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Odesk Exchange Rates USD/BDT for Local Funds Transfer to Bangladesh from Odesk is very low than the Actual rate.

goduliralo
Active Member
MD. ABIR H Member Since: Oct 14, 2010
1 of 9
Local Funds Transfer to Bangladesh from odesk opens a wide window to all the freelancers in Bangladesh and it has made freelancing payment easy to the future freelancers. However, there is a matter that i has been following for a long time. The EXCHANGE rate that Odesk Offers is differs a lot with international exchange rates, I had contacted odesk help center to know why this rate differs a lot, but they could not give any satisfactory answer. On 02-Apr-2014 i had made a payment through odesk Local Funds Transfer and i get the Exchange rate on 04-02-2014 02:45 UTC: 74.9090 BDT/USD, but on that day the exchanges was higher than this rate, on 1st April my bank(the bank i am holding the account- Brack Bank Ltd. Bangladesh) bought $ in the rate of 77.0500 BDT/USD on 1st April. On asking them why this differs ? they answer me like this, "Please consider that it is common practice for 3rd parties who are in the 'conversion' business to offer a slightly lower than market rate (from Bloomberg, the Central bank, Google, etc) as a means to be compensated for the service they are offering." I understand this facts, but still on per Dollar this 4-5 taka short is a huge facts for me, after all i am working hard for money, and Odesk gain 10% on every $ I earn. They cut that 10% from the client but it dose not matter, because if i dont work client wont pay, and more over client had a mind set to reduce those 10% from my payments. Therefore, I am not happy with this exchange rates and i want details explanation form odesk to know and learn about the Local Funds Transfer. I hope you guys will also give concern in this matter. Thanks Abir
rpmacrohon
Community Guru
Reynaldo M Member Since: Aug 4, 2012
2 of 9
Why not ask your bank? am sure they have a plausible reason for it. Its the same here in our country there is always a difference between listed rate and local bank buy rate.
ladyelexia
Community Guru
Heather H Member Since: May 9, 2011
3 of 9
If you look in the country section on the forums, you will see this exact question has been addressed. For the sake of time however, you should note that oDesk does not control the exchange rates that are offered by their US bank nor the local banks in Bangladesh. Also, unless you are withdrawing more than $5,000 USD to your BD account($5000 USD=38,8250@77 taka)Vs ($5000 USD=37,0000@74 taka), you will not notice the minor change in the single digit Taka rate. Even with those figures, 1,825 taka is still not very much (about$20), and just slightly less that what a servant in muhammodpur makes a month. Afterall, you mentioned that this 3-4 taka difference is a lot, but a simple rickshaw ride from one end of Dhanmondi 27 to the other is 20 Taka, which is about the amount that you are losing per $100. end.
goduliralo
Active Member
MD. ABIR H Member Since: Oct 14, 2010
4 of 9
I am glad that you have read my post, but you did not read it deep enough or could not understand my question, sorry for that, it my mistake as i was not clear enough. Now I will be precise, The motive of this post is to know the procedure of Local Fund transfer, how it works, have you ever questioned yourself about this ? I wanted a detailed explanation. I know that oDesk does not control the exchange rates that are offered by their US bank nor the local banks in Bangladesh but odesk can give the explanation and as a freelancer on odesk i think i have the right to ask them, and so i did. Yes, I mentioned that this 3-4 Taka differs a lot, if i earn $500 and in per USD i get 3 TAKA i will get extra 1500 Taka, it may be a very little amount to you, but this is an amount that can make a man happy, one school student can pay this whole education expenditure of one month, ofcours, a rickshaw puller will be very happy to get this amount by the end of the week. So, this is an amount that cannot be ignored. Many contractors here in odesk get very good pay rate, but many of them are not, and they are not more than a day labor, working all day in low rates, clients don't like to increase the hourly rate, they want to get all jobs done in the lowest price. In this circumstance, why should not i worry about my every penny ? I think i have made myself clear, Thanks for your reading.
rpmacrohon
Community Guru
Reynaldo M Member Since: Aug 4, 2012
5 of 9
