How To Link a Bank Account On Fiverr

Introduction.

Setting up a Fiverr account is one thing, but getting paid directly to your bank account is the real game-changer, especially if freelancing is your full-time gig. If you’re looking to make linking your bank account seamless on Fiverr, you’re in the right place.

Having a reliable way to access earnings is crucial for any freelancer, and while Fiverr offers several payment methods, many freelancers prefer direct bank transfers due to their simplicity, security, and, often, lower fees compared to other options.

In this article, I’ll take you step-by-step through the process of linking your bank account on Fiverr, outlining what you need to know, how the process works, the pros and cons, and what to expect in terms of fees and processing times. Let’s dive in and make sure you’re set up to get paid the way you want.

Why Link Your Bank Account on Fiverr?

Fiverr gives freelancers a few ways to withdraw funds: PayPal, Fiverr Revenue Card, and direct bank transfer.

Many prefer linking a bank account because it’s straightforward and doesn’t involve middlemen or extra steps.

Plus, the ease of knowing your hard-earned cash goes straight into your bank can give a greater sense of control over your income.

Also, let’s face it, bank transfers tend to be more secure than some digital wallet options. And if you’re earning in substantial amounts, this can even be more cost-effective, as some payment processors charge higher fees for larger withdrawals.

How Do I Link My Bank Account on Fiverr?

Let’s break down the steps to linking your bank account on Fiverr so that you can start receiving payments directly and avoid the hassle of extra steps or accounts. Here’s how you can set it up:

1. Accessing Payment Settings.

To start linking your bank account, head to the Earnings section. You can find this by clicking on your profile picture, selecting Selling, and then Earnings. This is where Fiverr provides options for transferring money.

2. Selecting “Bank Transfer”.

Once you’re in the Earnings section, you’ll see several withdrawal options. Choose Bank Transfer to proceed with linking your bank account.

3. Setting Up with Fiverr’s Partner, Payoneer.

Fiverr partners with Payoneer for bank transfers, so you’ll need to set up a Payoneer account (if you don’t already have one). If you’ve already used Payoneer for other platforms, you can link that existing account, which simplifies the process.

4. Providing Your Bank Details.

Payoneer will ask for your bank details, including account number, routing number (for US accounts), or IBAN/SWIFT code if you’re outside the US. Make sure these details are correct to avoid issues with transferring funds.

5. Verifying Your Identity.

For security, Payoneer might ask you to verify your identity by uploading a government-issued ID, like a passport or driver’s license. This extra step helps keep your account safe and compliant with regulations.

6. Confirming the Link.

After you’ve set everything up, you’ll receive confirmation that your bank account is linked to Fiverr via Payoneer.

Once it’s connected, you’re good to go! Withdrawals from Fiverr will automatically go to your bank through Payoneer each time you request a transfer.

Pros and Cons of Bank Transfers on Fiverr

Let’s take a look at some of the advantages and disadvantages of using bank transfers for Fiverr payments.

Pros

Lower Fees: Bank transfers often come with lower fees compared to other methods like PayPal, making it a cost-effective option, especially for higher earnings.
Security: Direct transfers are typically more secure and reliable, reducing the risk of issues with third-party services.
Accessibility: No need to juggle multiple accounts or apps; your funds go straight to your bank, making it easier to manage.
Currency Flexibility: Payoneer supports multiple currencies, which is a huge advantage for international freelancers.

Cons

Waiting Periods: Bank transfers can take longer to process. Depending on your bank and location, it might take 3-5 business days to receive funds.
Payoneer Account Required: Since Fiverr uses Payoneer for bank transfers, you’ll need to create an account with them, which adds a small step to the process.
Identity Verification: This may feel like an extra hassle, but it’s there for security reasons.

Common Questions About Linking a Bank Account on Fiverr

Let’s tackle some of the questions that often come up when linking a bank account on Fiverr.

1. Is There a Fee for Bank Transfers on Fiverr?

Yes, there is a fee associated with bank transfers on Fiverr, which is currently $3 per withdrawal for standard bank transfers. This fee can vary depending on your country and the currency you’re using, so be sure to double-check before setting it up.

2. How Long Does It Take for Bank Transfers to Process?

The transfer time typically ranges from 2-5 business days, depending on your bank. This can vary by country, so be prepared for occasional delays, especially if there are banking holidays or you’re transferring internationally.

3. Can I Link Multiple Bank Accounts to Fiverr?

No, Fiverr currently allows only one linked bank account at a time. If you need to change it, you can do so, but there’s usually a cooldown period for added security.

4. Is It Safe to Link My Bank Account on Fiverr?

Yes, Fiverr’s partnership with Payoneer ensures secure transfers. Payoneer is a trusted financial services provider with robust security measures in place to protect your personal and financial information.

5. What If I Don’t Have a Payoneer Account?

You’ll be prompted to set one up when you select Bank Transfer as your withdrawal method on Fiverr. It’s free to create a Payoneer account, and once it’s linked, you’re set for future withdrawals.

6. Can I Change My Bank Account Later?

Yes, you can update or change your bank account details, but Fiverr might place a temporary hold on transfers while they verify the change. This is a security feature to prevent unauthorized changes.