I got less payment then the actual amount (Exchange rate)

[ma9ojkumar]

Hi,

I used to have $1994 balance in my account and $1993 was processed to my local bank (considering 1% as transefer fee), however, I got Rs:₹143,356.03 in to my account. It was initiated today morning and relased into my account with in 4-6hrs. My ques is: todays dollar rate is :~73.50 in that case I should be getting ($1993*₹73.50)=₹146,485 but why did i only got ₹143,356.03 (143,356.03/1993=~71.9)?

Could you please explain this?

[AleksandarD]

Hi Kotari,

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.