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Hey, I have a sort of complicated question.

Community Leader
Jose Daniel M Member Since: Jul 11, 2016
1 of 2

Hey people.

 

Okay, the first time i read upwork started offering sending money directly to my bank account I scoffed a bit since the "official rate" offered was ridiculous, which was not Upwork's fault being honest. However, the goverment currently works with 2 exchange rates and I'd like to know which one is Upwork working with. I want to know if you are using Interbanex, which is solely for private companies or DICOM.

 

I deeply appreciate your help in advance.

Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
2 of 2

Hi Jose,

 

Please note that there are different types of exchange rates, not only the two you mentioned, which also differ from bank to bank and foreign exchange processors, and the process itself is complex and can't be limited to reflect a particular rate you're seeing published on a goverment's end. When a bank converts a transaction, they will mark up the interbank rate to buy or sell a currency. Online calculators and similar rate references will not take into consideration the mark up that is applied.  

 

The difference in exchange rates is not something Upwork can control and the rate you're seeing on your Upwork account is the most recently used one. 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.

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