Let’s evaluate the different payment options available to ensure fast and secure compensation for our virtual assistants, in line with industry best practices.
Introduction
In order to optimize costs and ensure the security of money transfers to our virtual collaborators in Latin America, a comparative study of the various payment companies used by our organization was carried out. This analysis considered the rates applicable to money transfers to Mexico, South America and Central America. This document presents the results obtained and justifies the decision taken regarding the financial institutions that will provide this service.
We conducted a comparative study between current fees and those proposed for new payment methods. The results indicate that 85% of virtual assistants will experience a reduction in transfer costs. The rest will maintain or experience a slight increase. On average, Xoom charges a 3% fee per transaction, while Payoneer offers more competitive rates, ranging between 2% and 2.75% for most users.
Companies we analyze
During our analysis, we focused on those companies that offered long-term solutions for the remuneration of our virtual assistants, overcoming the limitations imposed by the sending limits established by other platforms.
New payment methods established by Mundo Talent
Payment policy: Mundo Talent has established the following platforms as the default payment method for all virtual assistants. Unless otherwise expressly indicated by the company in individual cases, transfers will be made through these entities, selected for offering the most competitive rates and thus guaranteeing a higher net remuneration for our collaborators.
The payment platform will be determined based on the geographic location of each virtual assistant.
- Payoneer: The preferred cross-border payment solution for leading remote work platforms, thanks to its wide geographic coverage and transaction flexibility.
- Virtual assistants residing in Bolivia, Colombia, Chile, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay and Uruguay will receive their remuneration through the Payoneer platform. In order to simplify the process, an invitation will be sent by email to each collaborator to register on the platform. If you already have a Payoneer account, we kindly ask that you let us know.
- If you reside in a country not mentioned in the list and wish to use Payoneer to receive your payments, we request that you contact your customer support agent via email.
- To see Payoneer costs, see below.
- PayPal: A quick and easy option for receiving payments, although fees can be high.
- – Virtual assistants residing in countries where PayPal is available as a payment method are free to select this option to receive their remuneration without restrictions.
- Veem.com: Our newest payments platform, designed to offer flexibility through multiple options, including digital wallet and bank deposit.
- This payment method is available for virtual assistants residing in Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Spain, Guatemala, Honduras, Mexico, Peru and Uruguay.
- Uphold: A cryptocurrency platform with low or no fees, but a high level of risk.
- – It carries a high risk, but it is an option for virtual assistants who prefer to receive payments in cryptocurrencies.
- Wise: This service is no longer available as of December 15, 2021. (DEBE INFORMAR SI RETIRAMOS ESTE TEXTO Y DE LA LISTA DE ARRIBA)
Individual requests for alternative payment methods
Although we recommend the suggested payment method, we understand that particular needs may arise. In that case, you can suggest alternatives and we will analyze them.
- We are looking for a payment method without limits to send money to Latin America. We ruled out options like Xoom or Remitly due to US regulations that impose these limits.
- We need a payment method that is compatible with the needs of businesses, facilitating the sending of commercial payments to international destinations, and not just money transfers between individuals.
Payoneer Process
With Payoneer you can send money almost anywhere in the world. They charge a fixed percentage for each transaction.
Payoneer works in a similar way to PayPal: the money is deposited into your Payoneer account and from there you can transfer it to your bank.
Payoneer offers you a Mastercard debit card so you can spend the money from your account directly, without having to transfer it to your bank.
Payoneer Costs
- Associated costs: Payoneer services incur an approximate 1% fee for receiving funds and an additional fee of between 2% and 2.75% for each withdrawal or purchase transaction. In total, costs can reach between 3% and 3.75% of the total value of the transaction. See details…
- Exclusive benefit! Mundo Talent has negotiated with Payoneer so that our virtual assistants do not pay the 1% fee when receiving their payments. This way, they will only pay the standard withdrawal or card usage fees (2-2.75%).
- Account currency: Money in your Payoneer account is always in US dollars, until you withdraw it or use it with your card.
- Save on fees: Use your Payoneer card to purchase products or services in US dollars. This will help you avoid additional currency conversion fees.
Costs with exclusive benefit
Based on communication with a Payoneer account executive and considering our strategic partnership with Mundo Talent…
FALTA COLOCAR TABLA
*Transfer fee: Payoneer’s fee for bank transfers is $15. However, please note that local banks may apply additional fees, such as receiving fees or currency conversion fees. It is recommended that you check with your bank for detailed information on associated costs.
Useful Payoneer Links
- Official Payoneer YouTube channel with detailed tutorials
- Guide to submitting the required documentation
- Request assistance from the customer service team