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Current Exchange Rate and Upwork Exchange Rate is Different at the time of Withdraw in INDIA

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Active Member
Hemant P Member Since: Jan 21, 2020
1 of 7

Hi Team,

I want to notice at the time of Withdraw amount from Upwork Wallet to Bank Account in INDIA.  Current Currency Rate  $ 1 = 71.14 INR.  but at the time of withdrawing amount in  "Get Paid Now". Currency Rate is Different that is "69.54". why it's different from current rate.

 

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Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
2 of 7

Hi Hemant,

 

The currency conversion will be performed by Upwork's banking partner at the time the funds are sent to you. While it's not possible to show the real-time conversion rate, you can check the last exchange rate used by Upwork's banking partner for your currency on the manual withdrawal form. 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.

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Nitish B Member Since: Apr 1, 2020
3 of 7
Hello, I just wanted to know why is it that when the USD to INr rates are 76 to a dollar, upwork/ banking partners are only converting at 73 to a dollar? I mean this isn't a one or two time thing, and I do understand that exchange rate at the time of transaction is what is valid. But considering the USD-INR rate has CONSISTENTLY been above 75 for the past month, this still doesn't seem to reflect in your banking partners or your own exchange rate! Can someone please explain why Upwork/partners is doing this?
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Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
4 of 7

Hi Nitish,

 

Please check my previous response on this thread regarding the factors affecting the conversation process. Regarding the comparison you're making based on the screenshots you shared, please note that online calculators don't 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.

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Nitish B Member Since: Apr 1, 2020
5 of 7
Thanks for the prompt reply Vladimir! Appreciate it 🙂 quick question, can you tell me what the mark up percentage/amount is?
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Community Guru
Petra R Member Since: Aug 3, 2011
6 of 7

Nitish B wrote:
Thanks for the prompt reply Vladimir! Appreciate it 🙂 quick question, can you tell me what the mark up percentage/amount is?

You can work that out yourself by looking at the difference between the interbank rate and what you are given by the banks.

Personally I find that PayPal and Payoneer both offer better rates.

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Active Member
Nitish B Member Since: Apr 1, 2020
7 of 7
Thanks Petra! I'll do that this time and certainly look at the other options u mentioned 👍🏼
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