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Here at Ringle, we currently use PayPal & SentBe to process all payments to tutors. Unfortunately, this will incur some small fees for both you and us as PayPal & SentBe charge both sender and recipient transaction fees, which are dependent on your nationality and currency.
- US tutors - $0.25 cents per transfer
- Non-US tutors - 4.4% + a currency conversion rate that is 3.00% above the base exchange rate
- UK Tutors - 5 GBP per transfer
To minimize the amount that non-American tutors lose to PayPal, we are committed to covering half of the transaction fees incurred in those payments. This means that non-American tutors will only lose just over 2.2% of their money in fees. We know that this is an imperfect payment method, and we're actively looking into alternatives. We'll keep you updated!
SentBe:
In the fall of 2022, Ringle changed the payment system for our UK tutors from Paypal to SentBe. We chose SentBe because the transaction fee is set at 5 GBP (Paypal’s transaction is 4.4% plus a fixed fee), and their reliable service falls in line not only with Ringle’s IT security standards but also with Korea's strict trade laws and regulations. By choosing SentBe, we chose security and stability so our tutors can have an easier and smoother experience.
Our team updates the USD to GBP conversion rate quarterly to maximize the stability of exchange rates despite fluctuations in the external markets. The quarterly rates are calculated based on the average of the past four months.
Additional Payment Info:
Until you request to withdraw your money, it is held for you within your Ringle account. To withdraw your money, head over to "Performance" and click "Request Payout" under the "Payment" tab. You'll then be able to choose how much you'd like to withdraw to the PayPal account linked to your Ringle profile.
Please note: due to PayPal's fees, we ask that you earn a minimum of $90 before requesting a withdrawal. If you need to withdraw a smaller amount (i.e. because you are closing your account), you'll have to drop us a message in the on-site Chat function, so we can process that for you.