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Re: Best way to withdraw money in India

Active Member
Sayon S Member Since: Mar 22, 2016
31 of 49

Hi Dnyaneshwar and all other members,

 

Thank you for replying, it was really useful and helpful message. It cleared many of my doubts, however I may have more queries as I am going to setup a payoneer account soon.

 

Also earlier someone suggested to use US payment service from Payoneer to help saving $2, did you tried that? How does it work and is this Upwork fee he is talking about?

 

Another iMPORTANT Query:

if anyone using Paypal to receive payment from Upwork, are you getting an extra 4.4%+30cents charge from Paypal? I got this charge from paypal when I tried to withdraw money from Upwork. Can any one please clear this?

 

Hope to hear your response.

 

Happy and Safe Holi to all,

 

Reagrds,

Sayon

Active Member
Sayon S Member Since: Mar 22, 2016
32 of 49

Hi, I am still looking for some expert's reply. Can anyone please answer my queries?

 

Thanks,

Sayon

Active Member
Dnyaneshwar G Member Since: Oct 21, 2015
33 of 49

Hi Sayon,

If you withdraw earning through PayPal then PayPal will not charge you 4.4% charges. PayPal is charging this fees for Buyers and Invoice payments.

 

And you can not save $2 Upwork payment fees charges. Will suggest you to use Payoneer or Local Fund Transfer.

 

Thanks,

Dnyaneshwar Ganage

Thanks & Regards,
Dnyaneshwar Ganage
Community Guru
Ramesh K Member Since: Oct 25, 2015
34 of 49
Payoneer wont issue their debit card to Indian Users.

Instead they do have local bank transfer option.

IMHO, it is much costlier than Upwork transfer. Because their currency conversion rates are too high apart from the 2% currency conversion rate.

And if you withdraw money to your local bank, there will not be any additional charges. It is same like paypal withdrawal.
Active Member
Dnyaneshwar G Member Since: Oct 21, 2015
35 of 49
Thanks for info.
Thanks & Regards,
Dnyaneshwar Ganage
Highlighted
Community Guru
Ashish K Member Since: Mar 1, 2016
36 of 49

Local fund transfer costs 2% exchange rate from mid market prices plus 1.99USD fixed. Beats paypal hands down.

 

Payoneer - I searched for 10 minutes couldnt find a reference to fees. I prefer staying away from such services.

 

Regards,

Ashish.

Active Member
Soumi R Member Since: Feb 2, 2015
37 of 49

Hi All,

           I just have checked and see that for Paypal fixed charge is $1, Pioneer $2 and Local Fund Transfer $1.99. The all claim almost same exchange rate.

 

I calculated for both after doing a search for all charges. see the image of excelsheet attached.

 

I believe the LFT is best here in oDesk/UpWork. I am using it only from India.

 

Thanks

Soumi R
Community Guru
Ramesh K Member Since: Oct 25, 2015
38 of 49
How long it will take while you withdraw funds using LFT in upwork and Payoneer transfer?

Paypal I am getting in one or two working days maximum.
Community Guru
Ashish K Member Since: Mar 1, 2016
39 of 49

LFT takes 2 days at the least. So, wednesday deposit if requested on Monday.

Community Guru
Ramesh K Member Since: Oct 25, 2015
40 of 49
Thanks!
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