The difference of currency conversion between Upwork and Transfast

[zz_pak]

Hello all,

I know this has been asked many times but I ask again as it is still unclear to me.

I am assuming Transfast is used to transfer USD as PKR to Pakistan.

Now I do not understand why is there so much different in conversion rate?

As of Oct 30, 2019 07:00 +0500

Upwork offers 147.9 USD/PKR rate while Transfast offers 153.4 USD/PKR

Is there some kind of fee or tax in UpWork's rate that I do not know about?

Thanks

Z

[AveryO]

Hi Zubair, 

The information that may be found online where the exchange rate you may be referring to is based on the wholesale interbank rates and are commonly higher than actual rates banks can convert. Rates differ from bank to bank and foreign exchange processors, this is because it all depends on the current market. Upwork does not have any control when it comes to conversion rate as this is being supplied by the bank. To confirm, the banks convert the funds, and not Upwork.