Paid surveys, though not really big cash earning system, are one easy way of bringing in a little extra pocket money which is just why it has become very popular through the years. Paid surveys can compensate you in many ways, although the most preferred compensation is still cash.
However, there are some factors that you have to consider when you participate for cash compensating surveys such as taxes, the currency exchange fees, etc. These factors may bring you unwanted results and you must think twice before you decide to participate in cash paying site. The following factors will help you decide if you still want to be paid in cash:
1. Deducting taxes from earnings
Yes, even in online paid surveys, there are taxes included in most surveys. Before you join, read their terms and conditions on what they say about tax, whether you are obliged to join or not. Taxes would be based on what you earned to and from a specific time period.
2. Money currency exchange fees
If you are a non-US resident or if your provider is from another foreign country, you have to be aware of the exchange rate in your local currency. The exchange rate variates from time to time so you have to be aware of it. For this, you can simply use electronic remittances such as PayPal which are always up to date with the exchange rates.
3. Delayed money transfer
Transferring money to your account takes a long time especially the transfer of funds from PayPal to your bank account. There is also the matter of how far you are when the payment is in the form of checks because it is sent via “snail mail.”
4. Other payments
Lastly, bear in mind that money transfers do not come in free especially for those who are from foreign countries. PayPal requests for a fee when you transfer it to your bank, then some banks also require a transaction fee when you withdraw it. The downside to this is that if your engagement is small then very little money will be left because of the transaction fees.
These are some of the factors that will affect your cash compensation but by keeping all these in mind, you would then be able to decide if earmarking your compensation in cash is right for you.