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Very Low Exchange Rate

visualcomando
Active Member
Pablo V Member Since: Mar 30, 2017
21 of 34

I Also Understand You Need Several withdrawals to take 1000 on ATM 

 

In Colombia you will need 4 withdrawals at 3.15 USD = 12.6 USD

 

so if i withdrawal 1000 with payoneer and use the 2 day free load to card they take 35 in fee + 12.6 ATM withdrawals

 

35 + 12.6 =  47.6

 

still cheaper than Upwork

 

if you use the money in payoneer to pay for stuff online you can save a lot too

 

thats why i say payoneer will be about 40 USD per 1000 USD

 

While Upwork Today would have been 61 USD aprox.

vladag
Community Manager
Vladimir G Community Manager Member Since: Oct 31, 2014
22 of 34

Hi Pablo,

 

Thank you for sharing your insight. I'd just like to confirm Petra's comment about the mid-market rate you're looking at, which doesn't take into consideration the the interbank rate mark up banks apply when they convert a transaction. We won't be able to show conversion or incoming bank fees as it's not something Upwork has control over or always has knowledge of.

 

On a personal note, I can confirm that charges for Payoneer ATM withdrawals exceed 3.5%, since there are additional fees involved as Petra mentioned, and they fluctuate as well.

 

I appreciate your participation but would like to ask you to keep in mind our Community Guidelines when posting in the forums.

Untitled
visualcomando
Active Member
Pablo V Member Since: Mar 30, 2017
23 of 34

I understand your answer

 

But on my personal experience payoneer always respects the 3.5% 

 

The bank i use never charge more for using the ATM

 

i have compared several times my withdrawals with the official Exchange rate and almost always is very accurate

 

Also the Android App Live exchange rate is very accurate too, it includes the fees so what you see in the App is what you can go and get instantly on the ATM

 

it works very different from upwork as you just say you dont control the exchange rate you apply, and is not fixed to a percentage like payoneer do.... its what all corporations that work this currency conversion method say i got that response several times

 

Upwork will work for small amounts

 

but payoneer will be better for bigger amounts and you have way more control with the live exchange rate on the android app

 

 

 

Upwork will be the best payment if you were a bit more fair

 

if you only took 4% instead of 6% it will be really good and you would really help all freelancers but i gues that ship is gone.....

 

i never realized the big difference this 2% can make

 

 

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
24 of 34

Pablo, you are missing the point that it is the banks who set (and earn money from) the currency exchange, not Upwork. Upwork send out US Dollars, be it to PayPal, Payoneer, Wire Transfer, Payoneer or bank transfer.

 

What gets charged after that is no longer anything to do with Upwork.

 

Is Wire transfer available in your country? You would have to have a US Dollar account, and it tends to not be worth it for withdrawals under about $ 700 - $ 800 at a time, but it would put you entirely in the driving seat as far as exchange rates are concerned.

muheyuddin
Active Member
Mr. M Member Since: Jul 27, 2017
25 of 34

Hi upwork,

 

I read this post. I am experiencing same issue. I checked the solutions but I am still having doubts.

 

My bank dollar conversion rate is $1= 153.60 pakistani rupees. But Upwork is showing me 147.2695 PKR/USD rate from past few days.

 

I contacted my bank and they are saying that upwork maybe charging some amount.

 

When I pay money to buy connects, I get charge as $1= 164 pakistani rupees. 

 

Now I want to withdraw money and upwork is giving me $1= 147.2695 rate. This is a huge difference.

 

Can anyone please guide me how can I get the exact rate my bank is offering?

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
26 of 34

Mr. M wrote:

 

Can anyone please guide me how can I get the exact rate my bank is offering?


The exchange rates offered by Upwork's banking partners is and has always been very poor.

If you want to control the exchange rate at your end, use wire transfer to a US Dollar account, which is worth it for withdrawals of $ 700 or thereabouts.

 

Or use a different withdrawal method.

visualcomando
Active Member
Pablo V Member Since: Mar 30, 2017
27 of 34

I also understand you have a point, i was missing the 2 USD load fee and the annual maintenance fee

 

this add more costs to payoneer

 

i think for payments less than 100 USD Upwork could work

 

for payments bigger than 100 USD it will be better to use payoneer

lilita35
Active Member
Liliana R Member Since: Apr 27, 2016
28 of 34

Thank you Pablo for explaining the math part of this issue.

 

I have been working as Freelancer for almost 4 years...I always used Skrill which was much better for me despite Upwork adviced me to take the Direct Bank Deposit as preferred payment option.

 

With Skrill I paid $4 USD per transaction but when converting my payment from USD to COP the rate was FAIR, I am not saying that wire transactions must be cheap or Free, just FAIR and the rate that Upwork or the bank pays me when I request my money IS NOT FAIR AT ALL.

 

Now Skrill has dissapeared and I have no options but using the suggested payment option that Upwork advices for my country (Direct Deposit)...they should not advice this payment option I am afraid, at least NOT for people in my country.

 

I do not like the option that Payoneer has for my country (debit card) because I need my money in my account unfortunately. I know this service costs, I do not mean not to pay for these kind of transactions...I would expect the prices to be FAIR, just that, FAIR.

 

Regards!

 

Liliana

 

 

kochubei_valeria
Community Manager
Valeria K Community Manager Member Since: Mar 6, 2014
29 of 34

Jhosehp and Pablo,

 

Our engineers have already developed a fix for this bug and are hoping to release it today. We'll keep you updated.

 

Thank you for your patience.

~ Valeria
Upwork
visualcomando
Active Member
Pablo V Member Since: Mar 30, 2017
30 of 34

I Can Confirm The problem was fixed!! Working good now and Fast after today update Thanks!!

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