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New payment method - TransferWise**

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

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.

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

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"
Community Guru
Petra R Member Since: Aug 3, 2011
13 of 58

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

 

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

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

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.

Active Member
Mihai O Member Since: Nov 10, 2015
15 of 58

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

Kind regards,

M.

Ace Contributor
Claudia S Member Since: Sep 25, 2015
16 of 58
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.
Ace Contributor
Kieran C Member Since: Aug 21, 2015
17 of 58

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. 

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

@Claudia S

Cool! What bank are you using?

Community Guru
Heaven H Member Since: Nov 24, 2015
19 of 58

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

Community Guru
Preston H Member Since: Nov 24, 2014
20 of 58

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

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