How to work out how much you’ll get if you cashout Prolific to PayPal or Circle
Unfortunately when you cash out to Paypal or Circle on some GPT sites, including Prolific Academic, there is a fee involved.
But from the questions in our UK Swagbucks and More Facebook group, it seems that some people are confused about how much they will actually end up with. Here’s how to work it out:
Cashing out to Paypal
Prolific used to charge no fee on cashouts over £20 but unfortunately this is no longer the case. No matter how much you cashout now, there will be a charge of 2.9% plus 20p.
So, let’s say you have £6.52 in your account – how much will you get?
First, open up the calculator on your phone or laptop/PC (you could of course use a real calculator but that would be weird, right?)
Then input your amount (6.52) and multiply it by 0.029 – this tells you the 2.9% fee:
In this example the result is 0.18908 – so round it up the the nearest 2 digits, which gives you 0.19, or 19p.
Add on the 20p, which makes your total charge 39p. Which means that on the above amount you would receive £6.13.
So, in short – AMOUNT YOU CASH OUT x 0.0%FEE + 0.20 = AMOUNT YOU WILL RECEIVE
You can do this for any site – for Circle you would multiply by 0.01 and add on 0.10 to get the amount you would receive.
(Of course, you could just use the % button if your calculator looks as above, but I’m told that not every phone’s calculator displays as above)
Below is a rough guide to how much you will receive on Paypal or Circle for different amounts. Personally I cash out as soon as I can to Paypal, but you may favour Circle (or cashing out to another option) if the site you are using isn’t Prolific.
Don’t have Circle? It’s just as easy as Paypal and you can withdraw straight to your bank account – you can sign up here.
Has this helped? Come and let me know in the UK Swagbucks & More Facebook group!
UK Swagbucks And More Cashout Calculator