IMPORTANT: Before requesting payment by bank wire transfer, please contact your bank regarding transfer/conversion/shared bank fees you might incur.
At any time there is a wire transfer, from Saatchi Art's bank (US Bank) to the artist's bank (your bank) there is always a fee deducted. This fee is taken by the bank from both parties which is something we do not have control over. Furthermore, depending on the relationship that our bank has with the artist's chosen bank, these banks would then dictate which intermediary bank to use when sending a wire transfer. Intermediary banks also charge a fee.
There is a possibility that the bank fees will be higher than your commissions/royalties payout. Therefore, if your payout amount is less than $100, we will decline your bank wire request in order to prevent your payout from being completely wiped out by bank fees. We suggest waiting for your funds to reach $100 before requesting another bank wire transfer. If you'd like to receive your payment immediately, please request payout by PayPal instead.
Also, please note that a Wire Transfer is a different method from ACH (Also called Direct Deposit). At this time, we only accept Wire Transfer and we do not accept ACH. It's important for you to understand that they are 2 different processes so if you provide your direct deposit information, your payment will be rejected by your bank. This will cause severe delays and complications. Please contact your local bank to understand your Wire Transfer account information before you select this option.
To receive payment by Bank Wire Transfer:
Step 1 – (To be completed immediately) If you haven’t already done so, please upload a tax form to us online through your Sales Dashboard page. Before processing your payout request, we need a fully completed tax form. We will issue payment towards the full legal name (not artist name) that is listed on the tax form we have in our records. If you would like to transfer your funds to another person's bank account, this person will need to provide their tax form to us. Please see Transferring to Another Person's Bank Account below.
Step 2 – (To be done within 7 days after the artwork has been shipped to the collector.) Once you've received confirmation that your artwork has been shipped out, you'll need to wait for the artwork to be accepted by the collector before you can request payout. BEFORE this time, please ensure that the full legal name of the owner of the bank account is the same as the full legal name of the artist on the tax form. If not, we will declineyour payout by Bank Wire Transfer request. Once you have ensured this, please wait for your funds to become available for payout.
Step 3 – (To be done once your sale is listed as "Completed" in your Sales Dashboard.) Your sale should be listed as "Completed" seven (7) days from the date your artwork was shipped out (if the artwork was delivered successfully). To see if your funds are available for payout, go to your Sales Dashboard page and check the list of sales to see whether the funds from your recent sale are listed as "Completed" in the Status column. If your funds are available in your Sales Dashboard, the Request Payout link will be visible.
Click Request Payout to open the Request a Payout form.
Step 4 – Enter your contact information and select Bank Wire Transfer as your payment method. To ensure quick payment processing, please provide valid bank wire details in full within your payout request and NOT through email. (Providing details via email instead of in your Payment Request will slow down the process.) When providing your bank wire details, please take note of the following:
- Provide the details for your final destination bank, NOT an intermediary bank. That is, if your funds will first be transferred to an intermediary bank before being sent to the final bank (the money's final destination), please only give us the details for the final destination bank.
- If you provide an IBAN, you must ALSO provide a BIC/SWIFT code.
- If you provide an Account Number, you must ALSO provide a BIC/SWIFT code.
- If you provide an IBAN, DO NOT provide an Account Number, as this is incomplete information.
(UK artists, please see the special note at the bottom of this article.)
Step 4 – You should receive funds in your bank account within fourteen (14) days after submitting your payout request. Please wait at least fourteen (14) days before inquiring about your payment.
NOTE: We advise that you contact your bank regarding transfer/conversion/shared bank fees you might incur before selecting the Bank Wire Transfer option. There is a possibility that the bank fees will be higher than your commissions/royalties payout.
Transferring Funds To Another Person's Bank Account
If you would like your funds to be transferred to an account owned by another family member, close relative, or legal guardian, we will require a copy of a tax form to be filled out by the account holder to whom the funds will be delivered. Once we have the proper tax form, we will be able to send funds directly to the chosen person’s account and not directly to the artist.
Artists from the United Kingdom
When requesting a Bank Wire Transfer, artists in the UK must provide an IBAN number along with a BIC/SWIFT code. Note that we no longer offer Western Union as a payment option.