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Find answers about JoomLancers read how it works for providers and buyers.

Withdrawals Process Schedule

New Document

In order to facilitate the increasing numbers of withdrawal requests, new improvement and faster schedule for money withdrawals on JoomLancers will be applied as of 20th August 2007. The details of improvement and schedule are as follows:

PayPal Withdrawals: 

Associated with the latest rise of PayPal masspay fee, you will be charged an additional floating fee of 2% of the total withdrawal amount if PayPal gateway is selected. It will take effect as of 31 Oct 2011.

This reflexes Paypal's sending fees increase only and not for Joomlancers' benefit. We absorb all administrative cost when sending money to providers.

 

All withdrawals: Faster Processing Schedule Every Monday!

For Provider:

Paypal Withdrawals, Moneybookers Withdrawals and Bank Wire Withdrawals will be processed on every Monday and the withdrawals must be submitted 7 days prior to be processed. Eg:

  • In order for a Paypal/Moneybookers/Bank Wire withdrawal to be processed on the Monday 8th, the withdrawal must be submitted before or on Monday 01st, otherwise it will be processed on Monday 15th.

For Buyer:

  • Refundable withdrawal: withdrawals via Refund method will be processed within 2 working days since the date of your withdrawal request. Learn more on When Refund is applied.
  • Masspay withdrawal: withdrawals via Masspay method will be processed on every Monday and the withdrawals must be submitted 7 days prior to be processed. Learn more on Masspay.
  • Moneybookers withdrawal: withdrawals via Moneybookers will be processed on every Monday and the withdrawals must be submitted 7 days prior to be processed.

Example of withdrawals schedule process:

Account Type Resquest Date Withdraw option Fees Processing Date Days to receive Note
Freelancer Mon 01st Paypal $0 Mon 8th Instantly (On the same day) You don't have to pay any Paypal fee when receive money
Freelancer Mon 01st Moneybookers $1 Mon 8 th Instantly (On the same day) You don't have to pay any Moneybookers fee when receiving money
Freelancer Mon 01st Bank Wire $35 Mon 8 th 5 to 10 working days to receive the money into your bank account, depending on your bank's policies After receiving your first withdrawal into new bank account, you bank account will be marked as VERIFIED
Buyer Mon 01st Refundable $0 Wed 3rd Instantly (On the same day) If you request for a refund of full deposit, all deposit fees will be returned
Buyer Mon 01st Masspay $0 Mon 8 th Instantly (On the same day)  
Buyer Mon 01st Moneybookers $1 Mon 8 th Instantly (On the same day) You don't have to pay any Moneybookers fee when receiving money

Note:

- All withdrawal dates and times are based on CST

- All first withdrawals will be delayed for 20 to 30 days for Security Verification.

- Withdrawals associated with suspected transactions or fraudulence, the duration for review might be extended at JoomLancers' discretion and only be processed upon completion of clarification procedure.

- For bank wire withdrawals, if your bank information is incorrect, your withdrawal will be returned and additional bank fees will be charged. The return bank wire may involve a currency conversion fee determined by JoomLancers bank. The specific exchange rate fee that applies to your withdrawals will be displayed at your transaction history.

What improvements are next for the Bank Wire withdrawal option?

In the next update of the JoomLancers (scheduled before 20th Aug 08), we will provide an option to "Add a Bank account" to your account page. Whenever making a withdrawal you will have not to fill in again the bank account details.

Upon a successful withdrawal, when receive the first payment into your Bank account, in the wire transfer detail you will be provided a VERIFICATION CODE which you will use to verify your bank account. The verification option will help to make sure that next withdrawals are not be returned.

 

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Date added:
Saturday, 28 February 2009
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