Choosing the right transfer type allows your funds to arrive smoothly. After clicking “Transfers” on your fundraiser dashboard, there are a couple of options to choose from, depending on where funds are being sent.
Who will receive the funds - Myself, a business, or someone else
Your bank account:Choosing “Your bank account” means you'll be transferring funds to your own personal bank account. Do not select "Your bank account" and then add another individual's personal banking information.
A business bank account:This option allows you to send funds to a bank account owned by a business or organization. (You must be a financial administrator for the organization or business to add their banking information.)
Someone else's bank account:Choosing "Someone else's bank account" means funds will be transferred to someone else’s personal bank account. This option lets you add that person as your beneficiary, giving them sole bank transfer control and allowing them to enter their bank information directly.
Choose wisely! Only one person can receive funds from each fundraiser at a time, and the current beneficiary and organizer's consent is required to change a beneficiary.
The person receiving funds will need to meet the bank transfer requirements.
What type of bank account is right for you - Personal vs Business
Personal: This means an individual will be receiving funds to their own bank account. Also, in the US, sole proprietorships under a social security number.
- Business, Company, or Partnership: This means funds are going to an organization's bank account. Also sole proprietorships under an EIN.