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Re: Exchange Rate

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Active Member
Abdullah A Member Since: May 9, 2018
1 of 10

Upwork uses transfast to send money to pakistan on transfast website i see 1 USD = 136.25 and Upwork is sending me at 1 USD = 131.24 why there is so much change ?

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Moderator
Bojan S Moderator Member Since: Mar 9, 2018
2 of 10

Hi Abdullah,

 

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.

Thank you.


~ Bojan
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Active Member
Abdullah A Member Since: May 9, 2018
3 of 10

i already know what you said but upwork uses a Payment Processor called "transfast" Transfast shows 1$ = 136.25 on their website and Upwork shows 1$="131.24" 

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Moderator
Avery O Moderator Member Since: Nov 23, 2015
4 of 10

Hi Abdullah, 

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.


-Avery
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Ace Contributor
Mariam Fatima Z Member Since: Feb 24, 2015
5 of 10

Hi,

I know people have already complained about the exchange rates being horrible and I know the 'Upwork can't do anything about it' response, but lately the gap has been widening. Where there was usually a 5-8 rupee difference in the rates offered, our currency has been devaluing since some time now and as of today there's a disparity of 13 rupees in your exchange rate ($1= Rs.148 in the open market but on upwork $1= Rs.135).

 

We should be getting at least Rs.140 per dollar and the banks will still earn their share.

I just checked the Transfast website. Today they're offering $1 for pkr 143 so why is it still 135 here?

Ace Contributor
Bukola O Member Since: Dec 23, 2016
6 of 10
Transfast exchanges the Naira @ 354 while upwork does at 332.1914 and ut hasn't fluctuated in two years. Can a mod explain this phenomenon. Since rates fluctuate in a day. And I work in finance so don't bamboozle me with your canned message.
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Community Guru
Riri A Member Since: Jul 21, 2018
7 of 10

Hi Bukola,

 

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. If you set up Direct to Local Bank transfer as your payment method, you'll be able to click "Get Paid Now" at any time and select your local bank account to see the last used conversion rate for your currency. Unfortunately, Upwork can only provide information about the most recent exchange rate used by the bank and not the actual rate that will be used at the time of the transfer since it fluctuates several times throughout the day. Hope this helps, thanks.

~ Riri
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Active Member
Faseeh M Member Since: Mar 4, 2017
8 of 10

HI,

 

Sorry if this is irrelavent and have been answered.

 

is there a way we can find conversion rate upwork is considering for a date (say today) without actually doing the transaction? I am not interested in difference thing. I want to know what is the rate that upwork is working with (for a date, say April 1st 2020, 1 USD to PKR).

 

Thanks. 

Faseeh

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Moderator
Goran V Moderator Member Since: Mar 24, 2017
9 of 10

Hi Faseeh,

 

Unfortunately no,  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. Thank you.


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Ace Contributor
Mariam Fatima Z Member Since: Feb 24, 2015
10 of 10

If you have money available, you can go to the 'get paid' link and check the last rate used, that is the one you will most probably get on that day (without actually processing the payment, just cancel).

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