Withdraw Your Funds
Now that you have made profits, you need to decide what to do with those funds. You could simply withdraw them, and we tell you how to do that quickly and easily here. There are advantages to keeping the funds in the Vertecto system and you can read about some of them here. Before you withdraw funds, you should read a quick summary of how the withdrawal process works here. Our withdrawal process can save you and your sub-carriers substantial amounts of money. Learn more here.
How To Withdraw Funds
Check the banking information in your profile to assure it is correct and current. Navigate to the "Withdraw Funds" page by (1) clicking "Accounts" on the main (red) navigation bar and (2) clicking "Withdraw Funds" on the secondary (gray) navigation bar. Check your (3) account balances for each currency. Tell us (4) how much you want to withdraw and (5) which currency account to withdraw from. Click "Request Money from My Account". That is all there is to it! IMPORTANT NOTE: You will receive your funds at your local bank in your local currency as explained in "How The Withdrawal Process Works". Please read that section carefully so that you receive your funds in the manner you want as quickly as possible.
Some Advantages Of Not Withdrawing Funds Immediately
While you may be anxious to withdraw funds immediately after you earn them, there are advantages to keeping them in your TPS account or using them to pay creditors, including:
The funds will be available to be used instantly in your next escrow transaction
If your suppliers are members of Vertecto, it is often more efficient and less expensive for them and for you to pay them from your Vertecto account rather than paying them from your local reserves
You can move your funds between primary currencies to hedge risk less expensively than at your local bank
In some countries, you may not be taxed on your revenues until you withdraw the funds
While we make it much less expensive to repatriate escrow funds in countries such as Mexico and India, it may still be less expensive to use your Vertecto accounts to do deals than it is to withdraw the funds and then convert them into USD or EUR for the next deal.
How The Withdrawal Process Works
IMPORTANT: When you withdraw money from your Vertecto accounts, Vertecto delivers the funds to the bank listed in your Profile in the local currency of the bank (or in USA dollars if your local currency is not among the 33 national currencies that we service). We will use your preferred method of delivery (ACH transfer, wire transfer, or check). We obtain all of this information from your Profile at the time you withdraw funds. If you have not completed the bank account information in your Profile before you request a withdrawal, you will receive this error message:
If you receive this message, simply navigate to your Profile by clicking "Profile" on the gray navigation bar and update your banking information.
You can change your banking information at any time. Why would you or your company do this? Assume that your company has bank accounts in the USA, India, Hong Kong, and the UK. By changing your Profile bank account information to match the Indian bank account, your company can withdraw funds in Rupee to India. Then, you can change your Profile bank account information to match the Hong Kong bank account an withdraw funds in Hong Kong dollars, and so forth. Note that you can also change the method of delivery.
Important Advantages Of The Withdrawal Process
The ability to withdraw funds in native currencies (33 of them!) can save carriers (you or your sub-carriers) substantial fees and time. EXAMPLE: A carrier is based in Mexico and sells Mexican cell phone routes to USA based carriers. All of its transactions are conducted in USA dollars. Before Vertecto, the carrier could either:
(a) Create a USA subsidiary to open a USA bank account to deposit USA dollar payments, which is expensive and can be difficult or impossible as a practical matter; or
(b) Overpay for an international wire transfer of USA dollars to its Mexican bank, overpay its Mexican bank for a wire receipt, wait four days for the bank to convert the USD to MXN and pay the highest average exchange rate plus the bank's markup plus a currency conversion fee. This can effectively wipe out most of the carrier's profit.
If the same Mexican carrier is a member of Vertecto, (i) it has all the benefits of a USA, UK, HK and EU bank accounts without the costs and problems, (ii) when it decides to withdraw funds from Vertecto, it saves money by using an inexpensive ACH transfer or wire transfer, and (iii) its funds are converted to Pesos (MXN) in the USA at the Wells Fargo/HSBC wholesale spot exchange rate, which is MUCH less expensive.