From my basic search, the US dollar Exchanges at a rate of 108.5 against the Kenyan shilling currently. I dont get why the Upwork tool has an exchange rate of 104 on my side.
Hi McDon Bosire,
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.
Hi, While I do agree with your answer, my concern remains on the fact that I have a friends whose UW-mpesa rates are different from mine. They usually have a better deal than mine.
Why don't you have a standardised system that has the same exchange rate at a certain point of time.
Thanks for sharing your feedback about the exchange rate for funds in Kenya, McDon.
Exchange rates are determined on the foreign exchange market and adjust regularly, sometimes a few times a day based on market conditions. However, we appreciate you sharing your sentiment about this and will pass this along to the appropriate team