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,
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.
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.
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.
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.