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Best way to withdraw money in India

Active Member
Soumi R Member Since: Feb 2, 2015
1 of 52


       I am from India. I want to withdraw my earning from ODesk for the 1st time. I have gone through the options available but not able to finalized anyone.

Local Fund Transfer is recommended by platform where each withdraw is charged 1.99$ and the exchange rate is lower by Rs.~1.5/- per dollar than market rate showing in Google.
Wire Trandser charges $30 per withdraw in India, so not at all an option practically.

Rest are - Payoneer, Skrill, Paypal, charges are $2, $1, $1 per withdraw respectively but in all the cases "activation & maintenance" charges are there but amount is unknown.  The currency exchange rate is higher than ODesk or not- I have no idea.
So finally which one is better?

So far I able to understand about money losses  per transacton is like follows -


Local Fund Transfer        - $1.99 + echange rate
Payoneer                           - $ 2 + activation & maintenance charge + echange rate 

Payoneer, Skrill, Paypal - $ 1 + activation & maintenance charge + echange rate 


Am I right?

Do anyone has any idea about the activation & maintenance charges and exchange rate of Payoneer, Paypal and Skrill?

I also have hard that Local Fund Transfer is free (no $1.99 charge) for the 1st transaction. is it true?


Too much queries. Sorry. But hope someone able to clear my doubts.

Thanks to all of you,



Soumi R
Community Guru
Aseem B Member Since: Dec 20, 2014
2 of 52

Hi Soumi

I do not know about the other payment methods but I just wanted to clarify that the exchange rate that you get is the SELL rate of dollars at the day of withdrawl. The sell rate is usually 1-2 rs lesser than the BUY rate that is often displayed at various sites. I think that most payment services will offer you the SELL rate when you do the final transfer to your bank account. Just check this before you dismiss the Local Bank Transfer option.

Valeria K Moderator Member Since: Mar 6, 2014
3 of 52

Hi Soumi,


I would just like to add to the information Aseem provided. Note that If you use LFT the currency conversion will be performed by oDesk’s bank before the funds are sent to you. You can contact Skrill and Payoneer Customer Support to find out about any extra charges for activation in your country.


I hope you will be able to find the best option for you.

~ Valeria
Active Member
Ranjith H Member Since: Jul 18, 2017
4 of 52

Hello there,


Can I use my Transferwise US account to withdraw money?

Is it taking less commission when compared to other payment methods?




Goran V Moderator Member Since: Mar 24, 2017
5 of 52

Hi Ranjith,


To learn more about our available payment methods check out this Help Article. Thank you.

Active Member
Shikha C Member Since: May 15, 2015
6 of 52

I think its better to choose either paypal or local fund transfer in both the cases they use there own forex conversion rate and both of them wil take around 3-4 days.

Active Member
Manjunath S Member Since: Jul 13, 2015
7 of 52



I too have the same question.. i.e choosing the best payment method to withdraw money in India. 

Infact I am looking for a payment method that takes least commission :-) .


I think i'll go with LFT as it is recommended by  Upwork.  There is no way to save the commission that the payment  method takes per withdrawal :-( .

Community Guru
Nikhil D Member Since: May 28, 2015
8 of 52

Hello Soumi and Manjunath,


I am a freelancer on Upwork, just like you guys for more than 15 months now and withdraw funds weekly using the 'Local funds transfer' option.


According to me, its the best possible method of withdrawal as there are no hidden charges (read maintenance and commission). I get an honest exchange rate from Upwork's bank and it takes less time as no third party is involved.


Also, the first LFT is free only if its an automatic payment, i.e you don't initiate the payment but it is processed automatically as per the schedule set by you.


All payments are processed on Wednesday, UTC....and normally I receive it in my bank (IDBI Bank Ltd) by Friday morning.


I have tried paypal in the past and it took too long and also a lot of money was deducted.


Obtaining a Payoneer card is a pain.


Skrill is not viable for us too.


I hope this clears your doubts. If still have any queries, just shoot a reply. Cheers Smiley Happy

Active Member
Nishant T Member Since: Oct 9, 2015
9 of 52

Thanks for your precious info. That is really very helpful.  Smiley Happy

Active Member
Pritam K Member Since: Nov 23, 2015
10 of 52

      Nikhil & Soumi,

What is the best way to transfer money from Upwork to my bank account in India?

I'm live chat for Payoneer..But Answer is..
The Payoneer Prepaid Master Card is unfortunately unavailable for Indian residents.

Please help me????