Deel, a popular freelancing platform, offers a seamless experience for remote work engagements. Withdrawal of funds is a crucial aspect of any freelancing platform, and Deel provides various options for quick and cost-effective withdrawals. Let’s compare 7 different methods:
1. Local Bank Transfer
Bank transfer is a widely used withdrawal method on Deel, allowing freelancers to withdraw funds directly to their bank accounts. The processing time for bank transfers can vary, but it usually takes a 1-5 business days to complete. Typically Deel charges 0% but there is a separate provider fee that depends on the currency and the local bank. Bank transfers are a great option for low fees but it is recommended check with your local bank for any additional fees. If sent to US bank accounts, no fees apply.
2. PayPal
PayPal is a popular online payment platform that offers a convenient withdrawal option on Deel. Users can transfer funds to their PayPal accounts, and the processing time is usually quick, with funds often available within a day. However, PayPal charges fees for currency conversions and certain types of transactions which is typically 2.5% (minimum of $0.25), which may affect the overall cost of withdrawals.
3. Payoneer
Payoneer is a well-known payment platform that facilitates international transactions. With Deel, users can withdraw funds directly to their Payoneer accounts. Payoneer withdrawals are typically processed within a few business days, and costs 1% (minimum $12 USD) per transaction. However, additional fees may apply for currency conversions and certain services offered by Payoneer.
4. Wise (formerly TransferWise)
Wise provides an efficient and cost-effective withdrawal method on Deel. Freelancers can transfer funds directly to their Wise accounts and then convert and withdraw the money to their local bank accounts. Wise charges ****low transaction fees but transfers can take 3-5 business days.
5. Deel Instant Card
Deel Instant Card is a unique withdrawal method offered by Deel. It allows users to withdraw funds directly to a prepaid Mastercard linked to their Deel account. The withdrawal is instant, providing immediate access to funds. There is a 2.5% withdrawal fee (minimum $0.25) but others fees may apply for ATM withdrawals or card usage.
6. Revolut
Revolut is a digital banking platform that offers a withdrawal option on Deel. Users can withdraw funds to their Revolut accounts, which can be further transferred to their bank accounts or used for online transactions. The processing time for Revolut withdrawals is usually 3-5 business days, and the platform offers $0 transaction fees; however, additional fees may apply for certain services or currency conversions.
7. Coinbase/Binance
For those who prefer cryptocurrencies, Deel supports withdrawals to digital wallets, such as Coinbase. Cryptocurrency withdrawals offer fast processing times, usually within minutes or hours, depending on the network's congestion. However, withdrawal fees costs 1.5% (flat fee of $5 USD for USDC withdrawals under $300).
Deel offers a wide range of withdrawal methods for freelancers to choose from, each with its own advantages in terms of speed and fees. When selecting a withdrawal method on Deel, consider factors such as speed, fees, accessibility, and personal preferences.
Consider using Parallax if you are looking for a USD bank account to connect with a local bank transfer, even if you are not based in the US. This reduces fees and allows your payments to come in with lower transaction costs. You can even convert some of your funds into stablecoins and crypto!
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