I am new to this. I have not yet set up a payments method, reason is that I am very hesitant to share my banking information. Will my banking information be used only by Up work and not shared with any third party? Will the client have access to my banking information. I would appreciate guidance on this.
It looks like one of the solutions to your problem is to open a payroll account with an ATM card and then withdraw the money every week. Otherwise you may opt for a monthly payment schedule. There are other options actually.
Banking accounts have enough security features. Just knowing an account number is not enough for a scammer/hacker to transfer funds. For example, ICICI bank has Grid + SMS OTP authentication on top of login password.
If youre worried about tax authorities, all income from Upwork should be disclosed in your tax return. I don't understand why you are hesitant? Its the easiest way to get paid. How are you planning to get paid otherwise?
I can confirm that your bank account details will be kept private, and will not be shared to your client, or any third party.
Welcome to Upwork!