Exchange Rate Used By Upwork

[Muhammad Waqas A]

Hi,
Has there been a change in the charges while sending funds from upwork to transferwise?

[Ria T]

Interested to know about this as well... following  

[Andreas H]

This is not working for payments in Europe, not for me. I think it's unfair that the fee is that high as it is. Last time I deposited I lost 48 usd beside the excisting fees and the money on my bank account was nowhere near the money I was showed by Upwork when making the deposit.

This topic should be taken up again and a solution for European freelancers should be made. NOW.

[Avery O]

Hi Andreas, 

Please note that exchange rates fluctuate during the day, which means the rate applied to your withdrawal depends on when we executed the transaction. Please keep in mind that the displayed exchange rate reflects the last exchange rate used by Upwork to convert USD to your currency. The actual rate used for each local currency transfer is available on the next business day when we process your transaction.

As it was mentioned here before, please note 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.

You may check other payment options if direct to local bank is not the best option for you.

[MUDASSAR H]

UpWork is charging us in 3 ways:

1. They sell connects so we can apply on a job.
2. They take 20% to 5% commision from our earnings.
3. They take comission from middle market currency exchanger so that a thief type middle man can take our dollars at cheap rates than open market.

First two methods are legit ways to earn but a world leading freelancing website should not scam the freelancer by the 3rd way.