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Re: Paid in USD

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Active Member
Balazs D Member Since: Apr 2, 2020
1 of 20

Hi there,

 

 

I'm UK based and would like to get some help with the "getting paid" section.

 

1. Is there any way I could get paid NOT in GBP but in USD. The normal currency exchange rate Upwork uses is really bad and I lose money on their exchange rate. Hence, I'd like them to send my payment in USD to my British bank account. (The account has a USD section, so I can store dollars on my account and exchange them if I want to.)

 

2. I don't have a VAT number because I haven't started earning £85,000+/year. Do I just skip that part and let Upwork take 20%? Are they gonna send that 20% to HMRC or something? And I can claim it back next year?

 

Thanks so much for your help, everyone.

If you also know how I could get someone at Upwork on the phone or at least the email address of their support team (not just the bot), I'd be super grateful if you could comment it down below as well.

 

Have a great day, and stay safe guys.

 

Jazz-Balazs Danku

 

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Moderator
Goran V Moderator Member Since: Mar 24, 2017
2 of 20

Hi Balazs,

 

1. If you would like to withdraw your funds to your bank account in US dollars you will need to use our payment method Wire Transfer. To view, all of our available payment methods check out this Help Article

 

2. We won't charge VAT if a freelancer or agency has a valid VAT number. Freelancers and agencies with VAT numbers can add them by visiting the Accounts menu > Settings > Tax Information. If the tax ID that you submit isn't in the format provided by VIES, Upwork won't be able to validate it. To learn more about VAT check out this Help Article. Thank you.


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Balazs D Member Since: Apr 2, 2020
3 of 20

Thanks, Goran, for your answer, but that didn't answer my questions.

I referenced the exchange rate, which means I'd already checked out the payment options and the help article as well. But I'd like to know why I can't get my money transferred in USD, to a bank account that also uses USD, not GBP since we calculate in USD on Upwork?

And for my second question, I started out saying that I don't have a VAT number. I'm happy to hear how things work when someone has a VAT number, nothing wrong with that. But what do I do if I Do not have a VAT number? 

 

Thanks,

 

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Community Guru
Christine A Member Since: May 4, 2016
BEST ANSWER
4 of 20

Balazs D wrote:

Thanks, Goran, for your answer, but that didn't answer my questions.

I referenced the exchange rate, which means I'd already checked out the payment options and the help article as well. But I'd like to know why I can't get my money transferred in USD, to a bank account that also uses USD, not GBP since we calculate in USD on Upwork?

And for my second question, I started out saying that I don't have a VAT number. I'm happy to hear how things work when someone has a VAT number, nothing wrong with that. But what do I do if I Do not have a VAT number? 

 

Thanks,

 


You can just withdraw your payments to PayPal and hold it in U.S. dollars there - I do it all the time. My British bank was charging £30 each time I did a wire transfer in U.S $, so I abandoned that idea pretty quickly. 

 

 

View solution in original post

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Balazs D Member Since: Apr 2, 2020
5 of 20

Hi Christine,

 

Thanks so much for your reply. That's very helpful!

I'm gonna change my bank transfer to PayPal then.

Does PayPal charge you with anything? Or, it's nothing major?

Also, do you usually exchange it to GBP after you transfer it to your bank account? I use Revolut and that's how I used to play around with exchange rates. I send the money in USD from PayPal to Revolut and then send exchange it to GBP.

 

Thanks again,

Best regards and stay safe in these crazy times! Smiley Happy


Jazz

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Community Guru
Christine A Member Since: May 4, 2016
6 of 20

Balazs D wrote:

Hi Christine,

 

Thanks so much for your reply. That's very helpful!

I'm gonna change my bank transfer to PayPal then.

Does PayPal charge you with anything? Or, it's nothing major?

Also, do you usually exchange it to GBP after you transfer it to your bank account? I use Revolut and that's how I used to play around with exchange rates. I send the money in USD from PayPal to Revolut and then send exchange it to GBP.

 

Thanks again,

Best regards and stay safe in these crazy times! Smiley Happy


Jazz


PayPal doesn't charge if the payment comes via Upwork, and you can then get the money transferred to your UK bank account without any problems, pretty much instantly (I'm not sure if there's any benefit in transferring to Revolut first - I don't know anything about that). To be honest, though, I haven't looked into the best payment and exchange rates for many years – because I just can't be bothered – so if you find out any interesting new ways of transferring your money, please share. ;-)

Active Member
Balazs D Member Since: Apr 2, 2020
7 of 20

That's awesome! Thank you Smiley Happy I thought PayPal would charge me for the payments, but I'm so glad you clarified this for me. Smiley Happy

Revolut's exchange rate is the best I've found so far. I'll give you an example. Yesterday when I was looking at the exchange rates I checked 2 of my bank accounts. Lloyds was working on the regular exchange rate: £0.7878, whilst Revolut was offering £0.8010 for $1. To put this into perspective

Lloyds: $10,000 = £7,878

Revolut: $10,000 = £8,010

On a $10,000 transaction, you'd lose out on £132 if you go with Lloyds. I'd rather send the amount to Revolut first, exchange it to GBP, then send it to Lloyds Smiley Happy 

 

Thanks again,

Kind regards

 

Jazz

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Community Guru
Christine A Member Since: May 4, 2016
8 of 20

Balazs D wrote:

That's awesome! Thank you Smiley Happy I thought PayPal would charge me for the payments, but I'm so glad you clarified this for me. Smiley Happy

Revolut's exchange rate is the best I've found so far. I'll give you an example. Yesterday when I was looking at the exchange rates I checked 2 of my bank accounts. Lloyds was working on the regular exchange rate: £0.7878, whilst Revolut was offering £0.8010 for $1. To put this into perspective

Lloyds: $10,000 = £7,878

Revolut: $10,000 = £8,010

On a $10,000 transaction, you'd lose out on £132 if you go with Lloyds. I'd rather send the amount to Revolut first, exchange it to GBP, then send it to Lloyds Smiley Happy 

 

Thanks again,

Kind regards

 

Jazz


Interesting. Let me know if it works out as planned.

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Active Member
Beez R Member Since: Nov 18, 2019
9 of 20

Hi Christine/Balasz,

 

I was about to ask the same thing as Balasz asked and glad to find this post already there.

 

You mentioned sending the money to PayPal. I had looked into this option BUT under the payment method for PayPal ("adding a payment method") it says "$2 USD Upwork withdrawal fee". Our local bank in UK charges £0.99 per transaction, which seems to be the cheapest option amongst all the ones given to us under 'Add a payment method'. But this is still not the best option.

 

Secondly, I can't see how to add a REVOLUT option of payment under the same section either? 

 

I have both REVOLUT and PAYPAL and would REALLY like to avoid anymore charges. 

 

See the image attached which shows the options I can see on my side...out of all, it looks to me like the local bank transfer is the cheapest option. BUT if im wrong PLEASE help!! Smiley Happy  Thanks so much and apologies to bother you guys.

 

Balazs, I too do not have a VAT number and am wondering how that works?! Did you manage to get a response to this part of your question?

Beez

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Moderator
Goran V Moderator Member Since: Mar 24, 2017
10 of 20

Hi Beez,

 

Feel free to add the method that is a best fit for you. To clarify, the available payment methods for your locations are the ones listed on the screenshot you`ve shared.
Regarding VAT, Upwork charges the country-specific Value Added Tax (VAT) to freelancers and agencies in the European Union (EU), unless you provide a valid VAT number. VAT will be assessed on services provided by us, not on services you provide your clients. To learn more about VAT check out this Help Article. Thank you.


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