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omwera
Community Member

Charged twice

Hi,

 

Why was a fee of ($58.00) charged $290.00 work?

4 REPLIES 4
NikolaS
Moderator
Moderator

Hi Kennedy, 

 

Thank you for reaching out to us. I checked and it looks like this is by design. The charged service fee was 20% before the changes in May. Beginning May 3, 2023, we are moving all freelancers to a 10% fee rate and retiring our sliding scale fee structure. You can find more information in this help article and on this thread

 

Let us know if you have further questions. 

~ Nikola
Upwork
omwera
Community Member

Thanks. I will keep checking on this and let you know in case of anything. 

omwera
Community Member

Hi

 

I withdrew $485.21 from upwork to Mpesa and only received Kes 69,758.  Considering the exchange rate of Kes 149.50/ $. The amount is less. Please shade more light as to why 

 

Kind regards,

Hi Kennedy,

 

I understand the concern you've expressed about the exchange rate used when withdrawing your funds. I'll gladly clarify this because I know how important it is to you.
 
The exchange rate that applies to your withdrawal is determined on the day when we process your transfer. Please keep in mind that currency conversion rates fluctuate daily and are not fixed. The rate you received is the rate offered by our Payment Processor at the time your payout was processed, and unfortunately, we have no control over it.
 
The exchange rate is influenced by various factors, such as market conditions and the destination of your funds. Even local banks may offer different rates.
 
Banks and currency houses adjust rates to protect against market volatility. If you compare rates from other sources like Bloomberg.com and XE.com, you'll notice that they provide wholesale interbank rates, which are typically higher than the actual rates banks use for currency conversion. Additionally, rates may vary between different banks and foreign exchange processors due to market conditions.
 
To check the rate used for your fund's withdrawal, please refer to the Transaction's History page or the email we sent you confirming the successful withdrawal.


~ AJ
Upwork
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