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Conversion Rate

Active Member
Nitish D Member Since: May 26, 2015
1 of 14

----.

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Active Member
Nitish D Member Since: May 26, 2015
2 of 14

This gives the conversion rate of my bank 

https://www.statebank.com/remittanceserviceindmaster.asp

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Community Guru
Jean S Member Since: Oct 22, 2007
3 of 14

You might want to do some research and LEARN how exchange rates actually work.

 

Are you talking about a floating currency rate or a pegged currency?

 

What are your banks transactions costs?

 

There are a number of things to be considered. No money is ever exchanged by the daily rates given out. 

 

Once you learn some some more info you might want to take the word fraud out of your title. Just a FYI, upwork does not handle the transfer of funds to your bank.

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Community Guru
Setu M Member Since: Jan 26, 2014
4 of 14

I would agree that you need to read a bit more just to understand exchange rates or at least contact CS. And definitely, you need to change the title of the thread. Remember you can be held liable for anything written on Upwork's platform.

---- easy like Sunday morning ----
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Active Member
Nitish D Member Since: May 26, 2015
5 of 14

Can you explain then why i received 62 as conversion rate last month and 51 this month without any significant drop in the conversion price actually.

 

I dont understand the 12 point drop from actual market price. 

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Community Guru
Setu M Member Since: Jan 26, 2014
6 of 14
Nitish,

You may have a legitimate claim, we would not know because you are the one with the transaction details. What we are saying is that you need to contact CS, since they are the only one who can tell you if there was an issue and or rectify it.

In the mean time you cannot state that Upwork defrauded you. Understand the gravity of your statement.
---- easy like Sunday morning ----
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Active Member
Nitish D Member Since: May 26, 2015
7 of 14

Setu, 

 

When i requested the funds transfer it was written there that converison rate is 51.8. That was a lot frustrating and when i contacted the support the guy exited the session without problem resolution.

 

i take my statement back till i have a proper resolution

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Community Guru
Jean S Member Since: Oct 22, 2007
8 of 14

@Nitish D wrote:

Setu, 

 

When i requested the funds transfer it was written there that converison rate is 51.8. That was a lot frustrating and when i contacted the support the guy exited the session without problem resolution.

 

i take my statement back till i have a proper resolution


What you get for you money is calculated on the day it arrives at your bank...not the day you request to have funds transferred.  Go to your bank and ask them to explain it to you. This is a bank issue and not an Upwork issue. 

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Community Guru
Krisztina U Member Since: Aug 7, 2009
9 of 14

@Jean S wrote:

What you get for you money is calculated on the day it arrives at your bank...not the day you request to have funds transferred.  Go to your bank and ask them to explain it to you. This is a bank issue and not an Upwork issue. 


This is not true. 

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Community Guru
Ela K Member Since: Feb 9, 2015
10 of 14

@Krisztina U wrote:

@Jean S wrote:

What you get for you money is calculated on the day it arrives at your bank...not the day you request to have funds transferred.  Go to your bank and ask them to explain it to you. This is a bank issue and not an Upwork issue. 


This is not true. 


Krisztina,

 

Did you ever get an answer regarding your question pertaining to the below quoted section of the user agreement?

 

"If Freelancer elects disbursement in foreign currency, EEC will add Upwork's conversion fee of 1.5% to the spot rate quoted by its foreign exchange vendor and credit that amount to Upwork."

 

 

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