Dollar Rate Difference for Bangladesh

[adnnan]

Hello friends,

I'm from Bangladesh today I want to know the USD $ international rate. I hope Upwrok always convert the current USD to BDT. But when I'm comparing Upwrok to my Local Bank Rate and Payoneer to my Local bank rate there has almost 3.75 BDT differences per dollar. I can't believe this reason. This is too many differences.

We are Freelancer and we are working hard for improve our rating and earning money. After deducting all of the transaction fees (Upwrok 20%, Payoneer $2, Local Bank $0.99, etc) after this if we used our Local Bank account we will get 3.75 BDT less than current USD rate or Payoneer rate.

Now, I want to know what is the exact problem between Upwrok > Local Bank Rate and Payoneer > Local bank Rate?
Please help me to solve this problem.

Thank You
Adnnan

[prodiptaroy333]

Hello,

Actually this is not your own problem.So far i know, When we transfer money upwork to direct bank account,then we give tax our goverment. That reason our doller rate is cheap. And when we transfer money with payoneer or paypal we didn't pay any tax in our government, So at this is reason we can take high doller rate from upwork.

Thank you.

[aocumen]

Hi Md Mustafizur, 

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.

[noman1820]

Thank you @Avery O for your answer. Can you suggest an alternative payment received method for  Bangladesh? 

[egaruth]

Hi Rafiqul,

To make it easy for you to access your money, we offer a number of choices for withdrawing your funds. You can find more information in this help article. 

You can find payment methods available in your country by going to your Settings > Get Paid and clicking Add a Payment method.

[sabbir_sajjad_ho]

Same question

[djondinium · Accepted solution]

Hi Sajjad,

Please refer to Avery's post in this thread for more information on your question. You can also check out this help article to see how you can get paid on Upwork.

Thank you.

[zibonnn]

Banks in Bangladesh charge a  Conversion Rate that we don't see anywhere in the statements or transactions. This is why most of us wonder about the numbers.

So, to explain how it works, let me give you an example:

Suppose you are about to withdraw $100 from Upwork to your DBBL account. Say today, DBBL is buying USD at ৳85. So, you should receive ৳8,500.

But you received ৳7,900. Where did your ৳600 go?

DBBL charged that ৳600 as a fee for converting USD to BDT. Now you have  ৳7,900 left, so your conversion rate ended up being  ৳79.