Choosing the right transfer type allows your funds to arrive smoothly. After clicking “Bank transfer” 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 vs Someone Else
- Myself: Choosing “Myself” means that you will be either transferring to your own personal bank account or to an organization's bank account that you manage money for (you must be a financial administrator for the organization to add the organization's banking information). Do not select "Myself" and then add another individual's personal banking information.
- Someone else: Choosing "Someone else" means that funds will be transferred to someone else’s personal bank account or to an organization’s bank account that someone else manages. This option lets you add that person as your beneficiary, giving them sole bank transfer control, 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 would be required in order to change the beneficiary.
The person receiving funds will need to meet the bank transfer requirements.
What type of bank account is right for you - Personal vs Organization
- Personal: This means that an individual will be receiving funds to their own bank account. Also sole proprietorships under a social security number.
- Company or Partnership: This means funds are going to an organization's bank account. Also sole proprietorships under an EIN.
For more information, and a helpful video about organization bank transfers, click here.