I am concerned that Mpesa Exchange rate are too low considering the dollar exchange rate is very high.
Am getting an exchange of 94 usd but the current exchange rate is 107 usd
You should keep on updating the rates to the retest market rates
Please keep in mind that the 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 for this response.
But kindly confirm with the bank why they are offering low rates on Upwork but when I use the same bank using different platform the rates are okay (103 usd today).
I think they do have a problem updating thei rrates in upwork.
Since last week I have been trying to withdraw using Mpesa but the current exchange rate is way below the actual exchage rate. I am sure the bank is not updating these rates. Could someone probe into this matter.
Don't know if any other Kenyan freelancer is experiencing this but why is the USD to Ksh rate on Mpesa so low today? Last time I withdrew money, which was last week, I received an exchange rate of Ksh 102 to the dollar. Since then, I understand the dollar has strengthened further against the shilling yet today Upwork is offering an exchange rate of around Ksh 94.75. Haven't seen it this low since I joined Upwork in 2017.
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, this is the standard response we keep getting. Can't somebody take a minute investigate this and find out why such a big difference. If anything, the dollar is strengethening against KES but they've maintained a flat rate 1 USD - 94.7 KES. 94.7 is the lowest I have seen for years!
Thanks for the reply Goran. I understand what you are saying but I refuse to believe that Upwork has no way to intervene. The bank that handles these transactions is clearly taking advantage of Kenyan freelancers. If it were purely a matter of fluctuating currency exchange rates, why is the rate we are being offered stuck at exactly Ksh. 94.7578? This represents a markup of nearly 12 shillings which is a whopping 10+ percent. I have to point out again that this is a recent issue since as recenty as last week, we were getting around the 103 mark. I also understand that the issue is only affecting some freelancers. I am sure Upwork is able to remedy this by talking to whichever intermediate bank does these transactions.
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