At AWAL, we want to help you understand how to get your money from all around the world and make sure you don't lose any extra money in the process. Whether you're an established artist or just starting out with your music, understanding the optimal setup for payments is crucial.
In this article, we'll focus on some smart ways to get the best exchange rate and minimize unnecessary fees.
Streamlined Registration Process
When you first set up your account with AWAL, it's important to specify your currency preferences. Currency selection takes place at the beginning of your onboarding process, during the application phase.
To guide you through this step, navigate to the "Currency for Reporting and Payment" section of the AWAL application, as illustrated in the screenshot below:
| NOTE: The currency you select when you first apply will be the final currency you can assign to the account. |
If you don't see your banking currency, we recommend selecting USD for your reporting currency. This initial step lays the foundation for a smooth payment experience.
After your AWAL account has been created, our video here will show you how to set up your information in the ‘Banking & Tax’ app on your Workstation.
Payoneer serves as a trusted partner for international transfers. As a best practice, please select your bank account's currency when completing your Payoneer registration. This choice prevents additional bank fees for currency conversion, saving you money and enhancing your financial convenience.
For example, if you are an artist based in Mexico, you can select USD for your reporting currency when applying and then choose MXN as your banking currency when registering with Payoneer.
Understanding Fee Structures
In most cases, an 8 USD (or local equivalent) transaction fee will apply.
Navigating FX (Foreign Exchange) Fees
While our fee structure is designed to be fair and straightforward, it's important to consider foreign exchange (FX) fees. If your banking currency differs from the 10 supported currencies below, an additional FX fee may apply. This fee accounts for currency conversion costs and varies based on the specific currency.
- USD
- AUD
- CAD
- EUR
- GBP
- JPY
- CHF
- DKK
- NOK
- SEK
The rate will vary depending on the currency. FX fees never exceed 2% of the transaction amount, safeguarding your earnings.
Optimizing international payments is a pivotal step in your journey as an artist with AWAL. By adhering to these best practices, including streamlined registration, strategic currency choices, and a thorough understanding of fee structures, you're well-equipped to receive your earnings efficiently and without unnecessary deductions.