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USD to Euro exchange in a USD account of European bank

nkalog
Ace Contributor
Nicholas K Member Since: May 11, 2016
1 of 5

Dear all,

I would like to ask the following:

 

Let's suppose that we have a USD account in a European bank.

Is there any way the payment to be made in USD currency without any conversion?

If a conversion takes place, It will be from USD to Euro and then from Euro to USD but in this case costs are getting really high without reason.

Pleased to hear whether there is such option in any of the payment methods.

Thanks in advance,
Nicholas

vladag
Community Manager
Vladimir G Community Manager Member Since: Oct 31, 2014
2 of 5

Hi Nicholas,

 

If you're asking about a withdrawal method that would allow you to receive funds in USD, you can set up and use Wire Transfer.

Untitled
nkalog
Ace Contributor
Nicholas K Member Since: May 11, 2016
3 of 5

Hi Vladimir,

 

Thank you very much for the quick response and indeed I am talking about withdrawal options.

 

So far have used the Local Funds Transfer however have noticed that in this case the USD to USD (without exchange to/from Euro) is not possible.

Thanks for the useful advice that this is possible with wire transfer. Since the cost of wire transfer is much higer, maybe it would make sense (as compared with the double exchange) for very big amounts only.

I guess it may have technical difficulties so as the LFT to be available for USD to USD payments without conversion but it would be really interesting to see this in the future.

 

Anyway, thanks again for your help!

Regards,
Nicholas

kochubei_valeria
Community Manager
Valeria K Community Manager Member Since: Mar 6, 2014
4 of 5

Hi Nicholas,

 

By design Local Fund Transfer withdrawals will be converted into the local currency of the country the freelancer is residing in. Since US dollar is not a local currency in European countries, US dollar withdrawals can only be made via wire transfer.

~ Valeria
Upwork
nkalog
Ace Contributor
Nicholas K Member Since: May 11, 2016
5 of 5

Thank you both Valeria & Vladimir for the quick and explanatory response.

 

Regards

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