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enifolarin
Community Member

Exchange rate for Nigerian freelancers

Hi, I'd like to know why the exchange rate for dollar to naira on Upwork using direct bank transfer is different from the current rate in the country. Currently, the exchange rate is about 1000 NGN but is 792 on upwork. 

10 REPLIES 10
designcoordinatn
Community Member

Extra commission for offering a naf rate.  How to sqeeze the middle margin even more. They know the freelancers are not going to go elsewhere really & will just accept.

Yeah? So there's no alternative to it? The rate reduction is ridiculous.

759e32fa
Moderator
Moderator

Hi Enifolarin,

 

Thank you for reaching out to us. I'll be glad to share more information about this.

 

The actual exchange rate is available on the next day when we process your transfer. The currency conversion always changes and is not the same every day. The rate you received is the rate offered by our  Payment Processor at the time your specific payout was processed and I'm afraid it is beyond our control. 
 
It all depends on the day, on the flow of the market, and where your money will go. In fact, even your local banks may have different rates.
 
The currency conversion will be performed by Upwork’s banking partner at the time the funds are sent to you. While it’s not possible to show the real-time conversion rate, you can check the last exchange rate used. 
 
Banks and currency houses that do foreign exchange/currency conversion adjust rates to guard against volatility in the market. If you are looking at rates from other sources, such as Bloomberg.com, you’ll see wholesale interbank rates. These are typically higher than the actual rate banks convert currency. You also might notice that rates differ from bank to bank and foreign exchange processors. This is because rates change based on current market conditions.


~ AJ
Upwork

Can I withdraw to a USD account instead then, different from my local bank account?

Hi Enifolarin,

 

Yes, you have the option to use either ACH or Wire Transfers. Take a look at this article to learn more about the different payment options that are available. 

~ Luiggi
Upwork
2a1a09a7
Community Member

So, what's the current rate as at today? 

Hi Nuli,

 

Please keep in mind that the 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.

 

~Ivy
Upwork
b9a5f49e
Community Member

As of today upwork changed for N900 for

$1.... Still poor though compared to other rates.

lockjaw
Community Member

Two reasons behind it 

One is probably an old rate or that CBN thingy regarding exchange rates

 

Kindly take a moment to dyr on it, it should be clear to you afterwards... If you feel like you can send a private message to explain a better way for you in here... Nothing charged but hopefully you'd share one or two knowledge to me also please 😊

edf11a67
Community Member

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