Upwork Exchange Rates

[chitras07]

I have some earnings in my Upwork account and I need to transfer the amount to my local bank in INR. The current exchange rate is showing 72.7400 in my reports section.

But as I can see the current USD to INR exchange rate is 74.46. And if the Upwork support says that the Ban exchange rate differs from the market rate. My Bank's exchange rate is showing 74.05 up to $10,000.

Someone, please clarify this.

[g_vasilevski]

Hi Chitra,

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. To learn more about this, check out this Help Article. To learn more about our available payment methods, check out this Help Article. Thank you.

[chitras07]

Thanks Goran for the help. 🙂

[petra_r · Accepted solution]

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Chitra S wrote:

But as I can see the current USD to INR exchange rate is 74.46. And if the Upwork support says that the Ban exchange rate differs from the market rate. My Bank's exchange rate is showing 74.05 up to $10,000.

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Banks, not being charities, charge customers for internationally sending and receiving money and for exchanging currencies. That is why there is a difference between the Interbank rate or even your bank's rate. It's not as if you are going into the branch with a handful of Dollars...  The money is sent all the way from America.

If you don't like the exchange rate for "direct to local bank" you can send Dollars to a Dollar account via wire transfer (which costs $30, and isn't worth it for withdrawals under about $700 or so) or use another withdrawal method.

[chitras07]

Thanks, Petra for the help. 🙂