UK best payment option?

[#1]

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

Thanks!

[#2]

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.

[#3]

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

[#4]

Hi,

Please how did you set up Monzo?

[#5]

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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.

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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)

[#6]

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

[#7]

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Giacomo L wrote:

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

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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.

[#8 · Accepted solution]

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

Thanks!

[#9]

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

[#10]

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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.

[#11]

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Johannes W wrote:

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

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

[#12]

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

[#13]

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Varun G wrote:

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

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more than that...

[#14]

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