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Currency Exchange Rates

Active Member
Prateek S Member Since: Mar 5, 2018
1 of 30

I am trying to transfer the USD from upwork to my bank account in INR. Why the exchange rate showing in upwork is relatively very low than the current one.In upwork the USD->INR exchange rate is something around 63.63 while in real the exchange rate is around 65.1.Can I know the reason why there is a huge difference.I don't expect such a huge difference in the exchange rate. Because this is not fare. You're charging $0.99 in transferring the amount and above that there is huge difference in the exchange rate.

Community Guru
Petra R Member Since: Aug 3, 2011
2 of 30

What you consider to be "the real rate" is the mid market rate and not available to retail customers.

Banks are not charities, they charge for performing services and sell at a higher rate than they buy at,just like any shop sells goods for more than they buy them at.


Upwork sends US Dollars to the bank, the banks then do everything afterwards.


You can read about what a mid-market rate is here.


The rates you sees are not transactional rates. Instead, they are mid-market rates derived from the mid-point between the "buy" and "sell" transactional rates from global currency markets. Information services always list the mid-market rate because it indicates the value of a currency that is not weighted towards buying or selling. Consumer clients or small to medium sized businesses cannot access these rates.

Transactional ("Buy" and "sell") rates include overheads and profit margins that are independently set by foreign exchange providers; their rates can vary a lot and will differ from the mid-market rate.


Active Member
Prateek S Member Since: Mar 5, 2018
3 of 30

So then why is upwork charging $0.99 when transferring money to bank. This is not fair I guess. We need to pay heavy charges just to transfer our hard earned money to our bank accounts. I guess this is the reason why the payments through cryptocurrency will disrupt the market. You need to pay heavy intermediary charges.

Community Guru
Petra R Member Since: Aug 3, 2011
4 of 30

Why don't you ask your bank how much they will charge you to send money abroad? International transfers cost money and the currency exchage difference is on top of that.



Active Member
Prateek S Member Since: Mar 5, 2018
5 of 30

It means I have to pay $0.99 to upwork to transfer my money, then a difference of around $10 less I'll receive and then my bank will charge me money. I mean I'll pay around 8% of my money just in transferring it to bank. Don't worry all these chagres will be eliminated soon else these all banks will be bankrupted in the coming days, since the application of Blockchain is evolving. 

Community Guru
Prashant P Member Since: Sep 29, 2015
6 of 30

@Prateek S wrote:

 Don't worry all these chagres will be eliminated soon else these all banks will be bankrupted in the coming days, since the application of Blockchain is evolving. 

 Nah....those banks have very very smart people working for them.  And they wouldn't want to lose their very very high salary.


The best thing for you is to build in those costs in your bid.  Calculate your net after taxes, fees and other stuff and see if it worthwhile for you to work for that amount.


How do you come up with 8%?....the exchange spread is only about 2 - 2.5% and that is pretty good.

Ace Contributor
Munendra P Member Since: Dec 11, 2016
7 of 30

You have to make best out of available systems. In case you are worried too much about transactional charges, you can opt for direct USD transfer to your bank. In this case you will get actual market rates decided by your Indian bank. But remember there is a fee/charge of $30 for each transaction. To give you an idea about today's exchange rates from HDFC bank (look for: T.T. Buying (Inw Rem))



Active Member
Brian W Member Since: May 10, 2018
8 of 30

Thats why upwork should consider bitcoins as a payment option to by pass all these chargers

Active Member
Syed Muhammad Umer R Member Since: Mar 11, 2016
9 of 30
I have read your message carefully and i am agreed with you that there is a mid market rate but i need to tell you one thing and this problem is for Pakistani Freelancers only i guess as faras i know. Knowing the fact that banks charge a fees for converting USD to PKR which is quite acceptable as they are doing their business but i contacted my bank which is HBL and they assure you that they are not charging this extra amount and assured me that Upwork Payment Partner is charging this amount which is quite high. The last time i withdraw money using LFT, i received these rates from Upwork $1 to PKR=110 at that time the USD to PKR mid market rate was about 126. So Your payment partner is charging 16 PKR against 1 USD where other Payment Providers are giving good rates like Transferwise the last conversion rate they provided is $122 which sounds quite fair. How it can be possible if i get two transfers in a day with just two different payment providers in my same bank account and i am getting a difference of 12 pkr per 1usd in conversion rate? I think it’s time for Upwork to revisit their Payment Providers which they are using for Pakistan. I hope you will forward my voice to the concern department so it willbe beneficial for all the Freelancers working from Pakistan. Thanking you in advance.
Avery O Moderator Member Since: Nov 23, 2015
10 of 30

I'm sorry to learn you feel this way, Syed. 

Note that 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.