Upwork is one of the largest freelancing platforms in the world, connecting millions of freelancers with clients in need of their services. Whether you're a writer, graphic designer, web developer or any other type of freelancer, Upwork offers an opportunity to earn a living by doing what you love.
However, getting paid as a freelancer on Upwork can sometimes be a challenge, especially if you're just starting out.
In this blog post, we'll go over some tips and tricks to help you get paid on time, and in the fastest way as a freelancer on Upwork. From setting up your payment methods to navigating the billing and invoicing process, we've got you covered.
Setting Up a Payment Method
Setting up a payment method is how clients will be able to pay you for the work you do.
To set up a payment method,
1. Go to the "Settings & Privacy" section of your Upwork profile and click on "Get Paid."
2. From there, you can select the payment method that works best for you and follow the prompts to set it up.
Once you've set up your payment method, make sure to review the fees and requirements associated with each method so you know exactly how much you'll receive for each payment.
Withdraw Your Earnings Manually
To withdraw your earnings manually on Upwork, follow these steps:
1. Go to the "Earnings" tab on your Upwork dashboard
2. Choose the funds you wish to withdraw and click "Withdraw"
3. Select your desired payment method from the options available to you
4. Confirm the amount and other details, then click "Withdraw"
The exact process for withdrawing earnings may vary depending on your chosen payment method and the country you reside in. Some payment methods may also have a minimum threshold for withdrawals and may incur fees, so be sure to review the requirements before withdrawing your funds.
Additionally, it is important to keep in mind that Upwork has a rolling payment period, meaning that your funds will become available for withdrawal 14 days after they have been earned. This allows time for clients to dispute any charges or for Upwork to resolve any issues that may arise.
If earnings are in USD in a US bank account
If you are a freelancer receiving payments in USD to a US bank account, some payment methods may incur fees and have longer processing times. However, using a service like Parallax can help reduce these fees and speed up the payment process.
1. Direct to U.S. bank: This method allows you to have your earnings deposited directly into a U.S. bank account. The fees for this method vary depending on your bank and can range from free to several dollars per transaction. The processing time for direct deposit to a U.S. bank is typically within 2-5 business days. You can consider using Parallax. With Parallax, you have access to a U.S. bank account even if you don't live in the United States. You receive payments directly to your Parallax account, just as you would if you had a U.S. bank account and can then withdraw to crypto or locally. This options offers low to no transaction fees and instant payment.
2. Direct to local bank: This option allows you to receive payments directly to your local bank account. The fees and processing time for this payment method may vary depending on your country and the specific bank you use.
3. Wire transfer: This option allows you to receive payments via wire transfer to your bank account. The fees for this payment method can be relatively high and the processing time for a wire transfer can also range from a few business days to several weeks.
If earnings are in different currencies
On Upwork, you have the following payment options if you are receiving money in a different currency:
1. PayPal: PayPal is a widely used payment method that allows you to receive payments directly to your PayPal account. However, PayPal typically charges a fee of 2.9% + $0.30 USD per transaction, plus a currency conversion fee.
2. Payoneer: Payoneer is another global payment method. Payoneer fees can vary, but can typically range from 1% to 3% of the transaction amount, plus a currency conversion fee if you are receiving payments in a different currency. The processing time for Payoneer is usually within a few business days.
3. Parallax: Parallax is a borderless banking service that provides fast and affordable payment options for remote workers, small businesses, and global professionals.Parallax provides low to no transaction fees when you transfer your earnings in crypto, making it a cost-effective solution for freelancers looking to manage their finances.
It's important to compare the fees and processing times of each payment method and choose the one that works best for you and your specific needs. Some methods may be more convenient, but may incur higher fees. Others may be faster, but may not be as widely accepted.
Avoid Upwork’s exchange rate markup & pay delays
Transferring money internationally can be a hassle, often involving long pay delays and high fees or exchange rate markups.
This can be frustrating for freelancers and businesses who rely on receiving payments from clients in different countries.
Using a service like Parallax can help reduce these fees and speed up the payment process.
Some of the other benefits of using Parallax include:
1. Borderless banking: Parallax allows users to receive and send money as if they had a bank account in the United States, even if they don't live there.
2. Fast and cheap: Parallax offers fast processing times for receiving and sending payments and has low to no transaction fees, powered by crypto.
3. Withdraw to crypto: You can convert your USD into stablecoins instantly and at any time, for a low amount of 0.3%.
4. All-in-one account: With Parallax, users can manage their finances and receive payments in one convenient location, eliminating the need for multiple accounts and services.
Overall, Parallax is a valuable solution for freelancers and businesses who need to manage their finances in a fast, cheap, and convenient manner. By using Parallax, you can simplify your financial management and receive payments with ease.
How to Receive Payments on Upwork with Parallax
To receive payments on Upwork with Parallax, follow these steps:
1. Open a Parallax account: To use Parallax, you'll need to create an account and go through one-time KYC.
2. Connect your Upwork account to Parallax: Once you have a Parallax account, you'll need to connect it to your Upwork account via the Direct Bank Transfer to a US bank option.
3. Set Parallax as your payment method in Upwork: Go to the "Settings & Privacy" section of your Upwork account and select "Get Paid". Connect your Parallax U.S. bank account info.
4. Withdraw earnings: When you receive payments from clients on Upwork, the funds will be automatically transferred to your Parallax account. You can then withdraw your earnings to crypto or keep them in USD in your Parallax account.
By following these steps, you can receive payments on Upwork with Parallax and enjoy the benefits of fast, cheap, and convenient money transfers.