Technology

Step-by-step guide to quickly withdraw money from TikTok Shop

Do you know how to withdraw money on TikTok Shop quickly and conveniently? You have started selling on TikTok Shop and have already received your first earnings, so how do you withdraw money easily and quickly on this new platform? Let's find out step by step with FPT Shop right now!

Administrator

29 February, 2024

TikTok is not just an entertainment platform, but also a captivating e-commerce channel through the TikTok Shop feature. To seize the opportunity of selling on TikTok Shop, sellers need to understand how to withdraw money from TikTok Shop to optimize profits and manage money effectively. This article will provide detailed guidance on regulations and how to withdraw money from TikTok Shop to your account.

How to Convert and Withdraw Money on TikTok Shop

On TikTok Shop, users can encounter two main virtual currencies: “Coins,” “Diamonds,” and cash earned from sales. Each type has its own roles and usage methods. Understanding the conversion between these currencies is the important first step to convert and withdraw money from TikTok to your bank account.

Coins and Conversion

Coins are the virtual currency unit on TikTok, mainly used to send gifts to content creators during live broadcasts or through videos. Coins can be purchased directly on the app or earned by completing tasks, reflecting support for content creators.

Conversion rate for coins:

Each coin is valued at about 200 VND.
100 coins are equivalent to about 20,000 VND.

Diamonds and Conversion

Diamonds are a type of virtual currency with the highest value in the app. They can be used for various purposes on TikTok, such as buying goods and services in the TikTok Shop. Viewers can buy diamonds and give them to their favorite creators in videos and livestreams.

Giving diamond gifts is a way to show support and appreciation for the content of creators. Creators can exchange diamonds for real money through the TikTok payment system. The conversion rate from diamonds to cash will vary depending on the country and region. Owning diamonds can help users enhance their TikTok account level, unlocking exclusive privileges and benefits.

Diamond Conversion

Creators usually receive about 50% of the actual currency value from the amount the buyer paid, while TikTok retains the rest.

Income calculation from diamonds:

Income = (Number of coins / Conversion rate) x (1 – TikTok commission percentage)

Example: If a creator receives 100 coins from gifts, the conversion rate is $0.05 per coin, and the TikTok commission rate is 66%, the actual income will be:

Actual income = (100 coins / $0.05) x (1 – 0.66), which is equivalent to the user spending 40,000 VND to buy 100 coins and the creator receiving 11,220 VND after conversion and deducting TikTok’s commission.

Note

TikTok Shop is not only a support channel for retailers but also opens up money-making opportunities for users through promoting and connecting popular products with the community. Before withdrawing money from this platform, here are some important points to keep in mind:

You can only withdraw money once within 24 hours.
Once the withdrawal request has been sent:

– It cannot be edited or canceled.

– In case the withdrawal request is not approved, the amount will be returned to your account, and detailed information will be provided through a notification from the bank.

These points ensure that the withdrawal process goes smoothly and transparently, while users also need to pay attention to the regulations to avoid unnecessary inconveniences.

How to Withdraw Money from TikTok Shop to Your Account

How to Link Your Money Receiving Account

To withdraw money from TikTok Shop to your bank account or e-wallet, you will need to follow a series of simple and specific steps as follows:

Step 1: Open the TikTok app and log into your account, then access the TikTok Shop section.
Step 2: From the main interface of TikTok Shop, go to the seller’s profile or your account, then select the “Income” section to continue.

Step 3: Select “Add new withdrawal method.” Here, you will need to enter the bank account or e-wallet information that you want to use to receive money.
Step 4: After entering all the necessary and accurate information, press “Complete” to finish the process. Your account is now successfully linked to TikTok Shop.

Manual Withdrawal on TikTok Shop

Step 1: Initiate a withdrawal request: Click the “Withdraw” button in the TikTok Shop interface.
Step 2: Enter the amount you want to withdraw: Enter the amount you want to withdraw and confirm the linked bank account information, then click “Withdraw Now”.
Step 3: Process the transaction: The withdrawn amount will be transferred to your bank account within 1-5 working days, depending on the processing time of the bank.

Note:

Withdrawal requests may be delayed on holidays or weekends.
Regularly check your account to monitor the accumulated amount and confirm withdrawal transactions.
This method may require you to perform additional verification steps or wait during the transaction processing.

Automatic Withdrawal on TikTok Shop

Step 1: Log into your TikTok Shop account.
Step 2: Tap the “…” icon in the top right corner of the TikTok app screen and select “Wallet”.
Step 3: Choose the “Withdraw” option, then proceed to “Set up automatic withdrawal”.
Step 4: Turn on the automatic withdrawal feature.

