Retired Team Member
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.
Retiring Moderator
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.
Retired Team Member
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.
