Selecting the right withdrawal type means that your funds arrive smoothly. After clicking "Withdraw" on your fundraiser dashboard (or "Bank transfer" in the GoFundMe app), there are a couple of options to choose from, depending on where funds are being sent to.
Who will withdraw the funds? - Myself vs Someone Else
- Myself: Selecting "Myself" means that you will either be withdrawing to your own personal bank account or withdrawing to an organisation's bank account that you manage money for (you must be a financial administrator for the organisation to add the organisation's bank details). Do not select "Myself" and then add another individual's personal bank details.
- Someone else: Choosing "Someone else" means that funds will be withdrawn to someone else’s personal bank account or to an organisation’s bank account that someone else manages. This option lets you add that person as your beneficiary, giving them sole withdrawal control which enables them to enter their withdrawal information themselves.
Choose wisely! Only one person can withdraw funds from each fundraiser at a time and in order to change the beneficiary, you need the consent of the current beneficiary and organiser.
The person withdrawing will need to meet the withdrawal requirements.
What type of withdrawal entity is right for you? - Personal vs Organisation
- Personal: This means that an individual will be withdrawing to their own bank account.
- Company or Partnership: This means that funds will be paid into an organisation's bank account.