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Re: withdrawing USD to UK accounts

Community Guru
Petra R Member Since: Aug 3, 2011
11 of 34

@Remco V wrote:

That doesn't solve my issue. I want to transfer USD to my own current account and I don't want UpWork to convert currencies. I don't want to open up a new bank account just because of UpWork.


 That isn't available and would probably be prohibitively expensive.

 

 

 

Ace Contributor
Remco V Member Since: Mar 13, 2018
12 of 34

No Petra, it would be cheaper as I get the actual exchange rate and not UpWorks artifial exchange rate. My bank doesn't charge me for currency exchanges and offers the real exchange rate.

 

There is no need for me to exchange it to GBP first, so I don't really want to. UpWork should be able to add this as an option quite easily.

Active Member
Laurent J Member Since: May 29, 2018
13 of 34

I just understood what you meant in this last post

 

So what you mean is Upwork is making the change of currecy, not the bank ?

 

What if you go through Paypal and then send the money from Paypal to your account ? I know you said no Paypal but the fee is just 1$.

 

Please tell us if you end up with a better solution.

 

Laurent

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Ace Contributor
Remco V Member Since: Mar 13, 2018
14 of 34

Hi Laurent

 

Paypal charges $2 per withdrawal, not $1. Either way, I don't use PayPal and I don't want to add an extra step to my withdrawal process.

 

I don't understand why UpWork feels the need to make the decision for me to change the currency to GBP before withdrawing. I don't need them to do that and I feel like they should definitely give me the option to withdraw in USD if I wish to do so. Especially since I get paid in USD.

 

All I want is a little box to tick that says please withdraw my money without converting. The tick box can even be hidden behind a link if that is what UpWork prefers to do.

 

 

I know the moderators said they would feed this back to the team, but I'm wondering how one can officially request this as an option.

 

Ace Contributor
Remco V Member Since: Mar 13, 2018
15 of 34

Oh Laurent,

 

Just to add - Paypal offers a nasty exchange rate.

 

 

Community Guru
Petra R Member Since: Aug 3, 2011
16 of 34

@Remco V wrote:

Oh Laurent,

 

Just to add - Paypal offers a nasty exchange rate.



 Your bank would charge you for receiving foreign currency. Back in the day when I used to get my US book royalties sent to my (UK) bank account it worked out at almost 20 quid per every 100 that were sent... (Royal Bank of Scotland)

And the exchange rate was a long way from the mid market rates as well.

 

 

Ace Contributor
Remco V Member Since: Mar 13, 2018
17 of 34

Petra, I bank with Monzo and they don't charge for receiving or sending different currencies. I understand that this is not the way old fashioned banks work, but there are more options available nowadays.

 

I agree that the charges were huge back in the day, but a lot has changed since the last two years. I have a very clear understanding of the rates my bank charges and those rates are zero.


EDIT: To add to this, they also use the actual exchange rate.

Community Guru
Petra R Member Since: Aug 3, 2011
18 of 34

@Remco V wrote:

Petra, I bank with Monzo and they don't charge for receiving or sending different currencies. I understand that this is not the way old fashioned banks work, but there are more options available nowadays.

 

I agree that the charges were huge back in the day, but a lot has changed since the last two years. I have a very clear understanding of the rates my bank charges and those rates are zero.


EDIT: To add to this, they also use the actual exchange rate.


 "back in the day lol" - Now you make me feel ancient. I only moved 5 years ago Smiley Very Happy

 

In that case I am wondering if maybe wire transfer could work after all (but it is $ 30)

 

Ace Contributor
Remco V Member Since: Mar 13, 2018
19 of 34

Ha sorry!

Nope, won't work either because the bank details are sortcode and account number.

 

All i want is to withdraw the money to my current account without converting to GBP. Simples.

Community Guru
Petra R Member Since: Aug 3, 2011
20 of 34

@Remco V wrote:

Ha sorry!

Nope, won't work either because the bank details are sortcode and account number.

 

All i want is to withdraw the money to my current account without converting to GBP. Simples.


 Yeah, I get that, but it's coming from a UK bank, not a US one. THAT is the issue.

So it would get converted from US Dollars to Pounds when it hits the UK bank (en mass) and back to Dollars again to go to you, with two currency conversions, hit your Sterling account as Dollars and get exchanged again (3 x now...)

 

 

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