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New payment method - TransferWise**

himanshu5692
Active Member
Himanshu M Member Since: Jul 27, 2015
41 of 59

Hi Team,

 

Any update to Transferwise. Loosing very on exchange rates and bank fees during transfers.

 

Regards,

Himanshu MIttal

jevanderveen
Active Member
Jantine V Member Since: May 19, 2017
42 of 59

Roughly 1.5 years since this topic was started, I'm afraid Upwork is not actually looking into the option of adding Transferwise... I too am getting sick of losing about 2.5% of my hard-earned money every time I make a transfer with Paypal. This month I basically worked an hour and a half to pay conversion fees!

fcolombo
Active Member
Francesco C Member Since: Jan 4, 2016
43 of 59

I wouldn't keep my hopes up for this.

FX fees are too lucrative to give up.

 

Upwork makes it more and more difficult for freelancers to get by.

 

I am personally avoiding getting work from Upwork now as it's just not worth the hassle. I'd need to double my rate to make it worth.

ofarr
Active Member
Vebjørn L Member Since: May 23, 2017
44 of 59

Actually TransferWise just launched their Borderless account which would be perfect for this! Can we make this happen soon? I'm tired of Paypal that restricts people by the country they created their account in.

acondura
Ace Contributor
Andrei C Member Since: Jun 23, 2015
45 of 59

There was a Q&A forum session yesterday and of course this topic was raised. I got a reply from Upwork's Payment Product Lead who said the following:

 

 

Thanks for the feedback. We have heard the same concern from some of the other freelancers as well. We have escalated the concern with our current processing partner, Transfast.com. We are actively working on this issue and identifying solutions to address the freelancer concerns. Expect some positive changes this year related to this topic.

 

Thanks.

Aneetha (Payment Product Lead)

 

 

So, as long as you have access in your Upwork account to add a Direct to Local Bank payment, that uses the Transfast.com service, which seems to be pretty much the same thing as TransferWise.com. Currently, they have an issue with Transfast.com that they use a much lower rate (e.g. last week on 17 May, my transfer from Upwork according to Upwork's generated email used a USD/RON rate of 3.94, while the rate from xe.com (world's authority on exchange rates) was between 4.09 and 4.25, closing at 4.10). According to Aneetha this should be corrected soon this year.

 

I don't know if Direct to Local Bank is available to absolutely everyone in Upwork but it's a step forward to see Upwork is using something like TransferWise.com.

 

Regards,

Andrei

acondura
Ace Contributor
Andrei C Member Since: Jun 23, 2015
46 of 59

Upwork freelancers, TransferWise finally works! Read all about it: *** Edited for Community Guidelines ***

susanned
Community Leader
Susanne D Member Since: Mar 15, 2015
47 of 59

That looks definitely interesting for me as an alternative to paying 30 USD for each transfer. Does transferwise have any restrictions as to countries - like Paypal?

acondura
Ace Contributor
Andrei C Member Since: Jun 23, 2015
48 of 59

Hi Susanne, I placed 2 links for supported countries and supported currencies towards the beginning of the article: **Edited for Community Guidelines**

susanned
Community Leader
Susanne D Member Since: Mar 15, 2015
49 of 59

Thx - looks like I should try to create this account and see if I can add it to UW. IF transferwise will accept me ...

hnordt
Active Member
Heliton N Member Since: Nov 9, 2015
50 of 59

Any update on this? I would love to be able to transfer my money to Transferwise too.

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