Questions around payout fees / transfer costs / bank account setup (Canada)

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1

Hi there, I’m a new iMusician user located in Canada. I’m intending on subscribing to the AMPLIFY+ plan but I wanted to check a couple of things before I do that.

I think I heard you say in a YouTube video that you use Wise in the payout process.

-Will there be any currency conversion or payout fees for me when requesting a payout? What are the “payment transfer costs” mentioned in the terms & conditions?

-I have a Canadian bank account which I see I can add to my iMusician dashboard. Are there any other fees I should be aware of (assuming I’m on the AMPLIFY+ plan with 0% commission)?
-I assume you have some users in Canada who have received payouts to their Canadian bank accounts without problem? Just checking as I’m very new to this!

Thanks!
James

3

Hey @jamescurtis

Thanks for your questions!

Starting off

  • Currency Conversion fees when using Wise, should be a no. We don’t have payouts in CAD but we can payout in USD. This will be paid into Wise and you can then do the conversion to CAD in Wise (my personal recommendation, as you’ll get more than if you payout USD to a bank, probably)

  • There are no additional fees if you’re and Amplify+ customer. No commission on socials, no commission on YouTube revenues and No withholding tax. The only additional places you can spend money with us are on Express Delivery and our mastering products.

*The payout fee, I will clarify this for you soon as I’ve forgotten the exact mechanism

I’d also highly recommend using Wise with us instead of just entering your Canadian bank account. It will save you in currency and international transfer fees charged by some banks

Hope this helps!

4

Hi Simon, thanks for your reply and answering my questions!

That sounds straightforward enough.

I will standby for information around the payout fee.

Thanks,
James

5

Hey James,

A standard bank transfer fee (which includes Wise transfers) is 0.40EUR / equivalent in USD

I hope that this helps

6

Great, thanks @SimonG !