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kiranshahid
Community Member

Withdrawal method in the UK

I'm currently based in Canada and will be going for Grad School next month to the UK. It's a one year program. I wanted to ask UK freelancers (or anyone who has knowledge) which withdrawal method you prefer. I've heard Revolut is a great banking option in the UK, but I'm not sure you can receive funds from Upwork through that. I will also be transferring funds from Canada so I'm looking for a withdrawal method that doesn't compromise too much on the exchange rate.

 

Would really appreciate some help in this regard!

11 REPLIES 11
hoyle_editing
Community Member

I withdraw straight to my UK bank account - Upworks exchange rate sucks, but it is what it is!


Jonathan H wrote:

I withdraw straight to my UK bank account - Upworks exchange rate sucks, but it is what it is!


Personally I found straight to UK bank the most expensive (and slowest by far) option when I was still in the UK (Royal Bank of Scotland.) Both PayPal and Payoneer give better exchange rates and allow me to "park" Dollars when I don't need money and want to play with the exchange rates.


Petra R wrote:

Jonathan H wrote:

I withdraw straight to my UK bank account - Upworks exchange rate sucks, but it is what it is!


Personally I found straight to UK bank the most expensive (and slowest by far) option when I was still in the UK (Royal Bank of Scotland.) Both PayPal and Payoneer give better exchange rates and allow me to "park" Dollars when I don't need money and want to play with the exchange rates.


Hmmm, the speed doesnt bother me 'to much' as i know to expect it though, i must admit to times when a faster withdraw would be nice.

I have no experiance with Payoneer but as far as Paypal goes i have avoided that option completely as there will surely be another 4% or so loss of earnings through 'paypal fees' if using thier service?

ETA - or are you suggesting that paypal perhaps has an improved exchange rate that compensates for the fees?

 


Jonathan H wrote:

I have no experiance with Payoneer but as far as Paypal goes i have avoided that option completely as there will surely be another 4% or so loss of earnings through 'paypal fees' if using thier service?


Because Upwork disburses to PayPal via MassPay, there are no receiving fees. I maintain a $ balance on PayPal and if I withdraw $ 1000 (after the Upwork withdrawal fee) to PayPal I receive $ 1000. Upwork pays the (much reduced) fees.

 

I did a test once withdrawing $ 500 each to all three methods (years ago) and direct to local bank worked out the least cash in my grubby little hands.

 

 

🙀🙀🙀🙀🙀🙀🙀🙀

 

MIND BLOWN! - I had no idea, thank you. I will make a small test for my next withdrawl and may convert to this method in future if thats the case 🙂

Is the 'maintaing a $ balance' in paypal necesary to avoid the fees? 


Jonathan H wrote:

Is the 'maintaing a $ balance' in paypal necesary to avoid the fees? 


No, not at all. I just do it to have full control over when I exchange.

I spend significant amounts of money in Pounds, and tend to do so when your lovely politics lead to the Pound crashing to a new and exciting low 😉 like last week...

 

A couple of days ago I paid near 900 Pound for something planned in March. Take a look how much money it saved me to have waited....

Dont think it a good idea to get into politics here. But, i have a feeling there are going to be a few more crashes to come!!! Smiley FrustratedSmiley LOL


Jonathan H wrote:

 But, i have a feeling there are going to be a few more crashes to come!!! Smiley FrustratedSmiley LOL


Yes, the latest I could have paid would have been the end of October, but that seemed a little risky. It hit a point that made me think "now is a good time" so I went for it. The exchange rate gain was more than I could have achieved in any interest paying saving account or similar.

Obviously it can go both ways so it's kind of gambling, but I keep a Dollar nest egg and a Euro nest egg, and that way I can use what's looking good as and when I need to. Not keeping a Pound nest egg right now 😉

 


Petra R wrote:

Jonathan H wrote:

 But, i have a feeling there are going to be a few more crashes to come!!! Smiley FrustratedSmiley LOL


Yes, the latest I could have paid would have been the end of October, but that seemed a little risky. It hit a point that made me think "now is a good time" so I went for it. The exchange rate gain was more than I could have achieved in any interest paying saving account or similar.

Obviously it can go both ways so it's kind of gambling, but I keep a Dollar nest egg and a Euro nest egg, and that way I can use what's looking good as and when I need to. Not keeping a Pound nest egg right now 😉


I'm also hoarding my U.S. dollars on PayPal at the moment. The pound is expected to be on par with the euro even before we make our ignominious exit from the EU in October. 😞


Christine A wrote:


I'm also hoarding my U.S. dollars on PayPal at the moment. The pound is expected to be on par with the euro even before we make our ignominious exit from the EU in October. 😞


It's good for me in one way (I buy lots of horsey things (horses are expensive to dress and train) for my god-daughter) but other than that I watch in horror. That country was my home for so many years.

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