At Munay, we aim to provide secure and efficient financial processes for our global practitioners. By utilizing Stripe Connect, we ensure you can receive your earnings promptly and safely, no matter where you are. Here's everything you need to know about Stripe payouts and how they work for you.
Understanding Stripe Payouts
Standard Payout Schedule
Stripe allows you to choose your payout schedule based on your preferences, with options for daily, weekly, or monthly payouts. The specific payout frequency may depend on your country and any relevant regulations.
First Payout Timing
Your initial payout typically takes between 7–14 days to process once you receive your first payment. This delay enables Stripe to complete important account verifications. Afterward, payouts will follow your chosen schedule.
Currency Considerations
If the currency of your bank account differs from that of your transactions, Stripe applies a currency conversion fee to convert the funds. This ensures that payouts arrive in your preferred bank currency.
At Munay, currently all practitioner earnings are processed through Stripe Connect for secure and timely global payouts.
Key Payout Examples by Country
The payout process may vary depending on your region. Below are examples of Stripe payout fees and currency conversions for select countries:
🇺🇸 United States
- Payout Fee: Free for transfers to U.S. bank accounts
- Currency Conversion: Not applicable (USD → USD)
- Example Calculation:
- $100 (practitioner earnings)
- $0 (payout fee)
- Net Amount Received = $100 USD
- $100 (practitioner earnings)
🇲🇹 Malta
- Payout Fee: €0.25 per transfer
- Currency Conversion Fee (USD → EUR): 2%
- Example Calculation:
- $100 (practitioner earnings)
- $2 (conversion fee for USD → EUR)
- €0.25 (payout fee in EUR)
- Net Amount Received ≈ $97.73 USD, converted to EUR
- $100 (practitioner earnings)
🇬🇧 United Kingdom
- Payout Fee: £0.10 per transfer
- Currency Conversion Fee (USD → GBP): 2%
- Example Calculation:
- $100 (practitioner earnings)
- $2 (conversion fee for USD → GBP)
- £0.10 (payout fee in GBP)
- Net Amount Received ≈ $97.87 USD, converted to GBP
- $100 (practitioner earnings)
Additional Notes:
- Currency Exchange Fluctuations: Conversion rates can vary, so net earnings may differ slightly depending on exchange rate changes.
- International Transfers: For countries using non-local currencies, additional fees may apply. Refer to Stripe’s country-specific fee information to understand exact deductions.
For a comprehensive fee structure by country, visit Stripe Connect Pricing.
Setting Up Your Bank Account for Stripe Payouts
Connecting your bank account through Stripe Connect is a simple and secure process. Here’s how to get started:
- Log in to Munay
Navigate to your Profile Settings and click Connect under Payouts section. This is right underneath the Calendar synching module you completed. - Enter Stripe Onboarding
The onboarding and verification process will vary based on the country you are in. You will be redirected to Stripe’s onboarding interface, where you must provide:- Personal identification documents
- Accurate bank account details for payouts
- Complete Verification
Once verified, Stripe will activate your account, and payouts will proceed according to your schedule. Please verify that the connection is made and the last four digits match with the information you provided.
Single Account Policy
Note that Stripe allows only one bank account to be linked per practitioner profile. Ensure that the account you connect is the one you wish to use for future payouts.
Frequently Asked Questions
1. How soon will I receive my payouts?
Payouts occur two days after your session is completed, provided there are no disputes. The funds are then transferred based on Stripe’s processing times and your payout schedule.
To view the details of your payouts using Stripe Connect, follow these steps:
- Log in to the Stripe Dashboard
Visit dashboard.stripe.com and sign in using your Stripe account credentials. - Navigate to the Payouts Section
Once logged in, click on Payments in the menu, then select Payouts. This section displays all your past and pending payouts. - View Detailed Breakdown
Click on any specific payout to see an itemized breakdown, including the transactions included in the payout, fees deducted, and the final amount transferred to your bank account.
Please note: On Munay, you will only see summaries of your bookings. For detailed, itemized payout information, the Stripe Dashboard should be your go-to resource.
2. Can Munay process payouts in unsupported countries?
At this time, Munay can only facilitate payouts in Stripe-supported countries. Expanding our global payout capabilities remains a key focus for us, and we are actively working toward including additional regions.
3. Does Munay control Stripe fees?
Munay does not control or modify Stripe’s payout fees. These fees are managed and set by Stripe. If you have specific concerns about fees, contact Stripe directly via your account.
4. How are currency conversions managed?
Stripe automatically converts funds for bank accounts in different currencies. A conversion fee of 2% typically applies. Ensure your bank account matches your region’s default currency to avoid conversion fees.
5. What happens if there’s a dispute?
If a dispute arises regarding a session, payouts for that session may be delayed while the issue is resolved. Stripe provides tools for transparent dispute management.
Additional Resources
For more details on Stripe fees and processes:
Moving Forward as a Global Community
At Munay, we’re deeply committed to supporting practitioners across the world. While we currently partner with Stripe for payouts in supported countries, expanding our reach globally is central to our mission. Stay tuned as we continue to build a platform that empowers practitioners everywhere, one step at a time.
For more information or assistance, feel free to contact us at care@munay.live. Start syncing your bank account today to begin receiving secure, efficient payouts with Munay!
