Today, there are a lot of digital wallets out there, all vying to get our monies pass through them. And while in a perfect world, you can just pick the one you like best and use that for all, not all apps or sites use them for paying out.
There isn't any single digital wallet out there that is actually used by all sites, but we can at least start by setting up with one that's used by many of those sites and add others as needed. We go to Paypal.
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| Credit: Logos-World.net |
Why Paypal?
Well, it's widely used, and while other wallets have since popped up trying to steal Paypal's thunder, few of them have had the longevity and trust Paypal has with many companies and users. Even my employer would rather pay our salaries through Paypal and just pay the relatively high fees on his end instead of doing a straight bank transfer or go through another payment processor with lower fees.
Along the same vein, most beer money sites and apps pay out through Paypal.
Wait, fees?
Yup. Normally beer money sites (well, the good ones at least) shoulder the fees on their end, but Paypal also takes a little cut when you try to move money from there into your bank account. Or at least that's true for guys like me who live outside the US.
If I get paid in US dollars, I can't transfer that money directly into my account, even if I set-up a dollar account here in PH. I'd have to convert that dollar amount to PHP before I'm able to transfer the money to my bank using Paypal's exchange rate.
It's nothing big, just a minor heads-up if you're gonna use Paypal to get USD as a non-US citizen.
So, assuming you don't have a Paypal account, I suggest you set one up ASAP since we'll be using that to get the beer money we earn, and I'll see you on the next blog post!
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