How To Cash Out your Tik Tok Coins
Just like Instagram, TikTok provides a great platform to advertise products, music, videos, and so on. Many use the app to promote products and get paid for their services by the brands behind those products. These people are better known as influencers.
All you need is creativity and a large following to be able to monetize your content on TikTok. Companies are willing to pay anywhere between $200 and $20,000 for each branded video depending on how many followers you have.
If you have a large enough following and have created a few videos you were paid for, you can withdraw money from the app as soon as you have accumulated more than $100 (10,000 coins) on your profile.
This article will explain everything you need to know about withdrawing money from TikTok.
Rules for Withdrawing Cash from TikTok
TikTok can only direct funds to PayPal accounts. You will thus have to register an account if you don’t have one. If you do, make sure that all of the information you provided is correct. Check your credit card details and your address form (if you moved recently). You will be the only one responsible if a transaction goes wrong, so it’s better to be safe than sorry.
Now, for the rules:
- Minimum payouts of $100
That means that you won’t be able to withdraw anything less than $100. TikTok will take your withdrawal request only if you have more than US$100 on your account. If your content doesn’t generate a lot of revenue, you might want to wait a few days/weeks until the money accumulates before making a withdrawal.
- The maximum daily limit is $1,000
You can only withdraw $1,000 from your TikTok account to your PayPal account per day. If you have, say, $3400 on your TikTok account, you will have to withdraw the money over four days by withdrawing $1000 a day for the first three days and the rest on the fourth day. That may be a little inconvenient, but those are the rules.
You will also have to agree with the Terms of Service before making withdrawals.
Making a Withdrawal
Making withdrawals from TikTok is easy and takes only a few seconds. Here is what you have to do:
- Open the app.
- Tap the three dots in the upper-right corner.
- Tap “Wallet”.
- Tap “Cashout”.
That’s it – the money should now be in your PayPal account. Remember, you can only cash out when you have more than 10,000 coins on your TikTok account.
FAQ About TikTok Cash Outs
You may also be interested in some other details about the possible fees involved and the time it takes for the funds to be transferred to your account.
In this section, we will provide the answers to some essential questions you may ask yourself before your first cash out.
What Are the Transfer Fees?
The TikTok app will not charge you for any transfer fees, but PayPal will. Depending on the country where your account is registered, PayPal can charge you up to 3.8% of the amount for every money transfer. The percentage is a little lower on transfers over $500. You will also have to pay $5 for the money to transfer from your PayPal account to your bank account.
How Long Does It Take for the Money to Be Transferred?
Don’t count on the money you have on TikTok if you need it urgently. It takes the app up to 15 days to review your withdrawal application. They say it’s for security reasons, but they also state that it may take even longer for the payment to get approved.
When the app finally approves the withdrawal, you may have to wait even more due to PayPal.
Their policy allows them to place your funds on hold until they finish the security checks. It may take up to 21 days until your money becomes available on your PayPal account. If you want to withdraw the funds from PayPal to your bank account, you will have to wait at least one more day, but it may take up to 7 business days.
The bottom line is that you will have to do a lot of waiting before you can spend the money you earned on TikTok.
How Much Money Can You Make?
Monetizing on TikTok isn’t easy because you have to be creative. More importantly, you need a large audience to become an influencer. Even if you start making some money, staying relevant and creating quality content at a steady pace is a full-time job.
However, if you make it big, you can earn a lot of money. According to reports, the top 10 performers made an average of $46,000 in just two weeks in 2016. Bart Baker made $30,000 based on a few of his performances. This means that you can make a lot from TikTok – if you know how.
Over to You
Have you monetized your content on TikTok? Do you have any tips that would help other users maximize their earnings? Share your TikTok experiences and tips in the comment section below!