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UK best payment option?

giacomolaw
Active Member
Giacomo L Member Since: Jun 25, 2019
1 of 14

 UK bank transfer or paypal? I don't mind about speed, just want to be able to get the most from the money.

 

Thanks!

feed_my_eyes
Community Guru
Christine A Member Since: May 4, 2016
2 of 14

My UK bank used to charge me £30 for every foreign money transfer, so I switched to PayPal a long time ago. But you'd have to check with your own bank to know the exact charges.

giacomolaw
Active Member
Giacomo L Member Since: Jun 25, 2019
3 of 14

I use Monzo - they don't charge a fee and use the Mastercard exchange rate. Or does Upwork change it for me?

bakareolufemi
Active Member
Olufemi B Member Since: Jun 8, 2020
4 of 14

Hi,

Please how did you set up Monzo?

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
5 of 14

Christine A wrote:

My UK bank used to charge me £30 for every foreign money transfer, so I switched to PayPal a long time ago. But you'd have to check with your own bank to know the exact charges.


But Upwork withdrawals (direct to local bank) are done in British Pounds, so there should be no extra fees for it. I certainly didn't pay anything  (RBS)

 

giacomolaw
Active Member
Giacomo L Member Since: Jun 25, 2019
6 of 14

Cool, thanks! Is the Upwork or paypal exchange rate better? Or does Upwork exchange it, then send it to Paypal?

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
7 of 14

Giacomo L wrote:

Cool, thanks! Is the Upwork or paypal exchange rate better? Or does Upwork exchange it, then send it to Paypal?


Here is what I do:

I have a UK bank account, PayPal and a US- Dollar account.

 

When the Dollar course is not to my liking and I can afford it, I park Dollars in my US Dollar account. I also maintain a Dollar balance on PayPal.

 

I find the exchange rate used by Upwork's bank very unfavourable, and PayPal works out cheaper for me.

 

giacomolaw
Active Member
Giacomo L Member Since: Jun 25, 2019
BEST ANSWER
8 of 14

Great, thanks. I'll put them as dollars in my PP, and then move them to Monzo from there.

 

Thanks!

View solution in original post

jimevry1
Active Member
James M Member Since: Nov 2, 2019
9 of 14

Hi Guys,

 

I'm a new upworker, can you explain why its beneficial to move your payments into a dollar currency account on paypal before transferring to monzo?  

 

Jim

iojisw
Active Member
Johannes W Member Since: Feb 15, 2020
10 of 14


mmm i tried transferring from PP to Monzo, but PP still makes a conversion before transferring the money.. so.. you are stuck with PP's exchange rate, which is quite bad.

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