I just added wire transfer as a payment method. I noticed after adding my bank's SWIFT code that it said the account currency is USD and i could not change that.
My account is in EGP. Is that a problem?
Quoted from the Wire Transfer Fees & Timing article:
"Wire transfers to non-U.S. Dollar accounts are subject to fluctuating rates of the foreign exchange market. Your bank will determine the exchange rate you will receive."
So i figured its ok, just want a confirmation.
@Vladimir G wrote:
I can confirm you need to use a foreign currency account in order to set up and receive Wire Transfer payments.
I dont get it, in the article it obvioulsy states that i can. This leaves no other option but to use Payoneer or Skrill. The idea of having money on an online website seems uneasy to me.
What is the problem of transfering money to a non US currency account and the bank will apply the currency exchange rate and deal with it.
Please consider other payment methods for countries with restrictions like Egypt.
You should be able to use your non- U.S. Dollar bank account to receive wire transfers from Upwork. Note, that additional bank and conversion fees may apply.
Check this help article for more information.
As per the regulations of the Central Bank Of Egypt, You CANNOT receive US dollars into your EGP bank account unless you provide the bank with a statement "prove of origin" to avoid money laundry and other suspicious activity.
While most of the banks open accounts in only one currency, Faisal Islamic Bank opens the account in 4 currencies and accept wire transfers from upwork without any problems.
So my advice is, if you cannot use a payoneer card, try opening an account with FIB to avoid all the hassle.
Thanks for the advice, Do you know whether the same rules applied by The United bank? I also think that the "prove of origin" can be easily generated in upwork (certificate of earnings).