freelancing

Payment Methods on Freelancing Platforms

Payment Methods-a

Freelancing is due to the urge of earning online by using available resources. So, it’s necessary to know about the procedure of getting paid and how to transfer your money from your freelancing platform into your local bank account. When the client releases the payment after completion of a task, few freelancing platforms such Fiverr and Upwork hold the payment for some duration of approx one week. After that, it is made available for freelancers. While in Freelancer.com payment is immediately available to freelancers. Each freelancing platform gives you options of some payment methods by using which you can transfer your money into your local bank account. It can be an option of direct bank deposit or by using wire transfer or by using some e-wallets such as PayPal, Payoneer, money booker, skill, etc. There is a difference in operational methods for each payment transfer method. If you are on any freelancing platform, you must know which payment method is supported by your local bank account. Otherwise, you may lose a significant percentage of the amount from your earnings. In this article, we discuss different payment methods that are supported by freelancing platforms. With the help of that method, you can easily transfer your income to your bank account.

Which options are available on Upwork?

Payment Methods on upwork

In Upwork, you have the following options for payment methods

Wire Transfer 

Wire transfer is the means of fast and secure transfer of money through bank networks or transfer agencies. The client pays the transaction fee at the remitting bank and gives the recipient’s name, bank account number and the amount to be transferred. The sender bank sends the instruction to the recipient bank. The recipient bank deposits its reserve funds in the actual account. Upwork gives the option of wire transfer. It is a relatively expensive method. They deduct 30$ in the Upwork platform for each transaction.

Direct bank deposit

By direct bank deposit, the amount is directly transferred to your bank account from a freelancing platform. On Upwork, it is a relatively less expensive method and deducts 0.99$. They offer relatively low rates of the dollar as compared to the market. 

E-wallets

E-Wallets such as PayPal, Payoneer, Skrill, Xoom, etc are platforms to transfer money online in the replacement of traditional ways of checks and money orders. They act as a middleman to transfer your money from your freelancing platform to your bank account. Payments are transferred to these e-wallets from a freelancing platform and then it is transferred to your bank account. They deduct their charges from the amount. If you want to use these wallets you have to first investigate which wallet is supported by your bank. Following is the information on some popular wallets. These e-wallets are also supported by other freelancing platforms.

Xoom

Since PayPal is not available in Pakistan but Xoom can also be used instead of PayPal which is owned by PayPal. You will receive your money within an hour if the client has also had a Xoom account. Otherwise, it will take 24 hours because Xoom has to verify the client’s account.

Payoneer

Payoneer is available in most of the countries including Pakistan. You will need to enter your bank account details to link them to your Payoneer account. Now in Pakistan, they are supporting JazzCash. Which makes it most favorable for freelancers in Pakistan. They deduct $2 as their charges. It is the most preferable method.

Skrill

Upwork is not supporting Skrill or Moneybooker now. But Fiverr is still supporting it. Skrill normally uses the intermediate bank to transfer money as many banks in Pakistan are not supporting Skrill. So it becomes very expensive. Their charges can be around $50.

These options are also available on other platforms such as Fiverr and Freelancer.com. To get your payment you have to select the proper payment method which is supported by your bank.

Conclusion

Freelancing platforms are helping you to earn for yourself. If you are earning on any platform you have to transfer your amount to your bank account. For this purpose, different payment methods are used by which you can transfer your earnings in fast, easy, and safe methods. Different payment methods are offered by freelancing platforms such as Wire transfer, direct bank deposit, or by using e-wallets. Each method is safe and secure but their charges and speed of getting cash are matter. Most freelancers use e-wallets as they are less expensive and fast means of transferring money. Payoneer is the most favorable for freelancers in Pakistan as it is supported by many banks and JazzCash services.

The content is also explained in the video.

 

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