What are allocations?

Introduction: Allocations are a powerful tool from Bitwage that can help you manage your finances more efficiently. 

Q: What are Allocations?

A: Allocations are the way you designate how much of your income goes to which wallets or bank accounts. You can allocate a percentage of multiple wallets or bank accounts, and we will automatically distribute your payment according to your specifications.

Q: Why do I need Allocations?

A: Allocations are necessary to ensure that your payments are distributed according to your preferences. Without allocations, all of your income would be sent to one default wallet or bank account, which may not be the most efficient way to manage your funds. With allocations, you can easily split your income between multiple accounts and wallets, making it easier to manage your finances.

Q: How do I set up Allocations?

A: Setting up allocations is easy in the “Bank Accounts and Wallet” section of your dashboard. First, you need to add your wallets or bank accounts. Once you have added your accounts/wallets use the slider tool to adjust your allocations. You can find the guide for this here.

Q: How many wallets and bank accounts can I use?

A: If you're a premium Bitwage user, you can receive your payment to any mix of up to 3 wallets/bank accounts. On the other hand, if you're a non-premium Bitwage user, you can set 1 wallet and 1 bank account in your allocations.

Q: Can I change my Allocations?

A: Yes, you can change your allocations at any time. Simply go to the "Bank Accounts and Wallets" section of your dashboard and edit your allocations as needed. Your changes will take effect on your next payment.

Q: What does inactive mean?

A: If an account or wallet is inactive that means it has been added to your allocations. You can find options to activate it in the allocations slider at the top of the "Bank Accounts and Wallets" page.

Q: What happens if I don't set up Allocations?

A: If you don't set up allocations, all of your income will be sent to your default wallet or bank account. This may not be the most efficient way to manage your funds, and you may miss out on opportunities to maximize your earnings. If you have no accounts or wallets added to Bitwage then we will not be able to send you payment.