If you’ve set up a GoFundMe campaign and successfully raised funds, you may be wondering how to access that money. GoFundMe has made it easy for campaign organizers to withdraw the funds raised to support their cause. Here’s how you can get the money from GoFundMe:
1. Withdraw Funds:
Once your campaign has started to receive donations, you can easily withdraw the funds by logging into your GoFundMe account and clicking on the “Withdraw” button. You’ll have the option to transfer the money to your bank account or request a check.
2. Link Bank Account:
Before you can withdraw funds from your GoFundMe campaign, you’ll need to link a valid bank account to your account. This ensures that the money can be transferred securely and quickly to your bank.
3. Verify Identity:
To comply with financial regulations and prevent fraud, GoFundMe may require you to verify your identity before you can withdraw the funds. This usually involves providing a form of identification, such as a driver’s license or passport.
4. Withdrawal Processing Time:
Once you request a withdrawal from your GoFundMe account, it typically takes 2-5 business days for the funds to reach your bank account. This processing time may vary depending on your bank and country.
5. Withdrawal Fees:
GoFundMe does not charge any fees for withdrawing funds from your campaign. However, your bank may impose fees for receiving the transfer, so it’s important to check with your bank beforehand.
6. Tax Implications:
Depending on the amount of money raised and your location, you may need to report the funds as income on your taxes. It’s advisable to consult with a tax professional to understand the tax implications of receiving donations through GoFundMe.
7. Partial Withdrawals:
If you prefer not to withdraw the entire amount raised in your GoFundMe campaign at once, you can make partial withdrawals. Simply specify the amount you’d like to withdraw each time.
8. Withdrawing in a Different Currency:
If your GoFundMe campaign has received donations in a different currency than your bank account, you may incur currency conversion fees when transferring the funds. It’s recommended to set up a multi-currency account to avoid extra costs.
9. Canceling a Withdrawal:
If you change your mind or make a mistake when requesting a withdrawal from your GoFundMe account, you may be able to cancel the withdrawal before it is processed. Contact GoFundMe support for assistance.
10. Refund Requests:
In some cases, donors may request a refund for their contribution to your campaign. If a refund is granted, the amount will be deducted from your available balance on GoFundMe.
11. Setting Up Direct Deposit:
To streamline the withdrawal process, you can set up direct deposit for your GoFundMe campaign. This allows the funds to be transferred directly to your linked bank account without manual intervention.
12. Fundraising Goal Reached:
If you’ve reached your fundraising goal on GoFundMe but still have pending donations, you can continue to receive contributions until your campaign ends. Once the campaign is concluded, you can withdraw the remaining funds.
In conclusion, getting the money from your GoFundMe campaign is a straightforward process that involves linking your bank account, verifying your identity, and requesting a withdrawal. By following these steps and keeping track of any potential fees or tax implications, you can access the funds raised to support your cause.