility in exchange rates when you withdraw those funds.
Both the pros and the cons make this an interesting choice.
