Are you one of those people who decided to leave corporate job and become a full-time freelancer? If you choose Upwork to work online, there are a lot of payment methods to choose from. Among those are Local Bank Transfer, Payoneer, and Paypal, which I've tried using to get my funds. Talking from experience, I must say that Payoneer is the best payment method on Upwork I've ever used.
Payoneer has been around since 2005, but it was only year 2016 that I started using this. Before, you have to get the Payoneer debit card to withdraw your earnings from there which has a lot of fees. That's why I didn't mind using Payoneer before. However, a lot of change happened on the Payoneer platform through the years and I'm loving it. Now, you can have your local bank account connected to your Payoneer account. It means that even though you don't have the Payoneer debit card, you can withdraw your funds from Payoneer to your bank account.
Why Payoneer is the Best Payment Method on Upwork?
Before I present to you the reasons why, please note that this is only applicable to freelancers in the Philippines. I don't have a say on the best payment method on Upwork for those in other countries.
Signing up is easy
There are 2 options to choose from. You can sign up as an individual or company. You just need to complete the form with your details. It is as easy as 1-2-3. After signing up, you will receive an email that your Payoneer application has been received, and another email once your Payoneer account has been approved.
Get bonus $$
Bonus? Are you kidding me? No, you read that right. I used an affiliate link when I signed up for a Payoneer account. You can get a one-time bonus of $25 from Payoneer 2-4 days after you receive your first $100 payment from Upwork. Of course, you have to add Payoneer as your payment method on Upwork so you can use this. Do you also want to receive a $25 bonus? Sign up now using this link!
Sign up for a Payoneer Account Now!
You can get a one-time $25 bonus 2-4 days after you receive your first $100 payment if you use this link to sign-up.
Higher exchange rates
The thing I loved the most with Payoneer is that they have higher exchange rate compared to Paypal and Local Funds Transfer. The difference is just a matter of cents in dollars but for freelancers, every cent counts. Depending on your earnings, the money you'll receive is higher when converted to peso. I compared the exchange rates for those 3 payment methods on same day. I did that several times and it's proven that Payoneer really has a higher exchange rate.
Same day money transfer
When you withdraw your earnings from Upwork to Payoneer, it will only take a few minutes before it reflects to your Payoneer account - usually 4 to 10 minutes based on my experience. You will receive an email notification so you are aware. Once your money is ready on your Payoneer account, you can now withdraw from Payoneer to your local bank account. I used to check my BDO mobile app every 6pm on the day of withdrawal and it's already there! Paypal takes 2-3 days, Local Funds Transfer takes 2-4 days, while you can receive your money on the very same day when you use Payoneer. Awesome right?
I also use Payoneer to receive payment from my direct clients and to withdraw earnings from my Amazon Affiliate account. There are a lot of good things to say about Payoneer that's why I really love using it.
Sign up for a Payoneer Account Now!
You can get a one-time $25 bonus 2-4 days after you receive your first $100 payment if you use this link to sign-up.
Disclaimer: Some links on this post are affiliate links.