- You may withdraw your earned E$ from your Earth 2 account in two ways.Send a request for a bank transfer
- Withdraw to a card (trial period)
I have been trying to test this feature for over six weeks now, but the progress has been slow. The team rejected my many card orders, no more than two times I have been able to place an order. But this afternoon I finally resolved the issue and could withdraw some E$.
The process of bank transfers especially, simply does not work. The first request for a bank transfer from Earth 2 was back in February (12). Two months later, and numerous one-sided emails (from my side), I received an email from customer support that “withdraw to card” has gone into a trial period.
That sounded promising, so I gave it a go.
There are a few hurdles, though. The first being, you need to upload a photo ID of yourself to the platform. The second, for any transfers above 1000 USD, you are required to add a scan of a bank- or credit card statement that shows your address details.
Nonetheless, a small “price to pay” to get your dollars out of the platform. So I sent off my ID (via email) and attached two statements (via Google Drive). The team had approved both requests within a day or two. The transfers to my cards took a little longer, but by the evening of Day 3 I had received all the funds.
There is a catch to using the “withdraw to card” feature
It costs money to make money and the team claim they need to secure a percentage of the withdraw amount, to cover their cost. Earth 2 take a percentage of the transacted amount, plus a fixed fee of 7.50 for each transaction. This fee appears to be non-negotiable.
Transactions will be executed in real time using the 24/7 foreign exchange market. Earth 2 will perform the currency conversion. But after several tests, I have to say this feature is not ready for prime time yet.
As you can see, any withdrawal between $10-$5.000 costs 2% (fees), $5.001 – $30.000 1.5%, and >$30.000 cost 1% in transaction fees (on top of the $7.50 for the technical transfer. That is quite a bit of money, but if you would like to get your dollars out of the game, relatively quickly, it is the best option you’ve got.
I do have to say, since Earth 2 is still so early days, all of these processes are not more than normal. It takes time to sort out a solid payment system that works for everyone.
How do you earn E$ (= 1 USD) on Earth 2
The platform is starting to take shape and it is getting easier to earn hard cash on the platform. Here are some ways to earn E$s on Earth2.io.
- You can earn cash on Earth 2 by buying and selling property
- You will receive a small commission for each and every tile that you own (consider it an incremental dividend payment of sorts)
- When you refer a friend to the platform, both your friend and you will receive a 5% discount (or credit) to their E$ accounts
In the future, it is highly likely that users will be able to offer services, customise their buildings, and allow Advertizing on their Earth 2 tiles, in exchange for E$ of course.
Although the planet’s name is Earth 2, it doesn’t have a particularly good reputation. It’s uncertain how serious the platform is, and if it will continue to develop at the (positive) quick pace it has in recent months. I have my personal doubts on whether or not Earth 2 is a good investment.
But, I think that the platform has a long term vision that is worth investing in. We will have to see how things continue to unfold, though. At the beginning of the year, I voiced my concerns the following blog post (click here). To a certain extent, my views on the platform haven’t really changed. It’s exciting to see the developments.
Whether or not the vibrant community and market place will continue to develop and flourish, I don’t know. But, after the “bank transfer fiasco” I hope the Earth 2 team can take away my scepticism with this simple credit card withdrawal.
As soon as I have received the withdrawal amount to my credit card, I will update the post to let you know how long it took.
Also published on Medium.