Exchange Rate for Israel (Currency: ILS)

[d9d605bf]

Hello,

I have withdrawn money that I got from a contract which will directly go to my bank. Before withdrawing the message displayed the last exchange rate. However, after I received the email for my payment processsing I have realized that the exchange rate is still the last exchange rate (USD/ILS 3.35). The exchange rate of USD to NIS as of right now is different so how come it is not using the correct exchange rate? (USD/ILS 3.42)

Thank you!

[ashrafkhan81]

It is just a coincidence that the last rate displayed and the rate you got were the same, happens sometimes. 

The "correct" rate you are referring to is probably from Google, and google does not display buying and selling rate seperetly, instead it probably just takes a mid rate. 

Even if we consider Google rate to be correct, banks must make profit when buying and selling forex, so the difference you got is the bank's profit. Each bank has a different exchange rate, infact if you check your local bank's exchange rate you'll notice you still got a better deal! 

If you do not like the rate you are receiving from Upwork you have following options: 

- Transffer using Payooner, they have better exchange rate but their fees is very confusing! 

- open a virtual USD account, transfer dollars from Upwork to that virtual account and use service like Wise to transfer to your local bank. Wise offers very competitive exchange rates but this entire process could be very slow and can take days. 

[d9d605bf]

Hi Ashraf,

Thanks for your reply. Indeed, I was referring to the exchange rate listed on Google. Regarding Payoneer, I am using the recommended option of payment from Upwork which is supposedly best in terms of fees and saving money. Is there a way of knowing what is the exchange rate on Payoneer and their fees for a specific country?

[ashrafkhan81 · Accepted solution]

This will be useful only if your country allows you to hold USD balance in the Payoneer account. If you can do this, you can time the transaction by following the steps mentioned below:

1. Sign in to Payoneer.
2. Navigate to “Activity”.
3. Click “Manage Currencies”.
4. Select the balance you want to exchange.
5. Select the currency you want.
6. Enter the amount you want to exchange.
7. Verify the rate, the amount you will receive, and submit your request.

Many countries, including India, do not allow us to hold dollar balances in Payoneer or PayPal, so Payoneer must convert and transfer any USD received to local currency within 24 hours of receipt, in such cases, we have very little control over the exchange rate and transactions must be timed well in advance. 

[d9d605bf]

Thank you for the help, Ashraf.

[bobafett999]

Ashraf, if you have US account you might find XE.com or Xoom.com better.  For example Xe right now gives me a rate of 81.24 for INR (inclusive of all fees).  It is slower than xoom though by 3-4 days

[ashrafkhan81]

Yes, I have a virtual US account. And thanks for the tip Prashant, next time I will compare them. 

[bobafett999]

First time it may take bit longer.  They have to set up, verify also xe is Europe based.   Xoom is us based.  Once setup xoom is almost instantaneous.   Xe takes 3 business days.  Both are for ach withdrawals. Xoom requires min 1,000 usd.  Xe requires 200 or 300 minimums to avoid fees.