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62c6b875
Community Member

Exchange Rate

I just got my payment and it shows the exchange rate is 150 PKR so if I will wait for few days and wait for the exchange rate to increase and then withdraw. Will it work this way? Or how will this work.. pleasee guide.
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petra_r
Community Member


Hamza S wrote:
I just got my payment and it shows the exchange rate is 150 PKR so if I will wait for few days and wait for the exchange rate to increase and then withdraw. Will it work this way? Or how will this work.. pleasee guide.

Of course it works that way, but you can obviously not know if the exchange rate will get better or worse- What if the exchange rate is 150PKR today, and only 148PKR when you really need to withdraw?

 

I would suggest you just withdraw. Unless you withdraw huge amounts at a time, the exchange rate difference over a few days makes little difference.

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4 REPLIES 4
g_vasilevski
Retired Team Member
Retired Team Member

Hi Hamza,

 

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.

~ Goran
Upwork

Thank you so much for your reply. I really appreciate it.

petra_r
Community Member


Hamza S wrote:
I just got my payment and it shows the exchange rate is 150 PKR so if I will wait for few days and wait for the exchange rate to increase and then withdraw. Will it work this way? Or how will this work.. pleasee guide.

Of course it works that way, but you can obviously not know if the exchange rate will get better or worse- What if the exchange rate is 150PKR today, and only 148PKR when you really need to withdraw?

 

I would suggest you just withdraw. Unless you withdraw huge amounts at a time, the exchange rate difference over a few days makes little difference.

62c6b875
Community Member

Thank you so much for your response. This was actually what I needed to know.

 

Thanks alot.

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