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 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.
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?
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"
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