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dev111
Community Member

USD to LKR conversion rate is very low

Hello,
USD to Sri Lankan LKR buying rate is around 214LKR.But Upwork applies few months old exchange rates around 196LKR per USD when making payments to local bank.Why there's a huge difference.This is very unfair. When we want to buy connects it applyes actual selling rate of 222LKR. Why their is a huge difference. The US bank is unethically charging higher rates from freelancers. Upwork should address this issue. Otherwise what's the financial regularly Authority to make a Complain about the matter.?

3 REPLIES 3
JoanneP
Moderator
Moderator

Hi Devinda,

 

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.

~ Joanne
Upwork
dev111
Community Member

I know that the Upwork can't control the exchange rates.But the representative bank of Upwork is charging an unethical higher margin for currency conversion. USD to LKR Interbank TT rate is fluctuating around 214 to 225 during these days. When we effecting Telegraphic Transfers banks use these Interbank exchange rates.But Upwork exchange rate is always fluctuating around 195 to 196. There's a gap around 20LKR which is not acceptable. The bank is charging huge margin on hard earned money of Freelancers. If the Upwork can't control that They should Create a option to transfer funds on USD to foreign USD accounts, which is allowed by majority of local Banks around the world. Can you state the bank which you are sending funds through?
petra_r
Community Member


DEVINDA J wrote:
They should Create a option to transfer funds on USD to foreign USD accounts

You already have that option: Wire Transfer.

The fee is $30, but becomes worth it for withdrawals of $700 or so at a time.

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