To avoid added fees on Payoneer, set up a new Payoneer account through the Storyhunter portal, following these steps:
Visit Settings>Payment Information and click "setup."
Select ACH/Wire or a Pre-Paid Debit Card.
ACH or Wire
- ACH Withdrawal to a U.S. bank account:
- If you withdraw directly to a U.S. bank account, you can choose this option
- Fees: No fee for U.S. accounts
- Wire to a U.S. bank account:
- Fees: $15 per wire + $3 load fee plus your bank’s processing and possible currency conversion fees
- Timeline: Similar to normal bank processing times, withdrawal from Payoneer to your bank may take between 3-5 business days.
- ACH Withdrawal to a non-U.S. bank account:
- If you withdraw to a non-U.S. bank account and elect to withdraw in your own currency, you can do so through Payoneer with lower transfer and conversion fees.
- Transfer & Conversion Fees: $3.00 fee per withdrawal to a non-US bank account. If your bank does not accept USD, a 2% currency conversion fee will apply to your withdrawal in addition to your bank's usual international fees. Please check with your bank to understand their rates.
- Please review the list of supported countries where bank transfer is available.
Storyhunter Pre-paid Debit Card
- Withdrawing to a pre-paid debit card:
- We offer a pre-paid Mastercard in order to offer more global coverage. We highly recommend choosing this option if you are in a location that is under-supported when it comes to international bank transfers and if you prefer to share less information.
- Fees: $10.00 activation fee.
- Estimated timeline: It typically takes up to 14 days, but may take 30 days for you to receive your Storyhunter pre-paid card, which are shipped from the EU. Withdrawing your earnings to card takes only minutes and can be used in ATMs.
After registering for Payoneer and uploading all necessary documentation, Payoneer will send you a link to complete a tax form via their online portal.
Because we are a US company and are the ones to complete freelancer payments, any freelancer who is paid $600 or more per year is required to fill out a US income tax form.
Upon enrollment, Payoneer will ask you to fill out a:
- W9 form if you're an American citizen
- W8-BEN form if you're not American and aren't residing in the U.S.
Upon receipt of your appropriate form, Payoneer will then issue corresponding 1099 for the work you completed through the Storyhunter platform.
W8-BEN: Non American & not residing in the US
If you are not American you would select the W8-BEN form to fill out as this shows you are exempt to paying the tax that US citizens do. If you represent a company, fill out W-8BEN-E form.
You would then fill out the top with your personal information and at the bottom you may leave the SSN/ITIN fields blank. To the right of that please select your country and insert your Tax Number.
For Part 2, you must leave everything blank.
Payment setup is now complete!
Once approved, you can use the Reports tab to monitor upcoming payments. When you are paid out, simply log into Payoneer to withdraw the funds to your bank account.