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Low exchange rate Argentina

Active Member
Nicolas Z Member Since: Mar 26, 2017
1 of 3

Hi,

 

Today, 1 ARS equals 28.700 USD. However, Upwork gives me 26.1 ARS for each USD. Where is this difference coming from? The payment method I use is "Direct deposit to local bank account".

 

I know that most of the times someone goes to the bank (in person, I mean) and puts the money in my account. There aren't any fees from wire transfers or nothing like that. With Upwork keeping 5% of my earnings and charging 0.99 USD per withdrawal, I think it's very unfair that I get such a low exchange rate.

 

Who can explain this?

 

Thanks.

Community Guru
Petra R Member Since: Aug 3, 2011
2 of 3

@Nicolas Z wrote:

Hi,

 

Today, 1 ARS equals 28.700 USD. However, Upwork gives me 26.1 ARS for each USD. Where is this difference coming from? The payment method I use is "Direct deposit to local bank account".

 

I know that most of the times someone goes to the bank (in person, I mean) and puts the money in my account. There aren't any fees from wire transfers or nothing like that. With Upwork keeping 5% of my earnings and charging 0.99 USD per withdrawal, I think it's very unfair that I get such a low exchange rate.

 

Who can explain this?

 

Thanks.


 That is the mid-market rate and what banks pay when they deal with each other. You are not a bank and Upwork does not set the bank exchange rates, they simply send the funds to the banks and they do the conversion.

 

As banks are not charities they charge for their services and that is why you do not get the same rate as a bank does.

 

Just as you can't expect a supermarket to sell you the goods you buy at the same price the supermarket buys them at from their wholesalers, you can't expect banks to buy your US Dollars at the same price they get them for.

 

Community Guru
Prashant P Member Since: Sep 29, 2015
3 of 3

Best thing for you is to go to your bank and say I want to buy USD.  Let us then know what rate you are getting after all the fees and commision. 

 

Also, remember crappier the currency the spread is more.  e.g. CAD or euros would have smaller spread.

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