Sorry for the late reply.
Yes, it's very tragic. I hate all these fees too. My plan currently is to send it to my PayPal (which is set to USD currently) and just hope it won't charge me anything, and then send it to Revolut from there, where I get to make the most out of the exchange rate game.
I haven't yet transferred any money from Upwork, as I'm in the process of building up an amazing portfolio and learning more and more about my craft. So I can start charging a lot more money in the future for my services.
I started about 2-3 weeks ago and am currently on project No.7.
Check out **Edited for Community Guidelines** YouTube channel. I'm following his advice on how to be awesome on Upwork. When you start charging $1,000+ client, you'll forget about those small fees. Until I get there I'm gonna keep my eyes closed
Sorry I couldn't help.
Thank you so much for your reply, I really appreciate it.
Aww thank you for the heads up about **Edited for Community Guidelines**, I will definately check it out over the weekend.
Thats so true isn't it, once we start getting clients to pay us more, we won't have to worry about those small fees. Well done on starting and being on project 7 already - keep it up!
Have a lovely Friday and weekend ahead,
Balazs D wrote:
That's awesome! Thank you I thought PayPal would charge me for the payments, but I'm so glad you clarified this for me.
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
You could also try Transferwise. Paypal keeps charging me because I have a business and the credit card linked to the PP is for my NOK account.
Balazs D wrote:
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?
Upwork takes 20% as a fee (10% on relationships over $ 500 and 5% on relationships in excess of $ 10 000). Upwork then takes VAT on the fee and any connects or memberships. That gets sent to Britain, yes, and no, you can't claim it back next year. You can only claim back VAT you paid after registering for it, if I remember correctly.
idk how it works in your cuntry but here it's not possible to directly transfer usd from paypal to my bank, it will just use it's horrible exchange rate to local currency.
Would love to see Revolut being added as payement/whithdrawal method on Upwork.
Since then I found a better way...
Basically go to your bank and ask them to give you a visa card, that's default currency is in USD. Not every bank does this, so go to as many as necessary.
Once you have the card, add it to your PayPal. Contact PayPal that now you have a USD card so they don't need to steal your money anymore. Transfer the money to your new VISA card and exchange it in any way you wish to your currency.