From Upwork gains to crypto world

[drolive0]

Hello there,

How can one efficiently convert Upwork gains to cryptos, without a regular bank account in the US?

Upwork deals with dollars only and supports ACH transfers. Wires are expansive (50$). Which EMI or alike would receive ACH transfers and allow to send to some crypto exchange?

Wise is anti-crypto; it receives Upwork funds very nicely, but seems to be a dead end. Payoneer may not be crypto-friendly either, and has huge fees. Xapo supports some ACH, but not in your own name (the recipient is Bridge Venture Inc), hence Upwork won't accept it. Zenus seems to be anti-crypto. FV Bank might do the job (not 100% sure), but is not cheap (25$ per month, plus 12$ for outgoing ACH or more).

Any ideas? Multiple options would be welcome because not all options are usually available in my place (not in US or Europe). Thanks!

 

[daniels27]

How about using Wise to receive and then forward then to Xapo or IBKR?

 

[janissary]

How about using Wise to receive and then forward then to Xapo or IBKR?

People have said that Wise will not wire to Xapo.

 

[hiju]

People have said that Wise will not wire to Xapo.

I can't confirm that but it's worth reaching out to Wise and ask if or if not it's possible.

 

[drolive0]

How about using Wise to receive and then forward then to Xapo or IBKR?

Wise will not allow sending to Xapo, according to their support.

But to IBKR, yes, and this may be the way! I am not sure yet. I have read a few things about IBKR that would be problematic (very high fees, withdrawal limitations, ...), but I tend to think they are wrong when I read IBKR help. I will see and report here.

Anyway, thanks a lot for the suggestion @daniels27 . You give me hope. ;-)

I can't confirm that but it's worth reaching out to Wise and ask if or if not it's possible.

A few months ago, I contacted Wise to ask them. They told me that Wise does not allow transfers to or from Xapo because of Xapo's link with crypto. I am not 100% this is true because their support is unreliable. But I will not risk an account closure if this is indeed not allowed and they finally discover it.

 

[janissary]

But to IBKR, yes, and this may be the way! I am not sure yet. I have read a few things about IBKR that would be problematic (very high fees, withdrawal limitations, ...), but I tend to think they are wrong when I read IBKR help. I will see and report here.

IBKR is problematic in that if you only use it for FX and payments they will close your account.

 

[daniels27]

IBKR is problematic in that if you only use it for FX and payments they will close your account.

So better but some funds as well?

 

[tyrexoid]

If you make Kraken account, they give a US bank account for top-up, so you can try sending from Upwork the withdrawals directly to that account although it needs a special "reference code" attached in comment of transaction so Kraken will know to route it to your account, maybe not possible in upwork. I haven't used upwork/oDesk since it was called "getafreelancer.com" (mid 2000s ) but worth a try. Coinbase could also have a US bank account for 'deposit funds' action, so maybe try check in various exchanges how they process deposits, if it's possible without a specific reference code somehow, maybe will work... just an idea

 

[drolive0]

Great news! Xapo has just re-introduced ACH transfers with a dedicated bank account, in your own name. Thus it should work for Upwork, and with a reasonable 0.1% fee plus $0.5. I will try and report here.
FYI, the bank behind the account is Lead Bank.

If you make Kraken account, they give a US bank account for top-up, so you can try sending from Upwork the withdrawals directly to that account although it needs a special "reference code" attached in comment of transaction so Kraken will know to route it to your account, maybe not possible in upwork. I haven't used upwork/oDesk since it was called "getafreelancer.com" (mid 2000s ) but worth a try. Coinbase could also have a US bank account for 'deposit funds' action, so maybe try check in various exchanges how they process deposits, if it's possible without a specific reference code somehow, maybe will work... just an idea

Sure, if there is an exchange that provides a USD account in your own name and supports ACH, that would do it. Upwork will not allow to add a reference code. It needs to be straightforward, with your name as recipient and account+routing numbers. I will check what Coinbase provides.

 

[BeyondBorders]

People have said that Wise will not wire to Xapo.

Wise to Xapo does not seem to be an Issue any longer. Successfully transferred Funds a couple of weeks ago.

 

[JackAlabama]

Wise to Xapo does not seem to be an Issue any longer. Successfully transferred Funds a couple of weeks ago.

wise is very moody (since their compliance is uttermost bs). So things work until you suddenly got locked out from your accounts.

 

[cobewi8981]

What about xapo to wise?

 

[drolive0]

@BeyondBorders @cobewi8981 Wise support wrote me that sending to Xapo or receiving from Xapo was forbidden because of the crypto activities of Xapo. So be careful, because, as @JackAlabama says, Wise lets you do things that can later have your account closed. Maybe you could check with the support too? I wonder whether their support is consistent across solicitations.

 

[drolive0]

As promised, I share my experience. Now that Xapo Bank has added the ACH transfer in your own name, it is possible to send incomes from Upwork to Xapo Bank account (Lead Bank behind). Then you can buy bitcoin with Xapo Bank, and reach the rest of the crypto world. I tested it and it works. Before doing this, I also got confirmation from the support than receiving from Upwork would work.

 

[BeyondBorders]

As promised, I share my experience. Now that Xapo Bank has added the ACH transfer in your own name, it is possible to send incomes from Upwork to Xapo Bank account (Lead Bank behind). Then you can buy bitcoin with Xapo Bank, and reach the rest of the crypto world. I tested it and it works. Before doing this, I also got confirmation from the support than receiving from Upwork would work.

Interesting, since it says in the App "You can only deposit USD funds from your own accounts. We do not accept USD deposits from third parties if the sender's name does not match yours."

 

[drolive0]

Interesting, since it says in the App "You can only deposit USD funds from your own accounts. We do not accept USD deposits from third parties if the sender's name does not match yours."

Absolutely. But the support told me that "third party" means someone (an individual) else than the account owner. A business is not considered as "third party", at least if it sends a salary or compensation. Upwork does not strictly speaking send a salary, but this is the spirit.

When the money arrived, they asked me to send them the name of the business and its country of incorporation. I understand they want to check that I was indeed waiting for a payment by this business. I will see whether or not they ask this question any time and support payments in the long run.