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Expanding Direct to Local Bank availability

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Community Manager
Lena E Community Manager Member Since: Apr 7, 2015
1 of 16

Starting in April, we will be expanding Direct to Local Bank withdrawals to several additional countries. Freelancers located in these countries will now be able to utilize DLB as a withdrawal option to transfer funds in their local currency directly to their bank. For many, this could be the least expensive way to get paid because the cost per payment is only $0.99. Since the transfer is done using each country’s local network, incoming bank fees are usually reduced or eliminated.

 

New countries added:

 

  • Albania
  • Bosnia and Herzegovina
  • Egypt
  • Faroe Islands
  • Gibraltar
  • Greenland
  • Isle of Man
  • Israel
  • Jersey
  • Korea, South
  • South Africa
  • Tunisia
  • Turkey

 

Previously, because DLB wasn’t available in these countries, they were given a reduced rate on Payoneer and PayPal withdrawals. Since we are now able to offer this new, low-cost option, we are also updating the fees for e-wallet style payments in these countries. As of April 6th, 2020, PayPal and Payoneer withdrawal fees will increase from $1.00 USD to $2.00 USD per withdrawal, which is the same fee other freelancers pay who have the same payment options.

 

If you want to see what payment options are available to you today, click “Add a Payment Method” in the “Get Paid” section of your Upwork account (under “Settings”). For more information on Direct to Local Bank withdrawals see this help article.

 

 

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Active Member
SHERIF E Member Since: Sep 16, 2019
2 of 16

Thank you for what you gave us. Thank you for facilitating the completion of our affairs. Thank you for adding the option of withdrawing money to a local bank account. You are really a respectable management. Very grateful to you.

This news made me very happy that many freelancers can now withdraw money to a local bank account by April  HeartHeartSmiley Wink

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Moderator
Avery O Moderator Member Since: Nov 23, 2015
3 of 16

Hi Sherif, 


I'm glad to know that this news has given you something to look forward to. Thank you for your kind words!


-Avery
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Ace Contributor
Badr E Member Since: Jul 11, 2016
4 of 16

Good news, thank you Upwork team Smiley Happy

 

But, i have a concern, the bad thing about withdrawing money from Upwork to local banks directly is the very low exchange rate they use, for example i'm from Morocco, 1 USD now is 10.14 MAD (source xe.com), but Upwork exchange rate is very low 1 USD = around 9.30 MAD. That's why i prefer to send my money to Payoneer for 2$ then send to my Local Bank that is linked to my Payoneer Card because the exchange rates are reasonable and always better than Upwork.

 

PS: I know Upwork uses a third party company to send money to local banks, i hope Upwork team willre-negotiate the deal with them for more reasonable exchange rates, right now that company is gaining too much money from low exchange rates.

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Active Member
Niko P Member Since: Jan 29, 2014
5 of 16

Is there any plan to add Georgia banks? (not state, country)

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Moderator
Avery O Moderator Member Since: Nov 23, 2015
6 of 16

Hi Niko, 

 

As of now, I do not have any information if Georgia will be added in the future. If ever this becomes available, we'll make sure to share it with the Community. 


-Avery
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Active Member
Sarah H Member Since: Mar 27, 2020
7 of 16

It would be great if Armenia was added too.

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Moderator
Valeria K Moderator Member Since: Mar 6, 2014
8 of 16

Thanks for your feedback, Sarah. Upwork team is continuously working to provide freelancers with more secure and efficient ways to access their earnings. If more payment methods become available in more locations, we'll definitely let the Community know.

~ Valeria
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Ace Contributor
Khemiri M Member Since: Jul 23, 2014
9 of 16

what will be the exchange rate and what take as time the withdrawal of a big amount, also what will be the limit of each transaction

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Moderator
Aleksandar D Moderator Member Since: Mar 23, 2019
10 of 16

Hi Khemiri,

 

Thanks for reaching out to us. When a bank converts a transaction, they will mark up the interbank rate to buy or sell a currency. Since rates constantly change throughout any given day, the rate you received is the rate offered by our bank at the time your specific transaction was processed. Regarding the limit for transactions, along with the fees and timings, you can check this help article for more information.

 

Thank you.

~ Aleksandar
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