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Sana's avatar
Sana J Community Member

Upwork incorrect exchange rate!

Hey all! I just want to ask that why Upwork is showing low exchange rate of dollars to rupees, despite the fact that dollar exchange rate has raised to 270 rupees per 1 dollar. Upwork is quite efficient and pro in deducting taxes and service fee. Then why it's not efficient in revising the exchange rate?? The current exchange rate of dollars to rupees is 270 rupees per 1 dollar. And what Upwork is gambling, I've attached the screenshot below. It's my humble request for the Upwork administration, Please have a look at the screenshot below, and tell me how to correct this exchange to the actual present exchange rate! Thanks.

Sana
7 REPLIES 7
Annie Jane's avatar
Annie Jane B Retired Team Member

Hi Sana,

 

I would like to let you know that the exchange rate is actually determined by Upwork's partner bank. Upwork does not have control over the exchange rate the bank uses when they process a withdrawal.
 
You can see the actual conversion rate whenever you go to Get Paid and withdraw your earnings. The rate randomly changes, so we cannot predict the rate you will receive until it was already done or processed.
 
Most likely, there's also some variation in the stability of USD against your local currency that causes a decrement in the conversion rate such as inflation and other factors into their exchange rates. Just to share, for other countries too, the currency conversion rates vary depending on the processing bank and timing. You may contact your bank to inquire about how the currency is being converted.
 
The exchange rates are bank-dependent; i.e. they may vary even when you check last time in the morning, evening, etc. So that is really incomparable for us though however if you are comparing the rate to what you see on the web, as in Bloomberg or Google or XE., this represents the wholesale interbank rate, which is typically higher than what most banks can convert at.
 
Kindly note as well that Foreign exchange rates are something that Upwork cannot control. 


~ AJ
Upwork
Imran's avatar
Imran B Community Member

The disparity in exchange rates on the platform raises significant concerns regarding the equitable distribution of earnings for freelancers. The persistent gap suggests a structural issue that may not be addressed promptly, potentially undermining the financial interests of freelancers who rely on fair conversion rates for their income. It appears that the platform's financial policies, particularly in relation to their fee structure, may prioritize organizational profits at the expense of the freelance community. The response from the platform to these concerns has been notably inadequate, failing to provide a reassurance or a viable solution to those affected. This situation calls for a more transparent and equitable approach to ensure that freelancers are compensated fairly for their contributions.

Laura-Ann's avatar
Laura-Ann B Community Member

I have a similar problem. It may be the partner bank's issue, but with an Upwork exchange rate that's an entire Rand 1 per dollar less than the real rate, I feel I'm losing a significant amount of money every time I withdraw.

Shashank's avatar
Shashank K Community Member

I have the same problem  currently 1 USD = 83.90 INR  but upwork is giving me 81.9431 USD/INR  exchange rate

This need to be corrected

Radia's avatar
Radia L Community Member

Actually, it's 83.92, so the institution who announced 83.90 should be corrected as well 😁

 

Screenshot 2024-09-13 153546.png

Sumit's avatar
Sumit P Community Member

I am facing the same.

Rahul's avatar
Rahul K Community Member

Hi
ok just chat with me