Note:

The withdrawal amount must be greater than 1,000 VND.
Automatic withdrawals will be processed and transferred to your bank account every Wednesday.
Even after activating automatic withdrawal, you can still manually withdraw every 24 hours.

These instructions provide clear ways to access income from TikTok Shop, bringing flexibility to manage your finances, whether you prefer manually controlling each withdrawal or the convenience of automatic transactions.

Frequently Asked Questions about Withdrawing Money from TikTok Shop

What are the conditions for withdrawing money from TikTok Shop?

Have linked your bank account to TikTok Shop.
Have completed all orders and no orders in the “Pending Payment” state.
The available balance in your TikTok Shop account must be greater than or equal to the minimum withdrawal amount.

What is the minimum and maximum withdrawal amount?

Minimum withdrawal amount: 50,000 VND.
Maximum withdrawal amount: 500,000,000 VND per day.

What is the withdrawal fee for TikTok Shop?

The withdrawal fee will depend on the withdrawal method you choose:

Domestic bank account:

MoMo Wallet: 1.55% + 1% tax

ZaloPay: 1.55% + 1% tax

Other banks: 2.2% + 1% tax

PayPal:

Service fee: 3%

Currency conversion fee (if applicable)

How long does it take for the money to be transferred to the account?

The transfer time will depend on your bank. Normally, the money will be transferred to your bank account within 24 hours.

Summary

Hope you have gained an overview and specific understanding of how to withdraw money from TikTok Shop, thereby maximizing the money-making opportunities on this platform. By following the regulations and detailed instructions, you will easily grasp your rights and obligations when participating in the TikTok Shop market, opening up new opportunities for business development in the digital age.

Frequently asked questions

The two main virtual currencies on TikTok Shop are “Coins” and “Diamonds.” Coins are used to send gifts to content creators during live streams or through videos, and they can be purchased directly in the app or earned by completing tasks. Diamonds are the highest-value currency and can be used to buy goods and services in the TikTok Shop. They are a way for viewers to show support for their favorite creators, who can then exchange diamonds for real money.

The conversion process depends on the type of currency. For coins, each one is valued at about 200 VND. So, for example, 100 coins are worth 20,000 VND. Diamonds, on the other hand, can be exchanged for cash through the TikTok payment system, but the conversion rate varies depending on the country and region.

Creators usually receive about 50% of the actual currency value from the amount the buyer paid. For example, if a creator receives 100 coins as a gift, with a conversion rate of $0.05 per coin and a TikTok commission rate of 66%, their actual income will be: (100 / $0.05) x (1 – 0.66) = 11,220 VND.

Yes, there are a few key points to keep in mind. Firstly, you can only withdraw money once within a 24-hour period. Secondly, once a withdrawal request is sent, it cannot be edited or canceled. If the request is not approved, the amount will be returned to your account, and you will be notified by the bank.

Open the TikTok app, log in, and access the TikTok Shop section.
Go to the seller’s profile or your account and select the “Income” section.
Choose “Add new withdrawal method” and enter your bank account or e-wallet information.
Review and confirm the details, then press “Complete.”

Click the “Withdraw” button in the TikTok Shop interface.
Enter the amount you wish to withdraw and confirm the linked bank account.
Click “Withdraw Now.” The transaction will be processed, and the funds will be transferred to your account within 1-5 working days.

Withdrawal requests may be delayed during holidays and weekends. It’s important to regularly check your account to monitor the accumulated amount and confirm withdrawal transactions. Additionally, you may be required to perform additional verification steps or wait during the transaction processing.

Log into your TikTok Shop account.
Tap the “…” icon in the top right corner and select “Wallet.”
Choose the “Withdraw” option and then “Set up automatic withdrawal.”
Turn on the automatic withdrawal feature. Withdrawals will be processed and transferred to your bank account every Wednesday.

Your bank account must be linked to your TikTok Shop account.
All orders must be completed, and there should be no orders in the “Pending Payment” state.
The available balance in your TikTok Shop account must be greater than or equal to the minimum withdrawal amount.

The minimum withdrawal amount is 50,000 VND, and the maximum is 500,000,000 VND per day.

The withdrawal fee depends on the method you choose and can vary between 1.55% and 3%, plus taxes. The transfer time depends on your bank, but it typically takes within 24 hours for the money to reach your account.