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The cost per withdrawal direct to your local bank is $0.99

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Active Member
Gabriela F Member Since: Nov 20, 2019
1 of 2

Hello, 

 

I need bit of help with understanding of this statement : The cost per withdrawal direct to your local bank is $0.99 - Withdrawal - what does this mean? What withdrawal ? Is it the deposit to my account after the work is done ? For example if my earnings will be 15$ - it will be deducted 0.99$ once it is paid to my account? 

Or is it charge 0.99$ when I am trying to get money from my bank account ? 

It is bit confusing to understand what is the charge related to.  

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Community Guru
Petra R Member Since: Aug 3, 2011
2 of 2

Gabriela F wrote:

Hello, 

 

I need bit of help with understanding of this statement : The cost per withdrawal direct to your local bank is $0.99 - Withdrawal - what does this mean? What withdrawal ?


It means when you "withdraw" your earnings to your bank-account.

Once yoout earnings have moved through to the "available" tab on your Reports Overview Page, you can withdraw the money to your bank account or other withdrawal method you have set up.

 


Gabriela F wrote:

or example if my earnings will be 15$ - it will be deducted 0.99$ once it is paid to my account? 

Or is it charge 0.99$ when I am trying to get money from my bank account ? 

It is bit confusing to understand what is the charge related to.  


In the case you describe, the client paid you $ 15, then Upwork takes their 20% leaving you with $ 12, minus VAT on the fee ( $ 0.60) if you're not VAT registered, and when you withdraw to your bank account, it takes another $ 1.00. - So what arrives in your bank account is the Sterling equivalent of $ 10.40.


Be aware that Upwork's banking partners offer a very poor exchange rate, so with larger withdrawals PayPal or Payoneer make better sense.