How can I withdraw money from Shopee as a seller? A completely new mobile global marketplace within the Philippines, where the budol for Filipinos is real because they’ll now find quick, convenient, and far more safe options for their shopping habits.
Shopee, a free app lets users buy and sell on their mobile devices. Online shopping within the Philippines was made easy with Shopee.
Shopee is the largest e-commerce platform in geographical area due to the various things that you simply can do with its platform. It’s user friendly and straightforward to use plus allows both consumers and merchants to own safety nets or guarantees that their end of the cut price has some style of protection. There are information about how to withdraw money from Shopee seller to gcash and Shopee seller balance.
How do I Withdraw or Cash in My Seller Balance Funds to ShopeePay?
How to withdraw money from a Shopee seller? You can withdraw Seller Balance funds to ShopeePay in 2 ways:
- You can withdraw funds from Seller Balance via Shopee App.
- To take advantage of your ShopeePay with Seller Balance, attend ShopeePay Wallet > select profit > enter the benefit amount > select Seller Balance as payment method > Confirm > enter Seller Balance PIN.
If your bank transfer or cash in is unsuccessful, it should be because Your ShopeePay balance is already at the utmost limit allowed or Your ShopeePay transactions have exceeded the cumulative maximum amount of PHP 50,000 for unverified accounts or PHP100,000 for verified accounts allowed in a very 30-day period.
No transactions, including withdrawals from Seller Balance, are allowed until your cumulative transaction amount for the last 30 days goes below the limit.
If your bank transfer/cash amount was automatically adjusted by the system, it’s likely that the total sum you wanted to bank transfer/cash in would have exceeded the ShopeePay balance limit.
ShopeePay allows you to make the most of a balance of up to PHP 50,000 for unverified accounts, and up to PHP 100,000 for verified accounts. Users must be a seller to use and consider the vendor Balance.
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Shopee’s Income Withdrawal Process
Shopee withdrawal in progress? After the completion of an order, earnings are credited to your Seller Balance. you’ll be able to then withdraw the credits to your checking account automatically or manually.Money from your sales are credited to your Seller Balance within 1 day (24 hours) when either:
- Buyer confirms order has been received
- Shopee Guarantee Period ends
In cases of refunds, money held in escrow is going to be credited into the buyer’s ShopeePay account. Refers to your Seller Balance funds being kept by Shopee until transaction conditions are fulfilled.
An arrangement where Shopee holds the order payment in escrow until fulfilment is complete. Payment is released to you once the customer has acknowledged receipt of the order.
My Income shows the full amount Released or To be released to the vendor, NOT including cancelled and return/refund orders. The Business Insights dashboard shows the full value of confirmed orders (non-COD paid and COD confirmed) over a specific period of time, including cancelled and return/refund orders.
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Adding Bank Account for Withdrawal
Before withdrawing money from Seller Wallet, you should find your checking account details through the Shopee App or Seller Centre.
You can add over 1 checking account and manually select the account to withdraw to. confirm that your checking account name and number match your bank records. they ought to NOT contain any special characters. Incorrect card/bank details are automatically rejected by the system.
- Access the vendor Wallet page via My Shop on Shopee App.
- Select the Settings icon and choose My checking account to feature your checking account.
- Input OTP sent to your registered mobile number for verification, then tap Continue.
Withdrawing your Income via Seller Balance
Negative seller balance Shopee? There are 2 ways to withdraw the quantity in your Seller Balance Automatic Withdrawal and Manual Withdrawal.
Shopee withdrawal fee? The withdrawal amount takes about 1 to three business days to be deposited and reflected in your checking account. Sellers are entitled to withdraw a maximum total amount of ₱500,000 per day.
You are entitled to 2 (2) free withdrawals weekly. Additional withdrawals will incur a fee of ₱15.00 per withdrawal to hide for bank processing costs. You can value more highly to activate Automatic Withdrawal on the Shopee App at fixed frequencies of Once per week (every Tuesday) or Once a month (16th of every month).
Sellers are entitled to a maximum of ten (10) automatic withdrawals per week. Simply enable the Auto Withdrawal toggle within Wallet Settings on the Shopee App. Automatic withdrawals on the vendor Centre are set to a hard and fast frequency of once per week by default.
You can go for Manual Withdrawal if you need more withdrawals within every week. this will be done via the Shopee App or Seller Centre. Sellers are entitled to 1 (1) free manual withdrawal per week. Additional withdrawals will incur a charge per withdrawal to hide for bank processing costs.
Select WITHDRAWAL under Seller Balance, choose your preferred checking account and therefore the amount to withdraw. you’ll also select TRANSACTIONS to look at your withdrawal history.
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Deleting Bank Account
Should you make any corrections in your registered checking account details, you’ll must enrol a replacement account and delete bank account outdated one. you can not delete a default checking account. Set another account as your default before proceeding to deletion.
- Access the vendor Wallet page via My Shop on Shopee App.
- Select the Settings icon and choose My checking account.
- Select the account to be deleted.
- Tap the ellipsis button, then choose Delete. Click Yes to substantiate.
- Input OTP sent to your registered mobile number for verification, then tap Continue.
Read also: Tips on How to Dropship in Shopee Philippines 2021
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