๐Ÿˆ Community
ยป Forums ยป Freelancers ยป Upwork exchange rate is way lower than Naira ...
Page options
rancyy
Community Member

Upwork exchange rate is way lower than Naira value. Upwork pays lower value(#360.999 Naira). And cha

Upwork exchange rate is way lower than Naira value. Upwork pays lower value(#360.999 Naira). And charges current #477 naira(current naira rate) for 1 connect . This is unfair. You should pay us same value for our money. Thank you. I look forward to the Upwork team on fixing this.
25 REPLIES 25
tinker_bell3
Moderator
Moderator

Hi Ijeoma,

 

The exchange rate used when you withdraw your funds is provided by our payment processor and this is not something Upwork can control. 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

Hi Upwork, I'm a top-rated freelancer on here and I want to bring my non-Upwork clients to this platform via direct contracts and honestly, the Upwork fee of 3.4% is really good but this Dollar conversion rate issue is really hindering me of doing so, where the client will pay at a higher rate and I'll get the pay at a lower rate, making me lose up to 20% of the pay when I can simply be paid directly by the non-Upwork client and not lose a dime. you really need to address this issue, or better yet work with other currencies without converting to the dollar first.

Hello Joanne,
When buying connects, we convert #471 to $1, but when Upwork wants to pay into Nigeria, the exchange rate becomes $1 to #361. Isn't that double standards?

How can we exchange Naira at a very high rate to dollars but receive payments at a very low rate at the same time? I do not understand this calculations at all.

Hi Gabriel,

 

I understand your frustration with this and would like to clarify that 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.

You can also check out our available payment methods and see if another method is a better fit for you. Thank you.

~ Goran
Upwork

I'm so angry with Upwork on this. I have lost so much money on the platform rather.

If Upwork could just be fair with their exchange rates and reduce the 20% of fees for a job, things would be better.

Hi Joane,

What if I have a dollar accounta nd would want my money to be paid in dollars in to my Nigeria dollar account, can upwork ensure I get my money in dollars and not naira?

Hi Chiamaka,

 

If you prefer to transfer your earnings in USD, you might want to consider using Wire TransferUpwork charges a $30 fee for each U.S. dollar wire transfer. For information on adding wire transfer as a payment method, click here.

~ Joanne
Upwork

Here you go again Upwork! $30 for wire transfer is outrageous. I have a contract of 5000 USD, Upwork said I will get paid 3400 USD now I still can't withdraw with a better rate. I don't like it at all
tlbp
Community Member


Godwin A wrote:
Here you go again Upwork! $30 for wire transfer is outrageous. I have a contract of 5000 USD, Upwork said I will get paid 3400 USD now I still can't withdraw with a better rate. I don't like it at all

I've paid $30 for bank to bank transfers outside Upwork. That's a pretty standard rate. The financial institutions that process payments and zip them around the world don't do it out of kindness. Each company in the chain of transfer gets a cut. 

My friendly advice to you is to go to your local bank and open a dollar account and account that receives dollar 

Once you are done opening it go to your payment method and add wire transfer

Upwork will charge a service fee of $30 to transfer dollar to your dollar account

Once you do so you will start massive income

 

 

 

 

somto1
Community Member

Yes, this is really an issue. I think upwork is a great platform and should consider accepting/making payments in cryptocurrencies. Thatโ€™ll be a 5 start for me.
9bc641fc
Community Member

It's not right at all and I can't find an explanation for it.

Hi Otobong,

 

Thank you for your message. I understand your concern. The exchange rates on Local Funds Transfers are determined on the foreign exchange market and vary on day to day basis. Upwork offers very competitive exchange rates through our bank, often better than the rate offered through most third-party payment vendors. 

 

Thank you.

Pradeep

Upwork

 

Currency exchange rates change according to the volatilty in forex markets. I am a forex trader too, so I keep an eye on Indian currency (rupee) and USD convertion rates. These rates are decided by banks/ central banks and it's routine process that when we buy a currency, we are charged higher rates by the bank and when we sell any foreighn currency to bank (or convert those), banks pay us a lower rate.

Consider it as a difference between buy and sell price in the forex markets.

Freelancers from India are getting paid higher amount nowadays becasue their currency, rupee, if falling against the USD. Still, when I receive a payment from Upwork, and when I pay to Upwork (for connect or membership), I pay a slightly higher amount.

Upwork cannot decide currency exchange rates. It's mostly decided by world event or cental bank policies. 

p.s. In short, I am happy that USD is rising because it converts to higher payment when I receieve payment from Upwok. Apologies to other members who have to pay more in their currency.

cardiiee
Community Member

Hi Pradeep, so why not introduce cryptocurrency as an alternative means of payment just as @chibuchi had mentioned. If truly Upwork isn't benefiting from these charges, I see no reason why cryptocurrency payment isn't a viable option. 

Hi Babatunde,

 

Thanks for taking the time to share your suggestion. I'll pass this along to the appropriate team.

 

Thank you

Pradeep

Upwork

Hey @Pradeep,

Any news from the appropriate team? Or your response is just a way to say that Upwork has no intention of adding Cryptocurrency as a way of depositing/withdrawal?

 

Please kindly state your stance with your "full chest" (without mincing words).

Thank you,
Sam.

Did you just say "Full chest"? LOL

Y'all may want to consider using other options like Opening a domiciliary account here in Nigeria or using platforms like Pioneer.
Isn't their rate better or something?

Hi, please can you explain, how does this work. 

6e397eff
Community Member

To get your money out of Upwork, you have several options as a Nigerian:

 

1. Withfraw your dollars directly into your domicilliary account if you have one. Upwork will charge you $30 per withdrawal, so make sure you have enough money in your Upwork balance before you do this. The money usually gets into your acccount within a week. Once it arrives, you can go and exchange it for naira by yourself.

2. You can withdraw your money into your regular naira account in Nigeria. The exchange rate they offer as at today is aroung N394 per dollar. Many people hate this rate, but still use this option because they don't have a DOM account and don't have enough to pay the $30 fee for DOM accounts. You can receive your money with this method within 7 working days also.

 

3. You can withdraw your money into a Payoneer account. Your Upwork payment is processed instantly into your Payoneer account. Upwork currently charges $2 for this transfer.

 

After you receive the money (as dollars in your Payoneer account), you have 3 options:

1, you can withdraw your money in dollars if you have a domicilliary account. You can then exchange it to naira. Payoneer charges you just 2% of whatever the amount is. You receive your money in dollars within 7 days and you can go ahead to convert it to naira.

 

2. If you  dont have a DOM account, you can withdraw the funds into your regular naira account, but the exchange rate is currently about N404 per dollar. You also get your money in your local naira account within 7 days.

 

3.  **Edited for Community Guidelines**

My current rate is N550/USD and you will get your money within an hour of transfering to my Payoneer account.

 

You can register for Payoneer  **Edited for Community Guidelines**.

 

ogbekhilu-patric
Community Member

Hi Pradeep H, I'd like to know with the new happening in Nigeria with the Naira currently devalued and banks given the opportunity to trade at market determined rates, will this influence the current rate at which Upwork would pay out in Naira equivalent? So would the Upwork exchange rate also be influenced by this or it stays as it is? 

Has anyone withdrawn after the changes and can confirm 

Latest Articles
Featured Topics
Learning Paths