Exhange Rate

[5f1f8820]

Hi there. I have been using a freelancer for 6 weeks now and I note that the average exchange rate over this period has been 0.85$ to 1GBP. This is 4% higher than the 0.82$ rate quoted elsewhere for currency exchange. The freelancer gets a $0.81 rate so does this mean that Upwork are making a 5.5% margin on each payment?

[bobafett999]

It is upwork's bank.  Now they may have some sweetheart deal with their bank.  Who knows?

[5f1f8820]

Does an Upwork employee care to comment? 

[759e32fa]

Hi Andrew,

The currency conversion will be performed by Upwork's banking partner at the time the funds are sent to you. While it's not possible to show the real-time conversion rate, you can check the last exchange rate used by Upwork's banking partner on the manual withdrawal form.

[arslan-gfx]

It is possible that Upwork is making a margin on each payment if the exchange rate being used by Upwork is higher than the market exchange rate. However, it's important to note that Upwork does disclose that they apply a fee for foreign currency conversion and the fee is typically based on the current market rate. It's recommended that you review Upwork's terms and conditions on foreign currency conversion to understand the fees being charged