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Giacomo's avatar
Giacomo L Community Member

UK best payment option?

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

 

Thanks!

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Giacomo's avatar
Giacomo L Community Member

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
Christine's avatar
Christine A Community Member

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.

Giacomo's avatar
Giacomo L Community Member

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

Olufemi's avatar
Olufemi B Community Member

Hi,

Please how did you set up Monzo?

Petra's avatar
Petra R Community Member


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)

 

Giacomo's avatar
Giacomo L Community Member

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

Petra's avatar
Petra R Community Member


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.

 

Giacomo's avatar
Giacomo L Community Member

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

 

Thanks!

James's avatar
James M Community Member

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

Johannes's avatar
Johannes W Community Member



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.

Petra's avatar
Petra R Community Member


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"

Varun's avatar
Varun G Community Member

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

Petra's avatar
Petra R Community Member


Varun G wrote:

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


more than that...

Johannes's avatar
Johannes W Community Member

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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