I doubt if oDesk could provide a detailed explanation. the most that they can provide is what you already got from oDesk. Your best bet really for a detailed explanation is by way of asking your Bank because its your bank that really convert the Dollar amount they received to local currency unless you have a dollar account.
ladyelexia
Community Guru
Heather H Member Since: May 9, 2011
6 of 9
I understood your question- "The EXCHANGE rate that Odesk Offers", as I already stated, oDesk does not offer any type of exchange rate, nor do they track the rates offered. oDesk is a platform that funnels money from one user to the other for services rendered. What happens to that money after it goes to their USA bank and also what happens after the USA bank sends money to each country specific bank is not in their control, or even their concern. Goverment regulations, and private banking structures in each country determine what rates are offered to those using their services. As for questioning about local fund transfer services, I have no need to do such since I am American, and transfers to my bank are at a cost of Zero from oDesk to my account. Also, rickshaw wallahs in Dhaka make at least 15k per month, more in certain areas. Any contractor who makes less than they deserve are not charging enough for their services. If they want to be paid better, then they need to charge more, and offer better services to go with the rate. There are a lot of cheap clients on this platform, as well as other platforms, but no one forces anyone to work for them, freelancers choose to do that willingly and do not have the right to complain when they accept such rates. I does not make sense for you to ask oDesk to explain the banking practices of BD banks, which are the ones who convert your funds from USD to Taka. It also does not make sense to ask oDesk to explain why their bank charges in the way that they do. In fact, They send the exact dollar amount you have earned from their bank to yours, minus the $5 wire fee to BD, so any and all exchange rate offerings are solely in the hands of your local Bangladesh based bank-which is who you should question regarding the lowered amount offered to you. I hope I have been more clear and I also suggest that you take up the exchange rate issue with the one that controls what you recieve, YOUR BD BANK.
mohammadaftabudd
Active Member
Mohammad Aftab U Member Since: Mar 15, 2008
7 of 9
Heather, Nice reply, liked it. Most interesting phrase you used was "rickshaw wallahs" and I felt like someone from Bangladesh replied it. Thanks for putting it up so nicely. [quote=Heather H.]I understood your question- "The EXCHANGE rate that Odesk Offers", as I already stated, oDesk does not offer any type of exchange rate, nor do they track the rates offered. oDesk is a platform that funnels money from one user to the other for services rendered. What happens to that money after it goes to their USA bank and also what happens after the USA bank sends money to each country specific bank is not in their control, or even their concern. Goverment regulations, and private banking structures in each country determine what rates are offered to those using their services. As for questioning about local fund transfer services, I have no need to do such since I am American, and transfers to my bank are at a cost of Zero from oDesk to my account. Also, rickshaw wallahs in Dhaka make at least 15k per month, more in certain areas. Any contractor who makes less than they deserve are not charging enough for their services. If they want to be paid better, then they need to charge more, and offer better services to go with the rate. There are a lot of cheap clients on this platform, as well as other platforms, but no one forces anyone to work for them, freelancers choose to do that willingly and do not have the right to complain when they accept such rates. I does not make sense for you to ask oDesk to explain the banking practices of BD banks, which are the ones who convert your funds from USD to Taka. It also does not make sense to ask oDesk to explain why their bank charges in the way that they do. In fact, They send the exact dollar amount you have earned from their bank to yours, minus the $5 wire fee to BD, so any and all exchange rate offerings are solely in the hands of your local Bangladesh based bank-which is who you should question regarding the lowered amount offered to you. I hope I have been more clear and I also suggest that you take up the exchange rate issue with the one that controls what you recieve, YOUR BD BANK.[/quote]
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Thanks & Best Regards

