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New payment method - TransferWise**

Ace Contributor
Andrei C Member Since: Jun 23, 2015
1 of 58

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**

Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
2 of 58

Hi Andrei,

 

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

Active Member
Bruno L Member Since: Aug 14, 2015
3 of 58

I think it would be an excellent idea!!! Smiley Very Happy

Active Member
Francesco C Member Since: Jan 4, 2016
4 of 58

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.

Active Member
James A Member Since: Oct 3, 2017
5 of 58

Any update on this?

Moderator
Avery O Moderator Member Since: Nov 23, 2015
6 of 58

Hi James, 

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


-Avery
Untitled
Ace Contributor
Andrei C Member Since: Jun 23, 2015
7 of 58
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)".
Active Member
Ish B Member Since: Jan 18, 2016
8 of 58

Must have this feature. Thanks for suggesting, Andrei.

Community Guru
Iftikhar I Member Since: Mar 10, 2015
9 of 58

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

Ace Contributor
Claudia S Member Since: Sep 25, 2015
10 of 58

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

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