Agents commissions (from Payments and Insurance) are added to the agents Virtual Account within their Flywire Agent Portal (previously Cohort Accounts on the Cohort Go portal). Commissions are paid on a monthly basis, usually during the first week of the month and a notification email is also sent confirming the payment. As an agent, you would be able to withdraw your commission to the bank details that you have added to their Flywire Virtual Account.
To withdraw their commission, click on “Virtual Accounts” in the main menu, then navigate to the top right hand side of the screen and select “Transfer Funds”. The agent will then need to select the Source Account (which is the Virtual Account where their commission will be). They can then choose the amount of commission they want to withdraw.
If the agent has commission in different currencies, for example OSHC Insurance commission in AUD and some payment commission in CAD, they can choose to convert the CAD balance into AUD, so that they only need to make 1 x payment back to their own bank account (note a $15 transaction fee is charged per withdrawal, whereas transfers across virtual accounts has no transaction cost)
For compliance and security reasons, we require that funds remitted from Flywire Virtual Accounts be sent to either the agent's company account or an account belonging to a company owner. A bank statement is required to prove this.