Mohammad Aftab Uddin
mohammadaftabudd
Active Member
Mohammad Aftab U Member Since: Mar 15, 2008
8 of 9
Hi All, I am going to put some cases first then provide some details on this issue: Total amount $1000 Direct Wire from client costs $30~$40 depending on the path the money hits account Final amount in your account is $960~$970 which may reach in 3-5 days. Using Skrill: $100 oDesk fee $1 withdrawal fee to Skrill $4.xx withdrawal fee at Skrill to your bank Final amount in your account is $854~$895 which may reach in 3-10 days. If it reaches in 3 days, be assured there were an additional $40 charged at some Berkleys Bank. Using oDesk LFT: $100 oDesk fee $4.99 withdrawal fee Final amount in your account is equivalent to $895.01 (after the conversion is done) which would reach within the next 2~3 days Explanation: For both first and second case, your account receives payments in USD. The USD to BDT conversion takes place at your bank's end and you would always get better conversion rates (actual). For oDesk LFT, you account receives payments in BDT. The USD to BDT conversion takes place at oDesk end and you would always get lower conversion rates either because it is most likely a bank account with any of SCB / HSBC / CitiBank NA or a similar bank that's exchange rates are costly (hence lower for end party) or oDesk reserves a security threshold range to stay safe on the floating rate market of USD. Both the reasons are pathetic and totally killers! Resolution: I talked to support today, raised a ticket and I am unhappy. I know support people doesn't really have anything to do with this as they are bound by the pre-definded sets of information. The only important information I got from support is the link to this forum. I have seen the history of the forum and many of the responses are left unanswered or unresolved. I have brought many of my clients to oDesk to make payments and I might end up asking them to wire directly to my account deducting the wire-transfer cost. I would only take my own clients outside who I brought into oDesk, not any clients who I got at oDesk abiding terms. Hi All, I am going to put some cases first then provide some details on this issue: Total amount $1000 Direct Wire from client costs $30~$40 depending on the path the money hits account Final amount in your account is $960~$970 which may reach in 3-5 days. Using Skrill: $100 oDesk fee $1 withdrawal fee to Skrill $4.xx withdrawal fee at Skrill to your bank Final amount in your account is $854~$895 which may reach in 3-10 days. If it reaches in 3 days, be assured there were an additional $40 charged at some Berkleys Bank. Using oDesk LFT: $100 oDesk fee $4.99 withdrawal fee Final amount in your account is equivalent to $895.01 (after the conversion is done) which would reach within the next 2~3 days Explanation: For both first and second case, your account receives payments in USD. The USD to BDT conversion takes place at your bank's end and you would always get better conversion rates (actual). For oDesk LFT, you account receives payments in BDT. The USD to BDT conversion takes place at oDesk end and you would always get lower conversion rates either because it is most likely a bank account with any of SCB / HSBC / CitiBank NA or a similar bank that's exchange rates are costly (hence lower for end party) or oDesk reserves a security threshold range to stay safe on the floating rate market of USD. Both the reasons are pathetic and totally killers! Resolution: I talked to support today, raised a ticket and I am unhappy. I know support people doesn't really have anything to do with this as they are bound by the pre-definded sets of information. The only important information I got from support is the link to this forum. I have seen the history of the forum and many of the responses are left unanswered or unresolved. I have brought many of my clients to oDesk to make payments and I might end up asking them to wire directly to my account deducting the wire-transfer cost. I would only take my own clients outside who I brought into oDesk, not any clients who I got at oDesk abiding terms. ============== Please read the below Frustration block only if you don't react, cause when I wrote it, I was too angry and couldn't look into grammatical senses, I am WITHDRAWING the Frustration block below but keeping it intact to keep it real. ============== Frustration: Now I realize why oDesk came into our country and ran some great sessions. The next most prospective country in this area was identified to be as Bangladesh and it would be a great way of making money playing the conversion game! I have been an oDesk member for long and today I feel so bad. No doubt, oDesk gave me a great platform but today I feel it's doing injustice. If it was foretold so that since we provided you with a platform we would like to make some additional money, I would have loved to but it seems 10% fee + $4.99 is not enough, gosh! At times, I had to strive for $100 and that's the fee they cut off on $1000 payments now which is not enough.
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Thanks & Best Regards

Mohammad Aftab Uddin
infotech
Active Member
Azad K Member Since: Jul 21, 2016
9 of 9

I have got BDT 35,851.75 for $483.26. rate BDT/USD=74.10 where market rate BDT/USD=78.40 more.which bank is used by upwprk in BD.How know upwork the BDT amount.

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