Direct to Local Bank Rate

[2e3159a5]

When I went with Direct to Local Bank option to withdraw the earnings I get something like this.

"Last Upwork exchange rate 178.4820 LKR/USD as of Apr 3, 2020 10:00 UTC"

But the buying rate of my bank  is 188 LKR/USD. That's the retail buying rate of all of the local banks in Sri Lanka right now.

Can someone please enlighten me on this?

**Edited for Community Guidelines**

[AleksandarD]

Hi Nalith,

Thanks for reaching out to us. 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.
You can also check out our available payment methods and choose the one that is the best fit for your needs. To learn more about this, please check out this help article.

Thank you.

[2e3159a5]

Then I guess directly withdrawing in USD will overcome this rate issue because then I can locally convert those at my bank at the retail rates. right?

What methods are there to do that?

[AleksandarD]

Hi Nalith,

You can check out this help article to see all the available withdrawal methods that are available on Upwork and more information about each. 

Thank you.