Conversion rate

[chungk]

Why does upwork conversion rate lower than what my country has for months. Like for example we have a 50 pesos  conversion rate here in our country, upwork would have 48 something-ish. It's been like this for months and I'm getting frustrated getting lower that what i had worked for. I know we have service fees here but its getting much lower due to its conversion rate. 

[AleksandarD]

Hi Chung,

The 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.

Thank you.

[chungk]

So basically the rates that this platform is using isnt the rate on our country but upwork's trusted bank? Its kinda frustrating why there is always a huge gap on the conversion rate. Its really taking a lot in our work knowing upwork takes a huge chunk amount of tax and service fee, then you'll see this kind of conversion rate for months...