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kashif6e
Community Member

Payment Method - Foreign currency account

Hi, I have a foreign currency account in Pakistan. How can I register that account with Upwork, so that I receive my payment in dollars here in Pakistan?

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petra_r
Community Member


Syed Kashif A wrote:

Hi, I have a foreign currency account in Pakistan. How can I register that account with Upwork, so that I receive my payment in dollars here in Pakistan?


You'd have to use wire transfer, which costs $ 30 per withdrawal, so it's not worth your while to withdraw small amounts that way.

 

You can't withdraw in Dollars to a "direct to local bank" account as that is only for local currency. Otherwise you'd suffer currency losses twice (both ends)

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petra_r
Community Member


Syed Kashif A wrote:

Hi, I have a foreign currency account in Pakistan. How can I register that account with Upwork, so that I receive my payment in dollars here in Pakistan?


You'd have to use wire transfer, which costs $ 30 per withdrawal, so it's not worth your while to withdraw small amounts that way.

 

You can't withdraw in Dollars to a "direct to local bank" account as that is only for local currency. Otherwise you'd suffer currency losses twice (both ends)

kashif6e
Community Member

Thanks, Petra. I was not aware of that.

66ecf5bc
Community Member

Hi Syed Kashif A,

Though you have a foreign currency account, what if that costs a lot to you.  Better, use the same method as all on the Upwork platform.

All the best.

Thanks

Naheedmir

https://www.coupongot.com/

Today, the interbank conversion rate from the US dollar to Pakistani Rupees is 164 whereas Upwork shows Rs 158.10. That is why I want to get the amount in US dollars.  

Thanks, Naheed, I just read the details given by Petra. It's very expensive. You are absolutely right. Thanks again.

Hello, 

Can I know which method you used to transfer money to a foreign currency account

If you hold a USD account in Pakistan it will be expensive to withdraw, local banks also have higher lower FX rates. Even if you manage to get the dollars in Pakistan based bank, conversion into Pakistan Rupees will be at a lower rate. 

 

Yes, Upwork's rate an always low but it is hassle-free I withdraw each Friday in small amounts USD 200-1000, and get a same-day credit to my local account most of the time, and sometimes on the next working day. Since it is a credit by the direct company and Upwork's name also appears in the bank statement there will not be too many questions about the source of funds. 

 

But if you want a higher rate I suggest opening a bank account in the US, there are many new companies that offer US bank account at no fee or a very small fee. I have a US account with Aeldra, currently are offering US bank account only to Indian Nationals. You can search which banks or companies are offering for Pakistani Nationals. 

 

The benefit with Aeldra, you can get a free-of-cost ACH transfer to Aeldra account credit is reflected the next day. You can withdraw to the Pakistani Account at a very low fee and significantly higher exchange rate. But this is a long route. 

 

I still prefer direct to Indian Bank Account from Upwork.

 

Hey Kashif,

So I have a payonner account which gives me the leverage to another 2 accounts (US & UK). The US account is in my name and I was thinking of withdrawing that amount into my payoneer (linked to US) account and then to my Pakistani bank account. Is it possible? Like am i not required to fill any form of W-8BEN or anything to assure I am not a taxpayer of US. Is that possible? if so then how?

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