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Withdrawal method in the UK

Active Member
Kiran S Member Since: Jun 22, 2016
1 of 12

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!

Community Guru
Jonathan H Member Since: Jun 19, 2019
2 of 12

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

Community Guru
Petra R Member Since: Aug 3, 2011
3 of 12

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.

Community Guru
Jonathan H Member Since: Jun 19, 2019
4 of 12

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?

 

Community Guru
Petra R Member Since: Aug 3, 2011
5 of 12

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.

 

 

Community Guru
Jonathan H Member Since: Jun 19, 2019
6 of 12

πŸ™€πŸ™€πŸ™€πŸ™€πŸ™€πŸ™€πŸ™€πŸ™€

 

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 Smiley Happy

Community Guru
Jonathan H Member Since: Jun 19, 2019
7 of 12

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

Community Guru
Petra R Member Since: Aug 3, 2011
8 of 12

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 Smiley Wink 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....

Community Guru
Jonathan H Member Since: Jun 19, 2019
9 of 12

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

Community Guru
Petra R Member Since: Aug 3, 2011
10 of 12

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 Smiley Wink

 

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