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?

Ace Contributor
vishal d Member Since: Apr 20, 2016

Received Payment here too, its totally strange, all of a sudden how everything has changed, I would have liked if Upwork would have called this a technical glitch than calling this a KYC issue and blaming indian banks.

 

I am so skeptical about using LFT now.

 

Also fun part is no Upwork official has replied here and assured about resolution of issue.

Community Manager
Lena E Community Manager Member Since: Apr 7, 2015
Hey guys sorry for not updating this thread. I replied on the thread in the Freelancer area. Thank you for your patience while we worked with our banking partners to resolve the issue that delayed your local funds transfer. Per our correspondent bank, an internal system issue on their end prevented the payment file from being processed

Upwork has received confirmation the payment file has now been processed. You can expect to see the funds in your account within the next 48 hours.
Thank you for your patience during our research and know Upwork is making it our highest priority to ensure an issue of this nature does not occur again.
Untitled
Active Member
Jitendra I Member Since: Feb 14, 2016

From starting to end I was keeping eye on the threat that what happens next..though there was not issue of mine, but I was also litle afraid, cause I also use LFT. It's good to all that issue is solved . Now, I can proceed to LFT without hasitation or doubt. Smiley Happy

Ace Contributor
vishal d Member Since: Apr 20, 2016

Still no gurantee this will not happen again, read the begining of the thread , there are other users who have been facing this since lots of months.

 

What amazes me is how upwork defamed Indian banks and regulatory system , though it was their fault nothing to do with KYC or any regulation in india. 

 

They could have simply said it is a technical glitch and we are looking into it, first they blammed holidays and then KYC, most importantly when they sensed it from lots of complained that their is an issue still they showed us rule of starting a trace only after 8 days which they could have done rightaway, this leaves lots of loopholes in trust for us developers in upwork. Atleast I am not satiesfied yet, I will trust LFT only after seeing its working over several months without issues. 

 

 

 

Community Guru
Ashish K Member Since: Mar 1, 2016

I would recommend LFT over Paypal any day. I also had my funds stuck in my 13th-April LFT withdrawal. But I would still recommend LFT because of its reasonable charges.

 

I recently used Paypal withdrawal for the first time. The amount was a 4 digit USD amount. Paypal took 4.4% charge upfront. Plus gave me a USDINR rate 3.8% less than market rate. So net net i lost 8.2% to paypal and all they did was process my hard earned money to my bank account. This is actually criminal. I have now closed both my paypal accounts. I will not give them one more rupee even in a life or death situation.

 

LFT gives you a currency exchange rate between 2% and 3% lower than actual USDINR market rate. Plus 1.99$ Upwork charge (1$ for paypal). There is no other charge.

 

So, I am sticking to LFT, the recent delay in payments should likely be a one off issue.

 

 

 

 

Ace Contributor
vishal d Member Since: Apr 20, 2016

Dear Ashish,

 

Delay in LFT is one time issue ? Lol just check when this thread started, anyways looks like you have used Paypal first time, and probably Upwork isnt your main job, someone who works on upwork fulltime , knows importance of money reaching on time, I am using paypal since the day when it was the only method to get money to india other than Wire transfrer and wire transfer was PITA. 

I love paypal over their commitement to customer satiesfaction, when i withdraw money using paypal I am assured that it will reach to me on time, and the cost is their charges, which are well worth if money on time is important.

 

I will keep Paypal as an alternative always, also this LFT thing taught me a lesson , withdraw money to your bank account in timely manner , every week if you are getting paid so.  I will use LFT and if i see such issue, I will have a rescue path as paypal for next payment. 

 

The LFt issue was for most of us so it got solved in two weeks , if its specific to one account it takes more time, so an alternatiev method is necessary.

 

Also when you had 4 figure USD amount why did you go with Paypal ? Wire transfer was better option. 

Ace Contributor
vishal d Member Since: Apr 20, 2016

Ashish,

 

You clearly failed to figure out how much would paypal charge you , I am intelligent enough to figureout which money withdrawal method is good for me if i had like even 1000$ to be withdrawn, simple math would tell you wire transfer is better and not paypal. 

 

My point was for smaller amounts you can use wire transfer it charges 30$ in that case paypal is viable option, guess if you want to withdraw something like 200/300$ ,and LFt isnt available , if you go for WT instead of PP then I will judge you and same is when you have 1000$ and you use PP over WT lol.

 

Anyways enjoy your wisdome and use it for figuring out better option next time. 

 

 

Community Guru
Ashish K Member Since: Mar 1, 2016

@vishal d wrote:

Ashish,

 

You clearly failed to figure out how much would paypal charge you , I am intelligent enough to figureout which money withdrawal method is good for me if i had like even 1000$ to be withdrawn, simple math would tell you wire transfer is better and not paypal. 

 

My point was for smaller amounts you can use wire transfer it charges 30$ in that case paypal is viable option, guess if you want to withdraw something like 200/300$ ,and LFt isnt available , if you go for WT instead of PP then I will judge you and same is when you have 1000$ and you use PP over WT lol.

 

Anyways enjoy your wisdome and use it for figuring out better option next time.  

 


I am intelligent enough to understand that for the amounts that i earn on Upwork, paypal is not suitable for me. You see, the amounts are simply too large. It is nowhere mentioned in paypal that they would charge us 3.8% less on USDINr than market rate. That is trickery.

 

And btw, the currency conversion charges on wire transfers are still 2-2.5%. The outcome would have been the same for me. Maybe 25-30$ less.

Active Member
Viswas R Member Since: Apr 22, 2016

Chill friends.

 

Anyday LFT is best. 

 

I am using LFT from almost 3 years. I got this problem for the first time. 

 

even this time also, after knowing the charges, i kept myself away from Paypal & Wire Transfer.

Active Member
Jitendra I Member Since: Feb 14, 2016

Yeah !! I also belive that LFT is the best option. I have receivd amount within four days so far for each payment. More ever no more higher charges you need pay because they pay us in local currency. Smiley Happy

TOP KUDOED MEMBERS