TransferWise for Receiving DaDa(ABC) Pay – Much Lower Fees on Your Online Teaching Salary

TransferWise for Receiving DaDa(ABC) Pay – Much Lower Fees on Your Online Teaching Salary

Update – DaDa now sends pay through Payoneer. Read the guide below:

Receiving your pay from DaDa can often be a costly affair. Such is the nature of international transfer, that some of your hard earned money goes to bank or PayPal fees.

That's not what we want! But don't worry, there is another way…

This method is for those teaching online for DaDa and bank transfer or PayPal is taking a good chunk of your wages in transfer fees.

Chinese RMB cannot be sent outside of China so must first be converted to USD. When your bank in the UK or Europe or Thailand etc then converts it to the applicable currency…fees occur.

So I'll show you a way that many DaDa teachers are already using.

Get Your TransferWise Account Below

Using TransferWise to receive your DaDa Pay

TransferWise is one of the cheapest ways to transfer, receive and exchange currency.

So let's look at some numbers that displays this audacious claim…

So DaDa charges around $7-9 for a bank transfer. To avoid your bank changing this USD to Euros for example (and incurring high fees), you can have this sent to TransferWise. They will then only take 0.5% of the amount that is converted at the exchange rate.

‘Will this actually work?'

If you're a bit worried about whether or not you will receive your pay using TransferWise…don't worry, it works! Here's an image from my account…

Got paid using TransferWise! (1)

That is my DaDa pay sent using Worldpay. I didn't quite get paid 1 billion dollars, but I did receive my wage without any problems!

With TransferWise, I generally pay about £30 in DaDa and TransferWise fees.

When I received my pay through bank transfer, I would be paying around £60 fees.

I know which one I prefer!

‘So now what?'

After conversion, you can then transfer it to another bank.

Now I know what you're thinking – ‘But aren't I trying to avoid sending my money to a bank and incurring the high fees?'

Don't worry! There is another way!

What Bank Can I Transfer my DaDa Pay to After Receiving it on TransferWise?

You can use a mobile bank, such as Revolut. Or simply transfer it to your actual bank account for a small charge…or you can simply use your TransferWise debit card that you get free when you set up your account!

Update (26/04/18): I got my TransferWise Card…

Transferwise and revolut

Get Your TransferWise Card Below

The option became available to get sent the Mastercard after I had the account for a week or so.

I think the ‘you may be specially selected to receive the card' schtick on the website is just a way to filter out people who will sign up and then never use the account (so they don't have to go through the effort of sending a card to someone who may never use it).

So How Do I Set Up TransferWise?

Simply click here to go to the website and follow the instructions to create an account. Once this is set up, you want to open an account in USD – because this is what DaDa will pay you in after converting the RMB.

Now you need to send your new account information to DaDaABC – just like if you were changing from PayPal to bank transfer for example.

What is the information I should give to DaDa?

After creating your TransferWise account, you want to click on the ‘Balances' tab on the left and then click to activate your TransferWise Borderless account. Open this account in USD as this is what you'll get paid in by DaDaABC.

After doing this you should see this information (obviously with your name and numbers in it – I have removed them for privacy sake):

TransferWise and Revolut

TransferWise use a local US bank called CFSB.  

You'll need to know this to give to DaDa.

Speaking of which, it's time to contact DaDa!

How Can I Contact DaDa About Changing My Bank Information?

Before the 5th of the month, contact your coordinator to ask for the email that is appropriate to alter your bank information. And send an email requesting to change your details.

Or if you are only just starting with DaDa, then you can put these details in your initial contract.

These are the details that you will be sending to DaDa when they request them:

These are the details that you will be sending to DaDa when they request them:

Preferred Currency: USD

Bank Name: Community Federal Savings Bank

Bank Address: TransferWise

19 W 24th Street

New York

10010

United States of America

Receiver Name:  TransferWise FBO Your Name (New update – putting “TransferWise FBO” before your name is essential)

Account Number: 123456789 (Your Account Number)

Bank Holder Address:  (Your home address that you gave to TransferWise)

ACH/ABA Routing Number: Number

An Example of TransferWise in Action

So let's say for example, your pay was $1500 USD. Let's see what you get receiving it on TransferWise and converting it to GBP:

dada online teaching pay fees

So if this looks to be less fees than what you are currently incurring from your bank or PayPal, then why not give TransferWise a try and click the link below:

dada online teaching pay fees

(DigiNo earns commissions if you decide to use TransferWise through the links on this page. This comes at no extra cost to you, and is a great way to support to keep making content).

(DigiNo is not responsible for any wrong details that you give within the process detailed in the video below and everything is at your own risk ).

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About jason

Founder of DigiNo. Endeavouring to make online teachers' lives a paradise.

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Comments

  1. AvatarCristina says

    Hi, Jason.
    Sorry to bother you.
    I’ve created a TransferWise Borderless account but they keep telling me I can’t use it because they don’t accept money from China. This was my latest reply from them:

    Liispet Kaisel wrote:
    Hi Cristina,
    Thank you for the reply. I hope you don’t mind me getting in touch instead of my colleague.
    We have passed this information on to our payments team and they have advised that these payments are not possible to make. WorldPay is not a partner that we use for incoming transfers from China, so we can’t help you in this matter.
    I’m sorry for the inconvenience. I hope you’ll find another solution for your need!
    Kind regards,
    Liispet

    What am I doing wrong? I’m from Canada but I live in Portugal. Is this the problem? Can you help me?
    Thanks in advance.
    Cristina Mira Luís

      • Avatarjason says

        Hey, here’s a little update.

        I was told something similar when I set up my account. But I despite what was said, I gave my borderless account info to DaDa that I list on this post…and I’ve been receiving my pay from Worldpay via TransferWise for months now. I think what they meant was that they do not use Worldpay to receive payments in RMB…whereas DaDa sends your pay in USD so it’s cool.

        Or maybe that isn’t what they meant…either way, it’s all good. TransferWise works for receiving DaDa pay; otherwise I would be one hungry DigiNo right now haha.

        J

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