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Currency Exchange Rates

Active Member
Syed Muhammad Umer R Member Since: Mar 11, 2016
11 of 30
Hi Avery,
Thank you for your prompt reply. Yes, i am very well aware of this since i have done my research on it. Yes you are right your payment processor is charging alot to transfer the funds to Pakistan. Upwork needs to address this issue for a larger intrest of Upwork Community. I would be very grateful to you if you can raise this ticket to the concerned team. Because we are paying 10 rupees for one Dollar each as conversion charges which is quite alot seriously. On the other hand freelancers working from India and different cities are getting good rates with a difference of 4 rupees maximum. I hope you guys will work on this issue which is causing problems for your Loyal Freelancers from Pakistan. Thanking you
Moderator
Goran V Moderator Member Since: Mar 24, 2017
12 of 30

Hi Syed,

 

Thank you for your feedback, I will share this with our team.


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Active Member
Muhammad A Member Since: Oct 13, 2018
13 of 30

Hi,

look into difference between prices given by transfast and upwork. You beleive or not but upwork is involved in this whole snatching of our hard earned money.

Active Member
Haider R Member Since: Sep 20, 2017
14 of 30

These screenshots prove that real culprit is Upwork and they are trying to hide behind Transfast and banks.

 

Active Member
Haider R Member Since: Sep 20, 2017
15 of 30

Exactly. 

Active Member
Haider R Member Since: Sep 20, 2017
16 of 30

I just withdrew funds and the difference between the actual exchange rate and Upwork rate is whooping 12 Rupees. 

1 US $ equals
148.29 Pakistani Rupee
&
Upwork gave 136.24
Active Member
Haider R Member Since: Sep 20, 2017
17 of 30

Can you please answer this particular query of Syed? "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? "

 

Yesterday, I needed to withdraw funds from my account and the Upwork was offering 117.9 PKR for 1$, whereas the exchange rate was 137.  A whopping 20 PKR/dollar difference. This is serious negligence on the part of Upwork if freelancers are suffering.  You need to tweak your banking/financial partners.  Upwork must take responsible decisions to ensure that freelancers get the full value of their hard earned money. 

Active Member
Awais A Member Since: Jun 22, 2015
18 of 30

Hi,

I got some payment from google admob with exchange rate of 132 PKR last night. But the same time upwork is providing exchange rate of 127 PKR. You guys take 20% of the payment then deduct $.99 payment fees and then you cut a whole lot of money via conversion rates. This plateform is getting gready day by day. Elance was the best plateform before it got merged into Odesk. 

Moderator
Avery O Moderator Member Since: Nov 23, 2015
19 of 30

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

Please know that the information that may be found online where the exchange rate you may be referring to is based on the wholesale inter bank rates and are commonly higher than actual rates banks can convert. Rates differ from bank to bank and foreign exchange processors, this is because it all depends on the current market. Note that the difference in exchange rates is not something Upwork can control as this is being supplied by the bank. 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.

 


-Avery
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Active Member
Haider R Member Since: Sep 20, 2017
20 of 30

You are right Awais. Upwork is not as good as Elance and the signs are that they never will be. 

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