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UK best payment option?

giacomolaw
Active

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

 

Thanks!

ACCEPTED SOLUTION

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

 

Thanks!

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13 REPLIES 13
feed_my_eyes
Community Guru

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.

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

Hi,

Please how did you set up Monzo?


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)

 

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


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.

 

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

 

Thanks!

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



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.


Johannes W wrote:


you are stuck with PP's exchange rate, which is quite bad.


it's way better than the exchange rate used by Upwork's banking partners during "direct to local bank"

As per my calculations, Upwork's conversion partner takes about 2% off the top


Varun G wrote:

As per my calculations, Upwork's conversion partner takes about 2% off the top


more than that...

May I ask you how you did your calculations?

 

As at yesterday, these were the USD/GBP Xrates for both: 

Paypal: 0.74636

UW: 0.7536

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