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,
Don't worry, it's complicated to get sometimes.
You need to go to the settings on your account. Click on your picture on the left top corner and click on settings. Then go to "Get paid" > Payment methods > Add a payment method > Local Funds Transfer (COP) > Put the Swift code COLOCOBM > GO. Then just add all your account information. It's pretty straight forward. It takes about 3 days to be approved and then you can start transferring the money to your Bancolombia account.
Let me know if that works for you 🙂
Hi, everyone I've been reading your comments but nobody is saying anything about the exchange rate. Apparently they use $2000 COP for every dollar when the official rate is $2850 (16/02/2017). Please someone tell me if I'm wrong with this and what is the exchange rate they are using with your withdrawals.
I was wondering if anyone knows about payments through other local Colombian banks such as "Davivienda". I successfully added my bank account information into Upwork and then made the withdraw. It has already been 5 bussiness days and Davivienda says they can't find any transactions in my bank account.
They also asked me which country was coming the money from. But they dont seem to find the money.
If anyone has experience with other banks different to Bancolombia I would appreciate to know if the transaction worked for you and how did it work.
Happened the same but in Bancolombia. At 5th business day, I received a mail saying that my data was incorrect. But i checked and my data is all correct. Maybe I'm missing a step?
P.S: I've signed the form in Bancolombia. No problems there.
Sign in to Sucursal Virtual and go to Transferencias > Internacionales > Recibir. If there's nothing in this page, Bancolombia didn't receive anything from Upwork (they should also be able to provide this information by phone).
If this is the case, double-check your settings. Are you using the Direct to Local Bank option? Is the SWIFT code correct (COLOCOBM)? Don't use any tildes in the Name on Account field, and call the bank to ask for the branch address you should use (I'm also in Medellin, and this is what appears in my Bank Information page: CARRERA 52 NR 50-20, FLOOR 9).
This has worked for me for years, so there should be no problem and you should be able to receive your payments in a few hours.
Hi. Thanks for your post. I have a question. I am trying to set up my Bancolombia account. In Upwork they are asking for the 4 digit bank code (please see screenshot). I am not sure what number is that. In another page in Upwork they say the code is 1007 for Bancolombia. I don't know if that's the correct number or if I need to enter the first four digits of my bank account. Any help will be highly appreciated. Thanks!
Dear Andrea, how are you?
Can you please help me with one issue regarding my Colombian upwork account and my Bancolombia credit card?
Please, write to me email - **Edited for Community Guidelines**
Has anyone tried Payoneer in Colombia? I was wondering what their exchange rates are compared to the ones we get with bank transfers (which are far from great, by the way). I was even thinking of getting the Payoneer card as a "backup" method for withdrawing my money from Upwork, but I have many doubts because it seems they charge expensive fees for everything.
I've been using Nequi since direct transfers to banks stopped working in Colombia a couple years ago. It's kind of easy and the prices are reasonable (though I recommend never withdrawing less than $200 with this method since this is the cap for Nequi's commissions.) To withdraw funds using Nequi, you must transfer them from Upwork to Paypal and then to Nequi (you can then transfer funds from Nequi to your bank account, which is free if you use Bancolombia.) All this process sounds complicated but it takes no time--you can have your money in your bank account within minutes!
As for taxes, I'm not really sure what you mean. As any freelancer in Colombia, you must report your income to DIAN provided that you earn more than the yearly cap (about 50,000,000 COP for 2021.) You must also pay the social security fees according to your monthly income.
Hi! What if I can't have PayPal account? (foreigner) I will open Bancolombia account within 2 weeks, how can I transfer the money from UpWork there? Do I need to open there USD account to use WireTransfer? ($30 fee is ok for me) Thank you!
Hey Alejandra! How did it work for you?
I' m trying to withdraw my PayPal funds but I haven't been able.
I don't use nequi, and I'm not really sure if I get the Payoneer or PayPal fees.