Payment tips needed from established Upworkers in the UK

[#1]

Hello 
I am after some tips from established Upworkers in the UK about payments.
I just completed my first contract and I was keen to get paid immediately, as I wanted to experience Upwork from beginning to end (applying for work through to getting paid), to get comfortable with the process.
However, I wonder if going forward that is the right thing to do? Do established Upworkers withdraw money after each and every contract is complete or is it more beneficial to do this say once a month, or when  substantial sum of money has accrued? Does it make any difference to the service fee, VAT, withdrawal fee and the transfer fee to a local bank?
 

[#2]

I think it depends on the Upworker's needs. It also depends on how much you're earning.

[#3]

Thank you.

[#4]

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Toni A wrote:

Hello 
I am after some tips from established Upworkers in the UK about payments.
I just completed my first contract and I was keen to get paid immediately, as I wanted to experience Upwork from beginning to end (applying for work through to getting paid), to get comfortable with the process.
However, I wonder if going forward that is the right thing to do? Do established Upworkers withdraw money after each and every contract is complete or is it more beneficial to do this say once a month, or when  substantial sum of money has accrued? Does it make any difference to the service fee, VAT, withdrawal fee and the transfer fee to a local bank?
 

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There was a time when someone emptied freelance accounts, usually good amounts saved on Upwork. I think the recipient of the money was a Japanese bank account, if I remember correctly.

So, if I were you, depending on rates and other issues, I would withdraw the money.
I have a Wise account to collect from Upwork. I accumulate it there until I see a good conversion rate and from there to the bank.

Not UK, Spain.

[#5]

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There was a time when someone emptied freelance accounts, usually good amounts saved on Upwork. I think the recipient of the money was a Japanese bank account, if I remember correctly.

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Was this before the Elance/ODesk merger?

[#6]

It costs you each time you withdraw, so you save a bit of money by reducing the number of separate withdrawals you make. However, given the amount is small it's not a big deal in the general scheme of things. If you're the sort of person who fusses about each individual dollar, then it makes sense to wait until it's mounted up to $X before you withdraw. Also, when the exchange rate is really fluctuating, it can sometimes affect how fast you withdraw. But if you need the money faster or feel safer withdrawing it immediately, then that's what you should do.

Personally, I faffed about with this at the start and then decided I had more interesting things to think about. Now I withdraw as soon as possible unless the amount is very small or I know I have another payment arriving in the next day or two. I'm in the UK and generally the payment reaches my bank within minutes (sometimes, although rarely, it takes a little longer). 

[#7]

Thank you Kim, that is really helpful.