It seems I am also a victim of this issues regarding LFTs to India. Seems like something is wrong with payment processing system to India!!. I have never seen this kind of delay. My withdrwal bank was Standard Chartered Bank.
Upwork has transferred the payment on Apr 13, 2016 but it has not arrived till date. I am extremly worrying about it
Can anyone please tell me what to do!
Solution would be to wait until 25th and then request upwork to trace the transaction, I am also waiting for the same, I havent received money till date and I am sure will have to ask upwork to trace the transaction , this is sure abnormal.
Waiting for monday eagerly.
This is what upwork told me:
Thanks for contacting the Upwork Support.
I understand that you are contacting about payments that are not yet received from your recent withdrawal. Please allow me to give you some information about it.
We have found out that the delay is due to KYC regulation of your bank. All banks are regulated by the KYC, Know Your Customer Act. Each country has their own regulation, watch list, and in India along with the regulations from the RBI each bank has their own internal policies. We are aware that the review period of several banks in India are causing further delays of up to 2 weeks. If we receive notice that your wire transfer requires additional details, our compliance team will be in contact with you. If you have any specific questions about compliance and regulations contact your bank.
I hope this helps clarify the situation. Should you have questions or need additional assistance, don't hesitate to get in touch.
Thanks for your patience and understanding.
Upwork Customer Support | support.upwork.com"
Its really strange if its about KYC as the account I am actually using is very latest , say two months old not more and all the KYC details are submitted, I am in contact with my bank and they havent asked me anything about KYC. I am really wondering whats going on.
Just spoke with them on chat , scenario isnt very encouraging, I wish I would have used paypal as i was thinking since many days. They are quite professional in this sense though the exachange rate they offer is a bit low , but better than this kind of suffering. This 8 bussiness day window is painful, and i have heard further tracing takes weeks. This entire LFT thing sucks.
Hello Vishal and anyone suffering from LFT and would like to move to some 3rd part platform like Paypal or Payoneer for next transaction, I have real and honest suggestion guys choose Payoneer specifically for Upwork transaction.
I also used to have Paypal when I was in Elance, it was warking fine with them but when I first time withdrawn my Upwork earnings I got a huge of around 5% charge from Paypal because Upwork don't have mass payment service with paypal and they sent me individual payment in Paypal. However I am very lucky because of my long transaction with Paypal they refund the charge for first time.
But after that I had long discussion in an Upwork forum and some of the Indian users suggested to use Payoneer. I was very worried if I get the same charge again but trust me I have already withdrawn my earnings 2 time using Payoneer and there is no extra charge apart from the $2 Upwork fee + Currency Conversion. And again the currency exchange rate is just amazing, it is just around 2% of total amount which I think is almost same as LFT. Trust me I am very happy using Payoneer.
**Edited for Community Guidelines**
Thank you and if you need any help during signup with Payoneer, pls feel free to post message here. Also please let me know how much exchange rate you get using LFT? I never used it but wanted to know about the rate.
You will never get a charge by local bank whether you use LFT or Paypal or Payoneer because the local bank receive payment in INR, not any other currency. So the local bank can't charge anything because they don't have any trace about currency.
I wanted to know the $ rate you get from Upwork using LFT? Is this same which shows in google or they charge a small fee for currency conversion?