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acondura
Community Member

New payment method - TransferWise**

Hello,

 

I was wondering if anyone would like to have TransferWise** as a payment method option in Upwork?

 

Last week alone I lost $54 because of the transfer to my bank and the exchange rates they use, and I'm sure I'm not alone. So, in essense, every month I lose over $200 from my hard earned money on Upwork, just because the bank handles the currency exchange from USD to RON (I'm based in Romania), even though the banks boast in 0% charges per transfers.

 

Even if I set up a USD payment method in Upwork and create a USD account with my bank to receive USD in my bank account, I still have to exchange the money in my currency in order to use them. Not to mention that it makes my accounting more difficult.

 

I contrast, I went to TransferWise** and inserted the same amount of money I transferred last week and based on their reported exchange rate, I would save up to $49.23 for a transfer of $1500, their fee being only $14.85, which is a HUGE improvement. $200/month lost from using the bank, compare that with $60/month (estimated) the TransferWise** fee. Can you sense how angry I am?

 

 

I was able to actually test their system with a client from Holland (unrelated to Upwork, they found me through LinkedIn) and they would pay my invoice through TransferWise** monthly and the amounts that would enter in my bank account were close to the amount of dollars I had calculated beforehand. So, it wasn't lacking something like $200 from the amount, only a small percentage fee (0.5% - 1%).

 

So, it would really be beneficial for us, freelancers at least, to use the TransferWise payment system! Is there anyway that the TransferWise** payment method can be implemented at least at the start of 2016?

 

Has anyone else been experiencing this?

 

Andrei

 

**Edited for Community Guidelines**

61 REPLIES 61
vladag
Community Manager
Community Manager

Hi Andrei,

 

Thanks for the suggestion and feedback, I will share it with the team.

~ Vladimir
Upwork
brlebtag
Community Member

I think it would be an excellent idea!!! ๐Ÿ˜„

fcolombo
Community Member

Bumping this just to know if we should expect TransferWise to be added at some point in 2016, or if it's better to forget it and stick to the currently available payout methods.

Any update on this?

Hi James, 

If this becomes available as a payment method, we'll make sure to announce it here in the Community. 


~ Avery
Upwork

You do know that you can now use TransferWise with Upwork, right?
All you have to do is create an account in TransferWise using USD currency
and then insert those details into Upwork by using payment type
called "Direct to U.S. Bank (USD)".
bongoatkuknoos
Community Member

Must have this feature. Thanks for suggesting, Andrei.

It really make sense!Upwork must try it for the sake of freelancers. 

claudiastefanoiu
Community Member

Have you tried Paypal? I think is the best option for RO now. The currency exchange is advantageous - much more than the bank one.

Yep, I tried PayPal. In fact, I use only PayPal. The process is like this: Upwork -> PayPal -> Bank, which in turn transforms USD into EUR which then transforms EUR into RON. In this transformation process I lose over $200 per month. Unfortunately, PayPal doesn't offer me currency exchange from USD to RON when I use the Withdraw functionality. PayPal simply transfers the money with no exchange involved.

From PayPal website:

 

"PayPal will always provide information on transactions that include a currency conversion. The currency conversion rate will be displayed each time you:

 

  • Withdraw funds in a non-local currency to your local bank account"

"There is no currency conversion for transactions where you:

 

  • Withdraw funds in local currency to your local bank account"
petra_r
Community Member

Do you have your main currency on PayPal set to US ยง?

 

That way you only lose on one currency exchange between PayPal and your bank

acondura
Community Member

Yes, USD in my main currency. Unfortunately, USD is always first converted to EUR before it gets converted to RON. Probably since I'm in the European Union.

mihaiolaru
Community Member

Would love to have TransferWise as a payment method. Hope Upwork will find a way.

Kind regards,

M.

claudiastefanoiu
Community Member

It may also depend on the bank used. I am using that exact process: Upwork - Paypal - bank account in RON and the exchange rate I get is quite good. I am definitely not losing money.

You definitely are losing money. If you're using Paypal to convert ANYTHING, you're losing a fair bit.

 

Any update on this? Selfish bump. 

@Claudia S

Cool! What bank are you using?

hodgesh
Community Member

What about using the Paypal debit card instead of transferring to a bank account? Is that feasible in Romania?

Been reading about TransferWise... It actually seems pretty great. I can see why some contractors are asking for it.

acondura
Community Member

@Heaven H

While my Paypal account does have the option of adding a bank account, it will only let me add a US bank account. So, I do use a debit card. When this transfer occurs, the bank converts USD to EUR and then to RON. In this conversion process, because the banks use their own exchange rate, I lose money. That's where TransferWise comes in.

michaeldk
Community Member

I fully support this suggestion. Transferwise is the #1 international money transfer mechanism. It's foolproof, safe, and extremely efficient. Bank transfers are something of the past.

evelynsim
Community Member

Upwork, any updates on whether or not this Transferwise payment method is going to be available anytime soon? Please make this a reality.  Wire transfer fees are crazy, and bank's currency exchange rates are even worse ๐Ÿ˜ž

 

vladag
Community Manager
Community Manager

Hi Evelyn,

 

We don't have an update at the moment but will share more information once we receive more details.

~ Vladimir
Upwork
smnplk
Community Member

I want it too. 

lggr
Community Member

Hello

Besides WireTransfer, there are other similar services like XE.com. Has anyone used it ? I believe it is another option

Thanks

 

vkrivcov
Community Member

TranswerWise will be a GREAT option and I beleive WE ALL need it!!!

 

UpWork - please make it available to us!!!

gsitjas
Community Member

Yes we want transferwise please, because of your fees i already lost a lot,that i have to deal now with banks and exchange rates... thanks!

_vibol
Community Member

Good idea, I also lost lots of money just to withdraw my payment.

thiagocifani
Community Member

Upwork Engineers please, implement a way to use transferwise. It would be nice to have it here.

fcolombo
Community Member

Any updates on this, Vladimir & Upwork team?

Thanks.

Hi Francesco and Vadims,

 

We don't have any new information or timeline regarding TranswerWise being added as a payment option. We'll let the Community know if there are any updates.

~ Valeria
Upwork
vkrivcov
Community Member

I would also be very interested to know what is the status of it. Thank you.

roncan
Community Member

I'd also like this added. It'll be the best thing to happen to Freelancers

projectstar002
Community Member

I'm also thinking having transferwise I'm loosing so much money during trasfer ๐Ÿ˜ž ๐Ÿ˜ž

waqassiddique91
Community Member

Any update about transferwise availability?

Hi Waqas,

 

Unfortunately, we don't have any new information yet.

~ Valeria
Upwork
ahmu83
Community Member

It would be great if they offer transferwise. Or anything that doesn't deduct so much fees from our hard earned money. Its frustrating how the conversion rates are applied and the fees are deducted in between.

thiagoperaca
Community Member

Please Upwork, make this happen!  

7b52f473
Community Member

Maybe you could Set up a usd account at your bank transfer the upwork payment to thatand then use transferwise to send it from your usd account to you local currency account. You'll have the extra transfer fee from transferwise, but the difference in the exchange rate cost will still mean you are in front
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