Nothing is more exhilarating than looking at your bank account and discovering that you have received payment from Upwork. After completing a task on Upwork, the next thing is for the client to release the funds and have them withdrawn to your bank account. However, withdrawing that money to your bank account sometimes takes longer.
One of the most common ways to withdraw money is to use a wire transfer. However, wire transfers can sometimes be delayed; the money you were supposed to withdraw when you were given won’t arrive in your bank account for a few days. Therefore, it’s essential to know how long it takes to withdraw from Upwork.
How Long Does It Take Upwork To Process Withdrawal Requests?
If your payment takes so long to process, I want to assure you that Upwork is legit. There are many scamming freelancing platforms, and Upwork isn’t one of them. So, put your mind at ease.
Most withdrawal request on Upwork takes less than five working days to process; then, it takes another three to seven days for your money to get to your bank, depending on your country. The time it will take to process your payment depends on the type of work or payment you opt for hourly, milestone, projects, or fixed-price tasks.
In this section, we’ll explain how the time your earnings become available depends on the payment type.
Hourly Payments
One of the most common types of contracts for freelancers is the hourly contract. There are many ways that these types of arrangements can be structured, but payments for these hourly contracts are usually based on a weekly billing cycle, and it takes about ten days for Upwork to process these withdrawal requests.
Fixed-price Contracts Payments
Working on a fixed-price contract can be a great way to ensure that you’re not going to get stiffed by a client. Fixed-priced agreements are based on milestones. Once the client approves a milestone, your funds are available for withdrawal after a five-day security period.
Project Catalog Contracts
Project catalog contracts are gigs where the freelancer manages, reviews, and submits tasks and orders through the workroom. Payments for these gigs will be available for withdrawal after a five-day security period once your client approves.
Bonus Payments
Bonus payments on Upwork also take five working days to become available for withdrawal.
If you’re looking to make money online, Upwork is a great place to start. It’s easy to use, and you can find clients with just one mouse click. This post is for you if you have a freelance business or are looking to hire people online.
What Types Of Payment Can I Use On Upwork?
You might be wondering- What payment types can I use on Upwork? If you get paid through Upwork, will the money be deposited into your bank account, or will you receive a check in the mail? Or, can you accept payment through a service such as PayPal or another third-party vendor?
The following are the many methods of payment that are accessible to freelancers on Upwork:
- U.S. dollar wire transfer
- Direct to U.S. bank (ACH)
- Instant pay for U.S. freelancers
- M-Pesa (Kenya only)
- PayPal
- Direct to a local bank (Outside The U.S)
- Payoneer
Why Does Upwork Keep Holding My Money?
Upwork holds your money in escrow until both you and your client are satisfied with the work that you have done. They do this because they want to ensure you get paid for your work and that clients don’t complain about the quality.
If both parties are satisfied, your money will be released to you within five to ten days of the job being marked as complete. This is done to ensure a secured exchange within the marketplace, reduce the risks of multiple payments or refunds, and give clients more time to review the job before payment is released.
If either party marks the project as unsatisfactory, the hold will remain until both parties agree on how much should be refunded or applied to a new project.
Does Upwork Charge A Fee For The Money I Get Paid?
Upwork charges a fee for the money you get paid, and they take a percentage of the money you get paid, which is different for each job you do on Upwork.
The fee structure is a sliding scale determined by the total amount of billing you do with a client over time. This means that the more you work with a client, the smaller the cut. You should anticipate that Upwork will usually take a 20% cut from your money.
How Much Money Do People Make Using Upwork?
Workers on Upwork make an average of $28 per hour, and freelancers who have been on the platform longer or who have a higher level of experience and skills tend to earn more money per hour.
Freelancing is becoming an increasingly popular choice for people looking for a way to increase their current income or create multiple income streams. Over the years, this has led to an explosion and need for creative freelancers.
Many freelancers are now in a position where they can determine their fees and work on projects that are personally interesting to them.
What Is The Average Salary On Upwork?
When it comes to working independently, you have your choice of a wide variety of jobs. In general, the more technical a career is, the greater the potential earnings are for freelancers working in that profession.
The following table provides an average hourly rate and the annual compensation for some of the most common freelancing gigs on Upwork.
- Web developers: Freelance web developers have an hourly rate of $50 to $60 and make an annual salary of around $90,000.
- Writers & Editors: Freelance editors average between $25 to $55 per hour, with annual pay of around $40,000 expected from their work.
- Programmers: An average freelance programmer working in numerous programming languages may earn between $60 and $70 per hour, with annual pay of approximately $120,000.
- Mobile developers: Mobile developers earn an hourly rate of $55-65 and annual compensation of $100,000 on average, depending on whether or not they work as independent contractors.
- Graphic designers: The hourly rate for a freelance visual or graphic designer ranges between $40 and $45 on average, with an annual salary of approximately $90,000.
- Transcribers: The going rate for freelance transcriptionists is usually between $20 and $25 per hour, with annual pay of approximately $32,000.
- Data analysts: The hourly rate for a freelance data analyst is from $55 to $65 on average, with annual compensation of $100 000.
- Bookkeepers: Freelance bookkeepers may expect to make between $30 and $35 per hour, with a yearly pay of approximately $40,000.
- Online marketers: Freelance digital marketers can expect an hourly wage of roughly $50 and an annual income of approximately $100,000.
- Photographers: The hourly fee of a freelance photographer ranges between $35 and $45, and their yearly salary is often approximately $42,000.
- CRM Managers: A customer relations manager (CRM) can expect to make between $50 and $60 per hour and a yearly compensation of about $120,000.
Hourly or Regular Contracts For Upwork?
Hourly contracts are an essential part of the Upwork ecosystem. Many freelancers choose these because they can quickly take on multiple projects and make money. Hourly rates come with a lot of benefits. For starters, you can set your price for every project, which is an excellent way to ensure you’re getting paid what you’re worth.
You can also decide how many hours you want to work each week, allowing you to balance work and life. Hourly rates also ensure you’re not tied down by a contract or a minimum number of monthly hours. If you only want to work 10 hours per week, that’s perfectly fine!
The billing period for hourly contracts begins on Monday and ends on Sunday. Your funds become available ten days later. This means that any hours you work between Monday and Sunday won’t be paid until the following Wednesday, Thursday, or Friday after the billing period has been completed.
You don’t have to worry about getting locked into a long-term agreement or feeling like you need to take on more projects than necessary to meet your quota. You get paid one week after completing your first task.
As opposed to regular contracts, where this is a one-off contract you get paid for on completion of the task, you are paid what you and your client negotiated before giving the job. Hence unlike the hourly contract, immediately after the task is completed, you receive your payment three days after you have completed the task. But how much does Upwork itself charge you for every amount you receive? The next segment answers that question.
Generally, Freelancers on Upwork are usually paid according to a predetermined payment schedule. On the other hand, this will rely on the freelancer, as some of them may be able to request their payment earlier. Freelancers with a high rating can bid funds and will be paid more quickly than those not in the exclusive group.
Can You Get Scammed On Upwork?
Upwork has a built-in escrow to protect freelancers and clients from getting scammed. Taking jobs or receiving payments from clients outside Upwork is a simple method to put yourself in a position to lose your money or work.
We hope this article has given insight into the Upwork payment system and when you should get your money after completing each task. The main takeaway is that the company is a great way to get online work or hire people.
It’s also important to know how long it takes for Upwork to pay you and what payment methods are available on their platform. Overall, we think Upwork is an excellent option if you want more clients or want to work remotely.
