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Exchange rates

Hello,

Like many people, I make direct transfers to my bank to receive the money earned on Upwork.

The problem is: I get the money in a currency other than USD and I realized these last few months I'm losing a lot of money due to the incredible exchange rate of Upwork.

For example, I lose about $50 per $1,000 paid, which is still 5% of the money earned that disappears. I know the exchange rate can fluctuate, but it's hard to believe it varies by 5% between the time I request the transfer and when it lands on my account (5 days).

I guess there's nothing I can do to solve this problem, I just wanted to know if I was the only one in this situation.

Thank you

3 REPLIES 3


@Anthony D wrote:

Hello,

Like many people, I make direct transfers to my bank to receive the money earned on Upwork.

The problem is: I get the money in a currency other than USD and I realized these last few months I'm losing a lot of money due to the incredible exchange rate of Upwork.

For example, I lose about $50 per $1,000 paid, which is still 5% of the money earned that disappears. I know the exchange rate can fluctuate, but it's hard to believe it varies by 5% between the time I request the transfer and when it lands on my account (5 days).

I guess there's nothing I can do to solve this problem, I just wanted to know if I was the only one in this situation.

Thank you


  1. You can get yourself a US bank account and get paid there. You forward the money to yourself, once the exchange rate suits you.
  2. You get a US$ PayPal account.
  3. You open a TransferWise account.
  4. there are many different ways...
g_vasilevski
Retired Team Member
Retired Team Member

Hi Anthony, 

 

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
fkose1993
Member

I was using direct transfers to my bank account too.  Because it's located in Turkey, there was a 30$ fee to request payment that Upwork takes.  Also my bank gets $15 commission. But my bank account was a USD account, so except those 30+15 $ fees, I received full amount. You can try creating USD account in your country to avoid losses because of currency exchange of your bank or switch to Payoneer like I did few weeks ago. There are multiple payments methods that you can try.