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Updates to Payment Methods for non-US based freelancers

Active Member
Nauman S Member Since: Jul 16, 2015
71 of 269

Hi Vladimir,

 

This term wholesale and indiviual new to me. I got payment from my brother and some direct clients and there rate is almost same as we see internationally. But Upwork rate is giviing almost 5% less than market rate.

 

 

Ace Contributor
Patrick S Member Since: May 9, 2016
72 of 269

UpWork's bank? Which bank is it? 

 

Please let me know so that I can call them and ask why they are giving us so low rates. I have done transactions from all major banks in the USA, and I am sure there is no bank which will give you such low rates. I even have a bank account linked to the New York branch of my local bank here so I am just curious here about which bank will give such low rates.

 

Waiting for your repy.

Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
73 of 269

Hi Patrick,

 

We won't be able to share that information publicly.

Ace Contributor
Patrick S Member Since: May 9, 2016
74 of 269

Vladmir, You didn't answer my previous question also. Why this change and why not in the last 10 years ?

Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
75 of 269

Hi Patrick,

 

This particular change was made in view and part of other payment option updates we announced yesterday.

Ace Contributor
Patrick S Member Since: May 9, 2016
76 of 269

Vladmir, just accept the fact that you DONT KNOW why this change.

 

Also you are unable to provide me the bank information since there is no such bank which would operate at such ridiculous rates. All banks run under a certain regulation of the country and the conversion rates are decided unanimously by the body governing those banks.

 

It's not a grocery store that a pen will cost more than the other store.

Community Manager
Lena E Community Manager Member Since: Apr 7, 2015
77 of 269

Patrick,

 

Many things have changed in the last 10 years when it comes to payment methods. We have evaluated different payment methods for our users and these are now the payment methods we provide. If you have specific questions about your payments feel free to open a ticket with customer support.

 

-Lena

Untitled
Ace Contributor
Patrick S Member Since: May 9, 2016
78 of 269

And Lena, all of those changes were related to "COST" and driving freelancers away from UpWork.

Active Member
Nauman S Member Since: Jul 16, 2015
79 of 269

@Lean and @Viladmir,

You guys are replying other guys but not replying to me.

 

Todays Pak Rupees conversion rate is 104.80 Rupess/USD whereas upwork rates are 99.9738 PKR/USD. Although the transaction fee ($0.99) seems pretty reasonable but this difference in conversion is pretty huge.

1. Why Upwork giving much low rates, I already paid 20%, 10% upwork fees to my earning?

 

Need sensible answer with reference as well.

 

Thanks,

Nauman

Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
80 of 269

Hi Nauman,

 

Please check the information Lena shared in one of her previous posts, that also addresses your question.


@Lena E wrote:

Patrick,

 

The currency conversion is performed by Upwork’s bank at the time the funds are sent to you. We display the  last exchange rate used by Upwork's bank before you make your selection as pictured here:

 

get paid now.png


 Note that difference in exchange rates is not something Upwork can control. When a bank converts a transaction, they will mark up the interbank rate to buy or sell a currency. Online calculators will not take into consideration the mark up that is applied. Since rates constantly change throughout any given day, the rate you received is the rate offered by our bank at the time your specific transaction was processed.

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