Direct Transfer to Local Bank with US Currency

I live and work in Albania (Eastern Europe), we use ALL (Albanian Lek) here.
I am trying to avoid the outrageous currency convertion fees of both Paypal and Upwork.

 

So I have created an account within my existing bank account (BKT), in US Dollars.

When I added it as a payment method into upwork, it still shows as ALL (see attached screenshot).
Will it convert the balance from USD to ALL then back to USD (keeping double the convertion fees)? Or will it transfer the balance directly as USD?

Does anyone has had a similar experience?
Thanks in advance.

2 REPLIES 2
petra_r
Member


Eldion N wrote:

 

When I added it as a payment method into upwork, it still shows as ALL (see attached screenshot).
Will it convert the balance from USD to ALL then back to USD (keeping double the convertion fees)? Or will it transfer the balance directly as USD?


"Direct to local bank" is ALWAYS in local currency so yes, you would end up with twice the charges.

 

To transfer US Dollars to a US Dollar account you need to use Wire transfer, which costs $30 but is worth it for withdrawals of over around $700

Thanks for the promt reply Petra,

I appreciate it.

I know that maybe this isn't the right place, but what if you transfer your balance to paupal business account, then into a USD account? Has anyone tried this? Do you think it might work with minimal fees?