What fees does UpWork charge for transactions?

UpWork employs a tiered fee structure for transactions that freelancers and clients need to be aware of. For freelancers, the service fee is based on their total billings with a single client. For the first $500 billed to a client, the fee is twenty percent. Once the total billings reach between $500.01 and $10,000, the fee reduces to ten percent. After total billings exceed $10,000, the service fee further drops to five percent. This encourages long-term working relationships between freelancers and clients as the fees decrease with increased billings. For clients, UpWork generally charges a payment processing fee in addition to the freelancer's rate; this fee varies depending on the payment method chosen. Typically, clients using credit cards or PayPal may incur a slight fee, while bank transfers may have no additional processing fees. It is important to note that additional fees may be applied for specific features, such as currency conversion or the use of certain payment methods. Freelancers and clients should regularly check UpWork's website for the most current information on fees as they may be subject to change. By staying informed about these fees, users can better manage their budgets and expectations when using the platform.