Reply
cancel
Showing results for 
Search instead for 
Did you mean: 
Reply

Currency rate on upwork always less and sometime a lot of less rather than open market

12rizwan_khattak
Active Member
Muhammad R Member Since: Dec 24, 2014
1 of 9

Hello

I am very sad when i see the very low dolor rate on upwork showing/providing us , Yesterday i just check the dolor rate and comapre to the open market rate and than i found 10 PKR ruppes less in evry single dolor , so think that if i amwithdrawing my payment of $1000 than they will have profit of 10,000 PKR that's mean $100 . I am very sad . I also contact with suport team and they said that Well Fargo and our bank concern ,because they deal this, also i ask that if may i change my account to any other bank than what will cost ? Agin they said that we did not have any control and we can't say anything about this. So i have a friend in Pakistan , he have another bank acount i asked about this that how much upwork show the rate of dolor . He checked But the rate was same , so i just confirm that its not our bank issue and our bank did not charge anything . so i am sure Well Fargo is resposible for this .

Currency rate on upwork always less and sometime a lot of less rather than open market.

tinker_bell3
Moderator
Joanne Marie P Moderator Member Since: Nov 26, 2017
2 of 9

Hi Muhammad,

 

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.

~ Joanne
Upwork
bobafett999
Community Guru
Prashant P Member Since: Sep 29, 2015
3 of 9

Muhamad:  Make Google your bes fried and learn how the FOREX market works.  Then go to your local bank and ask them if you wanted to buy $100 how much it would cost you.  Then argue with them showing the screenshot you have.

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
4 of 9

Muhammad, as you are presumably not a bank you will never get the interbank rate.

Banks are not charities, they make money from their transactions, so they will always sell you a currency at a different rate than they bought it at, just as your local supermarket does not sell you goods at the same price they buy them from the wholesellers.

 

charles_kozierok
Community Guru
Charles K Member Since: Mar 6, 2017
5 of 9

9.2% for half of a foreign exchange spread is very high.

 

I am not sure what is going on here or if it is normal, but that's definitely expensive.

 

There are likely some very high fees being rolled into that exchange rate by someone.

bobafett999
Community Guru
Prashant P Member Since: Sep 29, 2015
6 of 9

aren't there some fees depending on the type of withdrawal?

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
7 of 9

@Charles K wrote:

9.2% for half of a foreign exchange spread is very high.

 

I am not sure what is going on here or if it is normal, but that's definitely expensive.

 

There are likely some very high fees being rolled into that exchange rate by someone.


Yeah, sending bank and intermediary bank(s.) For withdrawals of $ 1000 it CERTAINLY makes sense to open a US Dollar account and eat the $ 30 fee for wire transfer. It's faster as well.

 

 

 

12rizwan_khattak
Active Member
Muhammad R Member Since: Dec 24, 2014
8 of 9

Petra R  its Only $0.99 fee but not $30 for a lot of countries  , And today rate is better than weekend its 115.1910 PKR Rup. So its mean that only in weekend they provide very less rate. so i will suggest you all freelancer than withdraw your payment in working days.

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
9 of 9

@Muhammad R wrote:

Petra R  its Only $0.99 fee but not $30 for a lot of countries  ,


 Please look up the difference between "Wire transfer" ( in US Dollars with a fee of $ 30) and "Local Funds Transfer" - (in local currency and at a fee of $ 0.99.) For significant withdrawals wire transfer works out cheaper.

 

withdrawal.png

 


@Muhammad R wrote:

 And today rate is better than weekend its 115.1910 PKR Rup. So its mean that only in weekend they provide very less rate. so i will suggest you all freelancer than withdraw your payment in working days.


 Nonsense. Exchange rates fluctuate constantly, it has nothing to do with it being weekend or not.

 

TOP SOLUTION AUTHORS
TOP KUDOED MEMBERS