Reply
This is an open group. Sign in and click the "Join Group" button to become a group member and start posting.
cancel
Showing results for 
Search instead for 
Did you mean: 
Reply
This is an open group. Sign in and click the "Join Group" button to become a group member and start posting.

Let's discuss about "Local Funds Transfer (LFT)" - Recommended option for Indians in India. Is it?

Moderator
Vladimir G Moderator Member Since: Oct 31, 2014

Hi Bala,

 

Just to clarify, there are no issues with processing payments from Upwork so feel free to withdraw your account balance once you set up a valid payment method and fill the W8 tax form. Sometimes individual LFT transactions take a bit more time to be processed by the receiving bank, like in Ziaul's case. 

Frequent Visitor
Samira M Member Since: Mar 9, 2016

There definitely is a problem. I withdrew money on Feb 19, and was supposed to receive it by Feb 24. I haven't received it yet. Upwork started a trace on March 1st. I contacted my bank (HDFC) last week and provided them with the receipt Upwork gave me. They contacted all relevant deparments, but could not find any such transaction. They have asked Upwork to contact the intermediary bank, and see if the money is caught up there. I have provided Upwork with all the details and mails from my bank. 

 

So far, I have not made another withdrawal because I am worried the same issue will repeat. The system was working fine till Jan. I have been using LFT since I started work with Odesk in 2014, and this is the first time something like this has happened. Needless to say, I am extremely worried and annoyed. 

 

 

Was the problem resolved for freelancers who faced something like this?

 

Active Member
Jitendra I Member Since: Feb 14, 2016

This is the topic I was looking for in community and found here.

 Well , I wanted to ask how much does it cost to transfer fund from upwork to our local bank account..will anybody tell me..what charges applied by SBI and BOI ?

 

And another question I wanted to ask shall I pause the process of transfering fund and wait till next payment date...as currenty , I have read in the same thread, that there is problem going on in payment process ...

 

Please, suggetion ....

Frequent Visitor
Samira M Member Since: Mar 9, 2016

Hi Jitendra, 

 

If you are using the Local Funds Transfer, the fees will be $1.99 (Upwork charges). Your local bank will not charge any fees. If you withdraw using the wire method, Upwork will charge you $30, and your bank will charge around Rs. 300 for $1000.

 

Most problems here seem to because the intermediary bank is holding the funds until they have more information, but I don't think this is happening to everyone. You can decide for yourself if you want to withdraw now or later. Remember, as per the auto withdrawal settings, your balance will automatically be withdrawn on the date you set. So, make sure you check that. 

 

Hope this helps. 

Active Member
Mukesh K Member Since: Apr 27, 2015

Hey guys i am facing the same payment issues in India, last time it happened to me on February 17th that time my payment was delayed and after so many follow ups i received on 11th March, and again it happened last week on 13th April which they are saying to wait for another 8 business days for the trace.

 

Last time this is what i received from Upwork..


### We have received a notification from our bank that your payment is on hold with the intermediary bank as they require your OFAC information. The Office of Foreign Assets Control ("OFAC") is a Department of the U.S. Treasury that determines who we can accept payments from or send payments to, based on sanctions against an individual, bank or country. It appears your name has a similar match to a name on their list (not uncommon) and as a result, Upwork's intermediary bank needs the following information to release your payment.###

 

I dont know what you others have recieved it when it was delayed.

 

 

 

 

Frequent Visitor
Samira M Member Since: Mar 9, 2016

Hi Mukesh, 

 

This was the exact same reason my money was held up. Apparently, this is very common. I gave them all the details they asked for, and I believe, the payment was cleared the very next day. Just give them the details, and it should be fine. I have made another withdrawal (wire method) since, and faced no problems. 

 

Hope this helps. All the best. 

Active Member
Mukesh K Member Since: Apr 27, 2015

HI Samira,

 

I had already passed the necessary details, which they had asked me in February and still the payment is getting delayed.

 

 

Frequent Visitor
Samira M Member Since: Mar 9, 2016

That's a long time. Are you sure Upwork didn't mark the case as resolved for 'clerical purposes'? They kept doing this with me, and I kept responding to the query to make sure it was active. I don't see the sense of marking the case as resolved until my money is in my account. Try to escalate the matter.

 

I received my money very quickly - I remember being surprised at how fast the money was credited after I submitted the information they asked for. I hope you receive your money soon.

 

Active Member
Mukesh K Member Since: Apr 27, 2015

The day i submitted the whole details, the next day i saw the funds in my account. Actually i raised that point to know if i am not the only one who received that kind of messages from Upwork.

 

I quoted that the withdrawal are delayed once again of the 13th April which should be now in the bank. But its delayed once again. I guess the Intermediary bank which they are using are Standard Chartered Bank and i dont think so they are efficient to handle. I guess previous Wells Fargo was better.

Ace Contributor
vishal d Member Since: Apr 20, 2016

hi

seems like we are sailing in same boat, my payment hasnt arrived yet , same withdrawal date 13th April, Upwork is claiming that its becuase of holidays, but i dont believe, even with these many holidays it usually gets processed by tuesday of following week of withdrawal, there is clearly some issue going on, which they are hiding. I have setup Paypal for future withdrawals, incase its needed, they charge more money but their CC is far better to deal with and they are anyway a payment solution company so such issues are going to be unlikely there. But currently i am worried about my payment.

 

Vishal

TOP KUDOED MEMBERS