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Low exchange rate

42262698
Active Member
Majid S Member Since: May 11, 2020
1 of 8

Under the Account currency head, in the Get paid section, the rate mentioned by upwork is way below the inter-bank rate in my country.

You can see in the attached picture the mentioned rate is 152.4 PKR per USD.
Whereas the current interbank rate is 159.9 PKR per USD.

 

Why is upwork showing reduced rate?

bstojadinovic
Moderator
Bojan S Moderator Member Since: Mar 9, 2018
BEST ANSWER
2 of 8

We understand your frustration, Majid.

 

Unfortunately, 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!

~ Bojan
Upwork

View solution in original post

mickeal_alex
Active Member
Daria G Member Since: Dec 15, 2020
3 of 8

Having the same issue, the exchange rate from USD to RON is lower that in my country and i cant transfer USD without conversion even though i created a bank account in USD, why is that, i have the option for RON and EUR but not USD.

bstojadinovic
Moderator
Bojan S Moderator Member Since: Mar 9, 2018
4 of 8

Hi Daria,

 

When direct to local bank account is the disbursement method, then the funds are converted automatically into your local currency. You can check out this article for more information about fees and timing associated with the direct to local bank method.

 

You may wish to learn about the Wire Transfer method which allows U.S. dollar wire transfer.

 

Please note that your profile must represent you as an individual and that all the information in your profile including your profile photo needs to be accurate, truthful and verifiable. Please check this help article for more information on how to update your profile photo.

 

Thank you!

~ Bojan
Upwork
mickeal_alex
Active Member
Daria G Member Since: Dec 15, 2020
5 of 8
Thanks for blocking my account for asking a question, either unblock my account or I’m done with this garbage website.
tinker_bell3
Moderator
Joanne Marie P Moderator Member Since: Nov 26, 2017
6 of 8

Hi Daria,

 

I checked, and the team has reached out to you directly regarding your account status. Please check this ticket number: 30446891 and kindly follow the instruction provided by our team to complete the verification process they requested from you. 

~ Joanne
Upwork
zahidmehmood2
Active Member
Zahid M Member Since: Aug 21, 2019
7 of 8
Exchange rate is way too low on upwork if we compare with even international exchange rates like XE.com
petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
8 of 8

Zahid M wrote:
Exchange rate is way too low on upwork if we compare with even international exchange rates like XE.com

That is not a reasonal thing to compare, because that's the mid-market rate. Banks do not give retail customers the mid market rate, as they would lose money that way. Banks make money on currency exchange and that s nothing Upwork has any control over

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