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.?
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.
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.