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Best way to withdraw money in India

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Ace Contributor
Brijraj S Member Since: Apr 9, 2015
31 of 52

Use U.S payment service from payoneer and save $2 as well. If you withdraw $100 from your upwork account you can get complete $100 into your Bank account and payoneer also provide one of the best exchange rate. i would say its the best.

 

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Active Member
Sayon S Member Since: Mar 22, 2016
32 of 52

Hi Dnyaneshwar or to whom it may concern,

 

Thank you for your information but I still wanted to confirm about the charges. Can any bosy please answer below queries as it will help me to understand the charges to withdraw money from Upwork.

 

1. Any Indian user using Payoneer to withdraw funds from Upwork?

2. What are the actual charges you are getting from Payoneer to receive money from Upwork or to withdraw to local bank from Payoneer?

3. Is there any other charges you are getting from payoneer like activation, membership, maintenance etc?

4. Have you checked, if you are getting any charges from local bank to receive money from payoneer?

5. Do I need to take any special action or do any needful to avoid any unwantred charges from Payoneer or local bank?

 

It will be very helpful if any one can answer my queries properly. I look forward to hear real answers from experienced.

 

Thanks,

Sayon

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Active Member
Dnyaneshwar G Member Since: Oct 21, 2015
33 of 52

Hi Sayon,

 

1. Any Indian user using Payoneer to withdraw funds from Upwork?

Ans - Am using Payoneer to withdraw funds from Upwork and am very much satisfied about it.

 

2. What are the actual charges you are getting from Payoneer to receive money from Upwork or to withdraw to local bank from Payoneer?

Ans - Payoneer charges is 2% for currency conversion and they give you mid market rate. 

 

3. Is there any other charges you are getting from payoneer like activation, membership, maintenance etc?

Ans - There is no charges like activation, membership or maintacnce.

 

4. Have you checked, if you are getting any charges from local bank to receive money from payoneer?

Ans - Payoneer transfer you payment in Indian currency so bank will not charge you anything.

 

5. Do I need to take any special action or do any needful to avoid any unwantred charges from Payoneer or local bank?

Ans - They dont have any hidden charge expect 2% conversion rate.

 

Yesterday, i was withdraw $45.62 through Payoneeer.. Check below trancation for reference. The best thing of payoneer is, you will get you payment within 24 hours.

 

Transfer Details:

Amount:$45.62
Bank Account:6710
Transfer Amount:2972.61 INR
Transfer Date:Mar 22 2016 3:01AM

 

I hope i have covered you all queries and now you are very much clear about it.

Thanks & Regards,
Dnyaneshwar Ganage
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Active Member
Sayon S Member Since: Mar 22, 2016
34 of 52

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

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Active Member
Sayon S Member Since: Mar 22, 2016
35 of 52

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

 

Thanks,

Sayon

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Active Member
Dnyaneshwar G Member Since: Oct 21, 2015
36 of 52

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
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Community Guru
Ramesh K Member Since: Oct 25, 2015
37 of 52
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.
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Active Member
Dnyaneshwar G Member Since: Oct 21, 2015
38 of 52
Thanks for info.
Thanks & Regards,
Dnyaneshwar Ganage
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Community Guru
Ashish K Member Since: Mar 1, 2016
39 of 52

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.

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

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
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