I'm from Colombia and I'm working for an USA company and I'm concernd about what payment method to use because I'm reading about a lot of bank fees mostly for the exchange currency.
I am trying to choose between a local bank (Bancolombia) or Skrill and I would really appreciate if someone in the same situation could give some advice about what payment method are you using and how much the fees cost.
Thank you so much,
On my client account I use PayPal as my payment method (I'm from the UK).
Depositing $30 into escrow cost me about £22 - £23, which lines up more or less with exchange rate at the time, if £1 or £2 too much, but isn't anything astronomical.
A little late, but here are my two cents:
I'm from Colombia too, and I have used the Payoneer service for some time and it has worked well for me.
They give you an international prepaid MasterCard (like a debit or credit card), where you can receive payments from US companies (UpWork included).
When loaded with money you can use that card in Colombia for paying stuff at any commerce, or even make cash withdrawals from any ATM.
They charge an annual maintenance fee of USD 29,95, but only from the available balance on your card; they charge you a USD 3,15 fee per ATM withdrawal as well , but it has no fee for paying with it at any commerce.
Check it out, and if it works for you I can give you a referral code so they give you USD 25 for signing up.
HI Elizabeth. Are you asking for referal code to use on Payoneer? if you are in Colombia i recommend you to use a swift code at a local bank for your payments (i've been on Bancolombia and works really great), it only charge you 3USD or somethimg like that per withdraw on upwork and then you can use the money on your account with a debt card , that sound much better than 30USD anual fee and extra charges for any transaction.
Thanks for your recommendation. I am about to get paid and I'm not sure if Bancolombia is the best payment method. I have received international transfers before and some cost. I was told from Bancolombia that international transfers might cost 90.000 COP approx, but it depends on some criteria that I'm not sure, so I would like to ask you if from this platform, how much exactly you have to pay to receive the payment into your Bancolombia account?
I appreciate your answer,
You can ask your bank directly for the correct Swift Code and please try using 1007 for the 4-digit code. You can find this code as well as more information about Swift Codes in this help article.
Hi Andrea, thanks for your answer, the replies in the forum were banned because you can only write in english.... anyway, i ve seen in the upwork literature a 30 usd fee for wire transaction trough the swift code of the local bank, they only charge you 4 usd for sending your earnings to the local bank? I really will appreciate if you can give me a little light in this issue, ,
Hi Camilo and Andrea,
Please take note that it is a violation of the Upwork Community Guidelines to be posting a language other than English. I look forward to reading your posts in English, so that if there are any questions, I will be able to help.
:D, you do the transfer trough the swift code, ? How long it takes until you have it available in Bancolombia? Did you see any charge for the currency exchange?, i was ready to sign up in payoneer, until i say your reply, thank you so much for having the time to answer me.
Andrea... i've been reading what you post about Bancolombia, and it's exactly the last step i need to make to sync up my earnings. I'd be really grateful if you give me a hand with it. I asked Bancolombia and they said the code on the billing method that upwork requests is a credit card code, so i can´t transfer the earnings to my bank account. I'm really confused and I really aprecciate if you help me.
Thanks a lot.
on lasts month for 2016 i tried move my earnings to bancolombia and was a big headache! and i finally got again the payoneer card and i get my earning there. my transfers never appear on bancolombia and were returned like a 20 days after.
As long as your Bancolombia account is approved to receive international transfers you don't need anything else. The Swift code is the one Andrea gave COLOCOBM and it's easily found in the Bancolombia website or by just googling it. But please please make sure that you are allowed to receive the money, if not you'll get your money returned to UpWork.
Just go to an office and tell them you need to fill out a form called "solicitud de compra de divisas" (hoping that doesn't get edited as it's the exact name you need). I had that form filled out like 7 years ago, but it is still the same. I made my first transfer from UpWork this week and I got the money the same day.
Hello Andrea, so i did my first LFT withdrawal, but i need to get to the bank in person to claim the funds, because it requires my citizenship car id attached to the wire transfer. What should i tell to the bank when i get there? i just need to be able to receive the funds automatically. Apparently Upwork can't attach my ID to the wire transfer
Hey Camilo and Andrea,
I apologise for the oversight, I've edited my post to reflect the correct name. I'm happy to see that Andrea was a great help to you, Camilo.
If there's anything we can help you with, let us know!
HI, , MY NAME IS CHARLES AND I AS WELL WORK FOR AN AMERICAN COMPANY ,FROM MEDELLIN COLOMBIA, I JUST STARTED AND RECEIVED MY FIRST PAYMENT, I WAS WONDERING IF YOU HAVE RECEIVED WIRE TRANSFERS FROM UPWORK TO BANCOLOMBIA. OR IF THERE IS ANY ADVICE YOU COULD GIVE.
HOW LONG DID IT TAKE YOU? DID YOU HAVE TO CONTACT BANCOLOMBIA IN ORDER TO RECEIVE YOU PAY?
THX IN ADVANCE
Hi Charles, i have used the wire transfer to BANCOLOMBIA account without any problem, they will charge you 4 USD, just register your account with the BANCOLOMBIA SWIFT CODE, you can find it online or ask in an office, you need also to sign a paper form in the bank the fisrt time you receive a payment from upwork, hope it will help you.
THANKS FOR YOUR QUICK RESPONSE CAMILO, I CAME TO REALIZE THAT THE ANSWER TO MY QUESTION WAS POSTED BEFORE I EVEN ASKED... IF YOU HAPPEN TO KNOW WHAT IS THE NAME OF THAT PAPER OR DOCUMENT,?, OR JUST BY ME WALKING IN AND EXPLAINNING TO THEM MY SITUATION THEY WILL KNOW WHAT PAPER IT IS THAT I NEED... ALSO JUST TO CONFIRM ...., YOU ALSO RECEIVE YOUR PAYMENT 1-3HRS AFTER YOU WIRE? OF COURSE AFTER SIGINING THE DOCUMENT IN THE BANK?
THANKS AGAIN AND I WISH YOU THE BEST.
how much time takes in appear in your bancolombia account after make the payment in upwork i have been waiting for 2 days and they said that not get any transaction.
Hello everyone, Ijust started on the site and this is the first time I am doing anything like this and .... I'm very confused it's like the more I read the less I get hahaha any of you would be amazingly kind enough to explain things too me? i know im asking for a lot! also Im having trouble with adding my bank account, it's a savings account from bancolombia but as you know the our debit card dont have the same info and codes as a credit one like in the US, I need a lot of clarifying hahahah I hope any of you can help me. Thanks in advance.
Hi Victor, just ask in a Bancolombia office for the swiftcode of the bank, register your account number with the code as your payment method on upwork, once you are ready to withdraw, only the first time you need to go to the bank an sign a form to accept international transfers direct to your account, thats all.
Hey, it's me ... again hahaha sadly when i went back to the bank, they told me they still dont understand what i need to make it work and they are offering me a credit card and thats not what i need. Can you walk me through the steps of the process cause i don't know anymore how to ask for it. Thanks a lot 🙂
Heyy, yo must be thinking I'm so stupid hahah i went to the bank and filled the document, but now Im having problems adding the payment method where do i put the swiftcode and do i write the number thats on the plastic or the number of the account? sorry I'm sooo confused!