Jun 25, 2019 12:35:29 PM by Giacomo L
UK bank transfer or paypal? I don't mind about speed, just want to be able to get the most from the money.
Thanks!
Solved! Go to Solution.
Jun 25, 2019 02:05:26 PM by Giacomo L
Great, thanks. I'll put them as dollars in my PP, and then move them to Monzo from there.
Thanks!
Jun 25, 2019 01:06:18 PM by Christine A
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.
Jun 25, 2019 01:07:27 PM by Giacomo L
I use Monzo - they don't charge a fee and use the Mastercard exchange rate. Or does Upwork change it for me?
Jun 25, 2019 01:21:18 PM by Petra R
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)
Jun 25, 2019 01:22:29 PM by Giacomo L
Cool, thanks! Is the Upwork or paypal exchange rate better? Or does Upwork exchange it, then send it to Paypal?
Jun 25, 2019 02:04:14 PM by Petra R
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.
Jun 25, 2019 02:05:26 PM by Giacomo L
Great, thanks. I'll put them as dollars in my PP, and then move them to Monzo from there.
Thanks!
Nov 2, 2019 10:54:34 AM by James M
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
Feb 16, 2020 12:12:36 AM Edited Feb 16, 2020 12:52:33 AM by Johannes W
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.
Feb 16, 2020 03:58:27 AM by Petra R
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"
Feb 16, 2020 04:30:29 AM by Varun G
As per my calculations, Upwork's conversion partner takes about 2% off the top
Feb 16, 2020 04:40:46 AM by Petra R
Varun G wrote:As per my calculations, Upwork's conversion partner takes about 2% off the top
more than that...
Feb 16, 2020 11:30:50 AM by Johannes W
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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