Getting paid: USD in the EU

[#1]

Hi All

I've always withdrawn money to a local account in Spain in euros. I understand I might get a better rate by receiving USD from UpWork, and then changing it locally. Also, I want to keep some money in USD because I buy things in dollars sometimes and it has a better interest rate than euros at the moment. 

I've tried reading the guides, but it's hard to understand what's possible and what's not. 

If you have experience of doing this, could you explain the option you use and why? Thanks!

[#2]

Using USD account. I can convert money everytime i need it. Or wait a while will be good exchange rate. It works with no issues.

Nothing complicated there. Open account and add banking details in same way as you added EUR before.

[#3]

Thanks, Mykola, so I can just add Wise USD account details as another bank and it will automatically send USD? Is there a charge for that from UpWork? I see Wise charged $6 to receive international USD payments.

[#4]

Have no idea about Wise. Added my local bank account.

Upwork taking $50 for each transaction from me. It is default fee for wire transfer. My bank dont charge additional fee for that.

[#5]

Thanks -- yes that wire charge was something I was wondering. It's not very clear to me under what circumstances that applies. 

[#6]

Wire transfer fee is fixed. By payment. Amount doesnt mater. Check pricing for Spain, it may be different.

[#7]

The thing I don't understand is what "wiring" means as opposed to the ordinary "transfering". Obviously this is important because one costs $50 and one is free. But in the jurisdictions I know, there is only transfer and tranferencia, which can be local or international and which can be free or charged.. 

[#8]

It is SWIFT transaction.

[#9]

Thanks -- understood...but then what is the ordinary, free transfer option if not SWIFT?

[#10]

Hello Jonathan,

I saw your post in the community and would like to share this helpful article, which provides more information on different withdrawal transfer fees. 

[#11]

You can open a Wise account and get both an EUR and USD account. 

[#12]

Thanks, Elisa -- could you explain a bit more? Do I just add the wise usd account as another local bank account and that's it? What are the charges?

[#13]

Yes, you can open an account on Wise and get your payments in USD from Upwork. You can transfer your money from Wise to your regular bank account and pay less fees than with the Upwork bank transfer to your local bank account. 

You can just add the Wise USD bank account to your payment methods on Upwork and select it as your preferred.

Just visit Wise website, there is even an article about using it with Upwork. There are many resources to understand how it works, and the support is helpful and responsive if you have any questions.

[#14]

Thanks 👍