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Direct to Local Bank > Currency

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Active Member
Felipe S Member Since: Mar 9, 2017
1 of 9

I recently joined Upwork and set Direct to Local Bank as method to get paid. I see Upwork says that pays in my local currency (Costa Rican Colones), BUT my bank account is in American Dollars.

 

Can you send me the payment in dollars instead of colones, so I don't lose the costs for exchange?

 

Thank you!

Felipe

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Moderator
Valeria K Moderator Member Since: Mar 6, 2014
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2 of 9

Hi Felipe,

 

In order to receive your earnings in US Dollars, you'll need to use a different payment method - US Dollar Wire transfer. You can find more information about the method, timing and fees here.

~ Valeria
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Community Guru
Juvy Ann P Member Since: Oct 29, 2015
3 of 9

If the reason for wanting to have your earnings deposited in your bank account in your local currency is just to avoid losses, I think that the benefit that you may derive from it is paying for less taxes.  But then your earnings seem to be tax-exempt because this is not an income that you earned in Costa Rica.  Am I getting it right, Felipe?

 

Source: http://www.costaricaweb.com/business/cindetaxes.htm

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Active Member
Felipe S Member Since: Mar 9, 2017
4 of 9

Thanks to Valeria and Juvi for your help.
In order to what I am looking for, change the payment method is a solution... It is not about taxes, but losses because the exchanges rates.


All the best!

Felipe

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Active Member
Ramiro D Member Since: Mar 22, 2017
5 of 9

Hi Felipe,
Did the wire transfer work for you?  I am in a similar situation, looking forward to receive my payments in USD in Costa Rica.

Also, did you specify the 9-digit account number or the 17-digit one (I have a BAC San Jose account, btw)

Thanks!
Ramiro

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Felipe S Member Since: Mar 9, 2017
6 of 9

Hi Ramiro,

Yes it did, however the BAC charges extra $15 for receive the transfer (if it is less of 10k) and takes from 1 to 3 business days to be in your account. I'm testing other options (Paypal with the BN and Payoneer), to find the more profitable.

 

And yes, I used the 9 digits for account number.

 

Hope this help you.

Felipe

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Ramiro D Member Since: Mar 22, 2017
7 of 9

Thanks for the info, Felipe.
It was really useful.

Right now I'm using Direct Local Bank, and I lose around 6-7% due to the exchange rate they use.

In a wire transfer, if I configure my upwork setting to get paid only when balance is $4000 or more, the fees ($45) will represent only a 1.13%. I am totally using Wire Transfer.










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Active Member
Stephen Paul B Member Since: May 12, 2018
8 of 9

Hi Good Morning, I'm really worried about my salary that was being transfered to my name but has the wrong account number, because i put the card number instead of my account number. please help me

 

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Moderator
Joanne Marie P Moderator Member Since: Nov 26, 2017
9 of 9

Hi Stephen,

 

The funds will be returned back to your account balance if they can't be deposited into the bank account you provided. Please make sure you update the bank details in order to prevent further issues. You can also check this help article for more information. I also  checked that you have created a ticket for this issue. Someone from the team will also respond to your ticket to assist you directly. Thank you!


-Joanne
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