As a successful freelancer, we already know how to send our hard earn freelancing income to Bangladesh. There are various options available. But we should know which one is the best for us.
Let’s take Upwork earnings as a case study. We are going to compare almost every available Payment Method options in Upwork. There are 4 options available for all so far. Upwork recommends Direct to Local Bank (BDT) for Bangladeshi freelancers only. They charge a little amount of $0.99 for each withdrawal. But unfortunately, their exchange rate is HORRIBLE. They give a very low rate which is 3-4 Taka less than the daily Foreign Exchange Rate in Bangladesh. Let’s do a simple math transferring $1000 with the exchange rate of 20th May 2018 to determine which method is the best.
Direct to Local Bank (BDT)
$0.99 per withdrawal to Bangladesh.
$1000 – $0.99 = $999.01 X 79.13 = 79051.66 Taka
Normally it takes one or two days to arrive at your bank account.
So the ultimate rate for $1 is 79.05 Taka.
$2 USD per withdrawal from Upwork.
$1000 – $2 = $998 X 82.49 = 82325.02 Taka
Normally it takes three to four days to arrive at your bank account.
$1000 – $2 = $998 – $2.5 (Payoneer Quick Load Fee) = $995.5 X 82.49 = 82118.79 Taka
Normally it takes tow to three days to arrive at your bank account.
So the ultimate rate for $1 is 82.32 Taka with normal delivery and 82.11 Taka with faster delivery.
Wire Transfer (USD)
It is not suitable for Bangladesh. It charges $30 for each transaction and takes a long time with various difficulties.
Direct to U.S Bank (USD)
Free payments to U.S Bank account in USD.
It is also not suitable for Bangladesh. Most of the Bangladeshi freelancers don’t have U.S Bank account.
By Direct to Local Bank (BDT): $1 = 79.05 Taka
Via Payoneer: $1 = 82.32 Taka
Finally, we can take a fair decision to determine that the Payoneer is the best way to send freelancing income to Bangladesh. And hopefully, we will find the same results in other marketplaces too.