Faster payouts for fixed-price jobs

[ravi_iitian]

“With faster payouts, the typical 10-day wait for payment is cut in half for hourly contracts. Your client will still have 5 days to review your hours, but you will not have a 5-day security hold after your client releases payment.”

For fixed-price jobs, the client has 14 days to review a freelancer’s work.

Still, there is a five-day security hold.

Why can’t that five-day security hold be removed for top-rated freelancers for fixed-price jobs?

Earlier, when our payment reached our bank (direct to bank in local currency) on the day of withdrawal or within a couple of days, we did not mind the five-day security hold.

Lately, there has been an increase in the period of time for our funds to reach our banks.

Now the five-day security hold is more painful.

Upwork had written this:

“We wanted to quickly roll this out to as many freelancers as possible so we worked first to bring faster payments to hourly contacts since the majority of jobs on Upwork are hourly. In the future, we plan to look at ways to release payments for fixed-price contracts faster too. We will keep you posted.”

https://support.upwork.com/hc/en-us/articles/360047676133-Faster-Payouts-on-Upwork

So, when is Upwork going to start releasing payments for fixed-price contracts faster?

[dataextract]

//Earlier, when our payment reached our bank (direct to bank in local currency) on the day of withdrawal or within a couple of days, we did not mind the five-day security hold.//

Even now also the direct to local bank reaches on the same day. Anything changed?

[ravi_iitian]

---

 wrote:

//Earlier, when our payment reached our bank (direct to bank in local currency) on the day of withdrawal or within a couple of days, we did not mind the five-day security hold.//

Even now also the direct to local bank reaches on the same day. Anything changed?

---

Yes, takes longer now.

[dataextract]

I have initiated a local to bank withdrawal to my ICICI bank couple of days back and within few hours it has credited in to my account. 

[ravi_iitian]

---

 wrote:

I have initiated a local to bank withdrawal to my ICICI bank couple of days back and within few hours it has credited in to my account. 

---

That is good to hear.

What did the email say when your payment had been processed?

My details:

Applied for withdrawal of funds from Upwork: 5:39 am IST (12:09 am UTC) on Wednesday, 05 June 2024

Notification that the payment was processed: 11:32 am IST (6:02 am UTC) on Wednesday, 05 June 2024

Working days: Wed 05 June 2024, Thur 06 June 2024, Fri 07 June 2024.

Last checked at 8:52 pm IST (3:22 am UTC) today (Saturday, 08 June 2024).

Funds have not yet reached my bank.

[dataextract]

That email template is always same. For safer side they are putting it like that  I think.

Only a couple of times in the past 3+ years funds are delayed by 2 days (including the day of withdrawal). Else I normally get them within few hours on working days. I have ICICI and CUB accounts. I am withdrawing multiple times a month, normally. 

[ravi_iitian]

I wonder if it has to do with the bank too.

I am using SBI.

However, till recently, I was getting money in my bank on the same day.

[lysis10]

It's kinda funny but v v v clever that it seems like the security period got shaved from hourly, but we kinda still wait. Cients are charged on Monday. If they don't fix a payment issue problem very early on Monday, we have to wait until Tuesday to get money. So really there is still a security hold on weekly payouts. It just seems like we get our money with no hold when payments go through with no issues. V V VV V clever, Upwork.

[ravi_iitian]

Working days: Wed 05 June 2024, Thur 06 June 2024, Fri 07 June 2024, Mon 10 June 2024

Last checked at 11:30 pm IST (6 pm UTC) today (Monday, 10 June 2024)

Funds have not yet reached my bank.

[ravi_iitian]

Working days: Wed 05 June 2024, Thur 06 June 2024, Fri 07 June 2024, Mon 10 June 2024, Tue 11 June 2024 (5 working days)

Last checked at 8:52 pm IST (3:22 pm UTC) today (Tuesday, 11 June 2024)

Funds have not yet reached my bank.

[dataextract]

My latest experience. Infact I did withdrawn on 4th June and got that amount on the same day. (ICICI bank).

[ravi_iitian]

---

 wrote:

My latest experience. Infact I did withdrawn on 4th June and got that amount on the same day. (ICICI bank).

---

Thank you, Ramesh.

Wonder if Upwork cares at all.

[dataextract]

Just seen an another post from a Brazilian freelancer that it took 8 days for him to get the funds. 

I think all these depends on the intermediary bank Upwork is using.

[ravi_iitian]

---

 wrote:

Just seen an another post from a Brazilian freelancer that it took 8 days for him to get the funds. 

I think all these depends on the intermediary bank Upwork is using.

---

In my other post, Luiggi wrote:

“As Nikola mentioned, Upwork uses different payment processors, and we can't determine which one is used for a given withdrawal until it's processed. This is independent of the bank you use to withdraw your funds.”

I have no idea who or what those “payment processors” are.

They need not be a bank.

They could be a third-party money-transfer company.

Or they could be individuals.

[kfboelter]

I'm one of those having issues with the increase of time that it's taking for the funds to reach me after I perform an withdrawal... I mean, up to 8 business days? Half a month? I wonder if the money is on the limbo, or if it's being operated with fixed return rates... hmmm...

[ravi_iitian]

---

 wrote:

I'm one of those having issues with the increase of time that it's taking for the funds to reach me after I perform an withdrawal... I mean, up to 8 business days? Half a month? I wonder if the money is on the limbo, or if it's being operated with fixed return rates... hmmm...

---

Money is never in limbo.

If the money does not come to us in a timely fashion, someone or some institution is using our money for their purpose.

Intermediaries can use our money for earning interest (used to be vey common in India) or to maintain their cash flow.

It is incumbent on Upwork to ensure that our money is not misused by unscrupulous parties.

[kfboelter]

This is heartless! I wonder if this is will be the new normal form Upwork now. Unfortunately, their support does nothing more than wirtting down whas is already written on FAQ pages and such, but do not provide any real world case informantion.