Time To Move A Lot Of Money Around

OK, it was fun for awhile, but I finally decided that keeping over $300,000 in a virtual bank (eWallet) may not be the smartest idea. Therefore, I have began the process of transferring the funds into my company bank accounts.

The thing is, I didn’t expect the funds to build up so fast. I originally set up the account because My Top Tier Business (MTTB) switched to eWallet to pay all their affiliates. Since setting up the account on September 16, MTTB had deposited $314,626.28 into it. Not bad for three and half month!

payout

The problem is, eWallet isn’t really a true bank as far as I know. They’re more like a PayPal, and as such, it’s a not a great idea to keep huge balances on them. The thing I don’t like about eWallet is they charge $6 to transfer money to a bank, and the maximum you can transfer per transaction is $10,000. It will take me 32 transactions, and $192 in fees to move the funds. Yikes!

My Top Tier Business is one of the business models I talk about in my new eBook, the Ultimate Online Profit Model. In the eBook, I give you the low down on the business models that I use to make six-figure online monthly income that will allow you to live the Dot Com Lifestyle. Here’s a the kicker. Even though MTTB pull down over $300K in a little over three months, it isn’t the most profitable of the business models. Download your copy to find out what is.

Download The Ultimate Online Profit Model


38 thoughts on “Time To Move A Lot Of Money Around”

  1. Derrick says:

    Wow. It would be so awesome to have so much commissions that it will take you a long time to transfer it over to your bank. Thanks for sharing John, oh and Happy New Year!

  2. Zac Johnson says:

    More money… more problems…

    1. Wess Stewart says:

      Dang it. Okay, fine. I need more problems.

      1. Antonio Merchant-Bunkley says:

        I totally do not have enough problems in my life right about now…

    2. You are not wrong. More money more changes too..

  3. Laura Andersen says:

    Yikes, that is a big problem. I can help you out on that, I’ll be happy to pay the $192 to transfer the $314,000 to my bank!!

  4. constance says:

    I don’t care who you are keeping all that amount in virtual bank is never a good idea, lol I hardly keep $1000 on my paypal account

  5. Cory says:

    LMAO!

    Dang… the pain of dealing with money transfers.

    All the “fine print” now matters. :0)

  6. I. C. Daniel says:

    $192 fees aint that much J.C.

    1. John Chow says:

      It is when you use to fee free banking!

    2. Wess Stewart says:

      It’s not a large amount, but remember, it’s not what you make…it’s what you get to keep.

      Reducing overhead = increasing profit.

  7. mark says:

    More money… more problems…:D

  8. Karleen says:

    If I had over $300,000 I don’t think I’d mind paying $192 to make sure it was transferred to a safer place! 🙂

    1. Antonio Merchant-Bunkley says:

      But in hindsight: That’s not only $192 he could have used to make more money, but it also would have still been in his hands had he opened a normal bank account in the first place.

  9. Nice one but can’t MTTB gives its users a different payment option. For the transfer, 192 is a good deal to secure 300,000 where i think i might have a problem is the transfer limit. It’s a loss of control over your cash. I mean you should control your cash and be able to transfer them to wherever you want them to be.

    1. John Chow says:

      They used to pay by bank wire transfers but switch to eWallet to makes things easier on their end. Ya, the transfer limit of $10,000 is really a pain. It should be at least $50,000 like PayPal.

  10. Mark says:

    Yes more money -> more problem

  11. Tim in Thailand says:

    Transaction limits is not only a problem with virtual banks. My business colleague had to employ lawyers in USA to get money out his bank [Bank of America, I believe]. More recently the lawyers informed us that US banks [including Chase Manhattan and JP Morgan] are planning to limit bank withdrawals to either $50,000 or $10,000 per month, and progressively stop all withdrawals via international direct transfers. Maybe the US is setting up an intermediary office for all outgoing international transfers which may also involve tax collection in the process. All of this is somewhat vague at this point in time, although having to employ lawyers to persuade the bank to release funds from a US account was for real! (Limiting withdrawals to $50k per month means that to withdraw $10million would take over 16 years of stage payments! So, John, make sure you move everything to somewhere else safer before you reach that target!)

    1. Kirk says:

      It could take years just to make a simple down payment on a Real Estate transaction.

  12. Noble says:

    Good Move. Funds in those payment gateway accounts can get frozen at any time. It’s best not to let it sit there for too long. The websites can also get compromised.

  13. Aktar says:

    Hi John, very informative, when ever I visit your site I find something useful thing. We rarely get to see such things.

  14. I guess you should switch to…Lehman Brothers………I mean….”they are too big to fail”, you know…;)

  15. Many people saying Money is not everything, but you need money for everything.
    Money is needed from childhood to old age to fulfill various dreams and ambitions
    like higher education for children, self development, time and resources for recreation,
    social and spiritual needs. I love money and love to earn money from my blogs

    1. Wess Stewart says:

      One of my favorite money quotes from Zig Ziglar:

      Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the ‘gotta have it’ scale.

  16. Neary Heng says:

    John, I don’t mind having that kind of problem…

  17. I wish I had those problems!

  18. Paul says:

    I’d rather be the e-Wallet!
    Maybe that is a better way to earn. Just think of the possibilities with huge excess liquidity to top some pretty steep transaction charges!

  19. Smart move John. I have heard stories about Paypal that have inspired me to move any and all cash out of the account quickly after I receive payment. If MTTB is similar to PP in that it is not an actual bank better move those funds into a real bank account, or to at least spread them out.

    RB

  20. Ryley Kade says:

    $314,000 is insane for only 3 and a half months!!! Good idea on transferring it into your bank accounts John that would be a crazy amount of money to lose. $192 isn’t that bad to have to pay in fees if you are transferring over $300,000, but having to do it through 32 transactions must suck!!

  21. Valeriya says:

    Whats so wrong with ewallet lol. Personally, as soon as I get payed through paypal, I transfer to my bank account. This might be a fix for a few of you guys 🙂

  22. faisal says:

    but for someone with that kind of money, $192 isnt much.

    1. Wess Stewart says:

      But it IS extra overhead that can be eliminated. Would you rather pay $192 or keep $192?

  23. Greg says:

    If you have the drive and ambition seems like the business to be in is to start your own payment processor or eWallet 🙂

  24. uzoma says:

    John,

    I have taken it a challenge to be better using your business model, you are a great inspiration to young lads like me

    I look forward to doing great things this 2014

    🙂

  25. Could not help myself, I have downloaded the Ultimate Online Profitability Model. I must read it.

  26. Smbarashe says:

    Informative. Thanks John

  27. Well sounds like a good thing to me! Its amazing with this industry just from how far and so many places the money comes from. Main thing though is that it feels good being able to share your value and help others from all over.

    Ethan Poltrack
    http://www.earntodayonline.net

  28. I love money! It’s work bad! I love you site!

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