How to Withdraw Funds from Upwork
Upwork is a leading online freelance marketplace that connects freelancers with clients worldwide. Freelancers offer their skills and services on the platform, while clients can find and hire them for various projects.
Upwork facilitates secure payments, ensuring freelancers get paid for their work. Understanding how to withdraw those funds efficiently is crucial for maximizing your earnings.
This guide will walk you through the process of withdrawing funds from Upwork and highlight a cost-effective option for managing your freelance income.
The Process For Withdrawing Funds from Upwork
Before withdrawing your earnings from Upwork, you need to provide some tax-related documents to comply with regulations. Depending on your location, this may include your PAN card, a W-8BEN form, or other relevant tax documents.
Upon furnishing the necessary documents, follow these steps:
- Log in and Navigate to "Get Paid"
Access your Upwork account and navigate to the "Settings" section. From there, locate the "Get Paid" tab. In this section you can manage your withdrawal preferences and linked payment methods.
- Click on "Withdraw Funds"
Within the "Get Paid" section, you'll find the "Withdraw Funds" option. Clicking this will initiate the withdrawal process.
Upwork's Withdrawal Options
Upwork offers various withdrawal methods to cater to freelancers' needs. Here's a breakdown of some popular options:
- Direct to Local Bank
Funds are directly deposited into your linked local bank account. Processing time can take up to a few business days depending on your location and bank. Upwork fee along with other transaction fees may apply.
- Wire Transfer
If you are receiving payment from abroad, you can transfer it directly to your bank account via wire transfer. However, it incurs multiple charges and longer processing times (5-7 business days).
- PayPal
PayPal is an online payment platform that allows you to transfer funds into your PayPal wallet quickly. These transfers are generally fast and can happen within a day. However, transferring the fund from your PayPal account to your bank account may take additional time.
- Payoneer
This payment platform offers a prepaid debit card and direct bank transfers. Fees and processing time depend on your chosen method.
- Skydo
If you receive international payments, Skydo provides a virtual international bank account for faster and more cost-effective transactions. Setting up your international bank account takes less than five minutes and you can start receiving payments in no time!
Why Freelancers Trust Skydo for International Payment Withdrawals
While Upwork offers several withdrawal methods, Skydo stands out as the best way for freelancers to withdraw payments. Here's why:
- Maximise Cost Savings With Live FX Rate
Other payment options, such as PayPal and Payoneer, impose a 3-5% currency conversion fee along with transaction fee, which can significantly impact your total earnings.
Skydo in comparison, only levies a flat rate transaction fee of $19 for payments up to $2000 and $29 for payments ranging from $2001 to $10,000.
With Skydo, you can monitor live Foreign Exchange (FX) rates . The platform doesn't levy any extra fees for currency conversion, helping you maximize your freelance earnings.
- GST-compliant FIRC (Foreign Inward Remittance Account)
The FIRC (Foreign Inward Remittance Certificate) is an essential GST compliance document for Indian freelancers. It acts as evidence of payment details and confirms the validity of foreign earnings. Most freelancers obtain FIRCs from local banks. However, more often than not, it is a time consuming process.
Skydo simplifies this process by automatically creating FIRC for each cross-border transaction. You can download your FIRC receipts from Skydo's dashboard, with a single click.
- Quick Fund Transfer
Unlike other payment gateways, which typically take around 5-7 days to process withdrawals, Skydo ensures that the withdrawal amount is reflected in your bank account within 24-48 hours.
How to link your Skydo account to Upwork
Here's a simplified guide to linking your Skydo account to Upwork for a seamless withdrawal experience:
1. Log in to your Upwork account and navigate to your profile settings. Click on "Settings".
2. Within settings, locate the "Get Paid" tab and click on "Add a method".
3. Choose "Direct to U.S Bank (USD)", as Skydo offers you a virtual U.S. bank account.
4. Provide your Skydo local USD account details obtained during your Skydo account setup. Click "Add Bank Account".
5. Upwork might prompt you to set up a withdrawal schedule. You can choose to fill in these details for automatic withdrawals or skip it for manual withdrawals.
6. Make sure the checkbox for your Skydo account is enabled. Click "Save Changes" to complete the linking process.
7. Once a client pays you through Upwork, you'll receive a notification as soon as the funds are deposited into your local account. You will also be notified when the money hits your personal bank account and you can track the movement of the fund on Skydo.
Conclusion
To ensure seamless access to your earnings on Upwork, it's important to understand their withdrawal process. If you're looking for a faster, more cost-effective option, consider choosing Skydo.
With Skydo, you can enjoy lower fees, faster transfers, and a user-friendly experience. So why wait? Sign up for Skydo today and enjoy a smoother way to withdraw your Upwork funds!
Q1. How Much Does Skydo Charge for Withdrawals?
Ans: Skydo charges a flat fee for each transaction. The fee is $19 for payments up to $2000 and $29 for payments between $2001 and $10,000.
Q2. How Long Does It Take to Withdraw Funds Using Skydo?
Q3. How Does Upwork Payment Work?
Q4. How Much Time Does Upwork Take to Approve Payment?
