Low exchange rate

[#1]

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?

[#2 · Accepted solution]

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!

[#3]

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.

[#4]

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!

[#5]

Thanks for blocking my account for asking a question, either unblock my account or I’m done with this garbage website.

[#6]

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. 

[#7]

Hi Bojan

I am not satisfied with your reply. Why it is always 2 Rupee per dollar less than current Price. What is formula? If it is based on previous two days price then sometime it should be higher than current price. But it is always 2 Rupee lesser and $0.99 charged as conversion fee. There should be transperancy.

[#8]

Hi Dinesh,

Arjay here stepping in for Bojan. For Direct to Local Bank transactions, the currency conversion will be performed by Upwork's banking partner at the time the funds are sent to you. While it's not possible to show the real-time conversion rate, you can check the last exchange rate used by Upwork's banking partner on the manual withdrawal form. I hope this clarifies.

[#9]

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

[#10]

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

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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

[#11]

i am getting a 10pkr difference / $1 😞

[#12]

And now a day its even more. A friend of mine on Upwork got almost 13pkr /$ lesser than the interbank rate. The usd rate won't change or fluctuate this much on day to day basis. This is a serious issue and upwork has to look into it as the hard earned money of the freelancers is deducted without any proper clarification

[#13]

Wells Fargo Bank used to be Upwork bank.  They still may be.  They are the worst bank to convert money.  Also, it is country dependent

  Stable the country the spread is small.

Currency buying and selling is a business.

[#14]

Yes like of majid

[#15]

For me, it is almost 2.5 INR per $1 difference. My bank guaranteed me to have at least 0.5 INR max deduction per Dollar. Upwork should be transparent in its policy against exchange rates because this is something that I had already cleared with my banks. 

[#16]

I saw that this topic appeared as solved. What was the solution to this problem?
I have the same problem when converting to Brazilian real, the difference is huge. I receive payments through other platforms, and through Upwork, it is always the smallest, but the difference is huge, and it makes a difference in the total received. Can anything be done?

[#17]

Hu Kalislei,

We certainly understand your concern about the difference in rate from USD to your local currency. However, as Pradeep mentioned in this thread's solution, the difference in exchange rates is not something Upwork can control. When a bank converts a transaction, it will mark up the interbank rate to buy or sell a currency.

Since rates constantly change throughout the day, the rate you received is the rate offered by our bank when your specific transaction was processed. We hope this clarifies.

[#18]

Hi Majid,

Plz dnt compare the exchange currency conversion rate with upwork conversion. Both will obviously vary. But thw difference shouldn't be significant.

But I can understand your pain.. However, nothing can be done in this case.