Choosing a payment method that charge less and give you best exchange rate is the most important thing you should consider to get paid the maximum amount for your hard work on freelancing platforms. If you are confuse about the best payment method in Upwork for Pakistan, then this article is for you. Today we will compare the available payment methods in Upwork for Pakistan i.e Payoneer, Wise and Local Bank Transfer. At the end of this article you will learn which pay method is best for you. So, continue reading without skipping any word.
Let’s discuss each payment method separately and figure out the best one.
Best Payment Method in Upwork for Pakistan. Payoneer / Wise / Local Bank Transfer.
- Here, in each payment methods. We will discuss about all the charges you have to pay while transferring your payment from Upwork to your bank account.
- Remember the exchange rate according to google.
Local Bank Transfer
If we dig this payment method in Upwork for Pakistan. We can see in the screenshot that they are charging Withdrawal Fee (per payment) of $0.99. It mean that you have to pay $0.99 each time when you withdraw from Upwork weather you are withdrawing a big amount or a small amount, it will remain same. You must be thinking that we can save lot of amount by withdrawing big amount only from Upwork. But stop, there is another important thing you should consider while withdrawing amount. And, that is the exchange rate. I have attached screenshots of the exchange rate Upwork is giving and current exchange rate in Pakistan. We can see that exchange rate Upwork is giving only 214.41 PKR/USD while the current exchange rate of dollar in Pakistan is 222.36 PKR/USD (As of September 6, 2022). So, here we conclude that Upwork is charging $0.99 for each transection and giving around 8 rupees less than current exchange rate in Pakistan.
Now, let’s discuss about the transfer charges of payment from Upwork to Payoneer and then Payoneer to Local Bank. 1st thing is the fee Upwork charge while transferring to Payoneer and i.e. $2 per transaction. As in this step there is no currency exchange is involved. So, you will get the same amount other than the mentioned $2 per transaction fee. 2nd step involved in this process is the transferring of amount from Payoneer to your bank account. You can see from the screenshot below that Payoneer is giving exchange rate of 217.61 PKR/USD (As of September 6, 2022). So, here we conclude that Upwork is charging $2 per transaction and payoneer is giving around 5 rupees less than current exchange rate in Pakistan.
Note: Other options to transfer amount from payoneer like JazzCash etc. seems inexpensive than payoneer to bank. But the fact is they charge exactly same. The only difference between them is that bank transfer give you less currency exchange rate while JazzCash charge 2% as exchange rate on per transaction.
Wise Transfer (previously TransferWise)
Now, let’s discuss about the last payment method from our list. It is the one about which lot of us may be not familiar with. Here I have written an article about complete steps to create usd account at wise in Pakistan and soon will write an article about the process to transfer amount from Upwork to wise. In that article I will also cover how to get paid from international clients with wise. Anyway, let’s come to the current topic. Like Payoneer, it also involved two steps i.e. from Upwork to wise and then wise to bank. But here the good thing is that the 1st step is FREE. Yes, transferring amount from Upwork to Wise is completely FREE. But it may take 1-2 business days to transfer in this step. The charges involved in the 2nd step of this payment method is as follow. $1.64 is its transfer fee and it gives 221.10 PKR/USD (As of September 6, 2022) exchange rate.
|1st Step||2nd Step|
$100=? After Charges
(As of September 6, 2022).
|Upwork to Local Bank||Not involved||($0.99 fee) + (222.36 – 214.41 = 7.95 PKR less on per dollar).||$100 = 21,228.73 PKR|
|Upwork to Payoneer||$2 fee||222.36 – 217.61 = 4.75 PKR less on per dollar.||$100 = 21,325.78 PKR|
|Upwork to Wise||FREE||($1.64 fee) + (222.36 – 221.10 = 1.26 PKR less on per dollar).||$100 = 21,747.39 PKR|
Note: See below calculation for better understanding.
Now let’s assume we are transferring an amount of $100 by using each methods.
In this case we have exchange rate of $1 = 222.36 PKR according to google.
Upwork to Local Bank Transfer
Total = $100
$100 – $0.99 = $99.01 (After Fee)
99.01 x 214.41 = 21,228.73 PKR (Remaining multiplied with available exchange rate)
Upwork to Payoneer and then Bank Transfer
$100 – $2 = $98 (After Fee)
98 x 217.61 = 21,325.78 PKR (Remaining multiplied with available exchange rate)
Upwork to Wise and then Bank Transfer
$100 – $1.64 = $98.36 (After Fee)
98.36 x 221.10 = 21,747.39 PKR (Remaining multiplied with available exchange rate)