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'Direct to Local Bank' payment to Hungary

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Active Member
Susanna G Member Since: Dec 29, 2019
1 of 3

Dear Hungarian Freelancers,

 

Among other issues, I didn't get an answer to my question from Help Center to the followings. (Oh yes I received some 'answer' but these didn't answer my questions at all).

 

When choosing 'Direct to Local Bank' pament method, will my earnings converted by Upwork's bank from USD to EUR or to HUF when transferring it to my Hungarian Bank account?

 

Upwork lists EUR as the withdrawal currency for Hungary, but since this is NOT the Hungarian official currency (and for other countries than Hungary the official local currency is listed) I suspected that Upwork made a failure when listing EUR for Hungary, and in reality they send my Money in HUF.

 

So I turned to Help Center to let me know to which currency they convert my earnings, and they kept answering with different general quotes about conversion rates and suggested me to turn to my bank.

 

And why is it it important? I live in Hungary, and I spend my Money in HUF. It really does matter that my money is converted once or twice (USD>HUF or USD>EUR>HUF).

 

Thanks in advance for any experience in this field!

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Susanna G Member Since: Dec 29, 2019
2 of 3

And this is Upwork's list of currencies I mentioned in my post: https://support.upwork.com/hc/en-us/articles/211063888-Direct-to-Local-Bank0

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Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
3 of 3

Hi Susanna,

 

We understand your concern and I'll do my best to follow-up on the information our agent shared on your support ticket and clarify a couple of points you've flagged as unclear and confusing.

 

For Direct to Local Bank withdrawal method, we only support transfers in EUR to your country and not HUF at the moment. That means if you set up this option and withdraw your earnings (USD), you'll receive the funds in EUR in your bank account.

 

If you'd like to avoid double-conversion, you can consider using the Wire Transfer payment method instead, in which case funds are transferred in USD directly. That way, your bank will receive the funds in USD and it will be your bank who will be able to later convert the funds to the local Hungarian Forint (HUF) if you choose to do so. This may help in avoiding multiple exchange rate fees if you're looking to receive the funds in HUF, however, please note that Wire Transfer has a higher withdrawal fee on Upwork.

 

Please let us know if you need further clarification of this process. I invite other freelancer located in Hungary to share their experience regarding the withdrawal method they are using, in order to provide additional insight.

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