Why International Exchange Rates are shown low in UpWork?

[twileloopdev]

I know UpWork has a service fee that will be deducted at the time of bid.

I'm also aware that UpWork will charge a transaction fee of $0.99 per direct bank transfer.

But can the team let us know why International Exchange rate for multiple currencies are shown lower with UpWork? Is there any more deduction over currency exchange or any Govt regulations?

I've done some reasearch on UpWork community and terms but can't figure it out.

Appreciate if the UpWork team can shead some light on it.

- Thanks and Regards

[d_samuel_udokpok]

Upwork Financial Exchange rate 😀

[petra_r]

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Sangeeth N wrote:

But can the team let us know why International Exchange rate for multiple currencies are shown lower with UpWork? Is there any more deduction over currency exchange or any Govt regulations?

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Because what you are looking at is what is called the mid.market rate, which is the average between the selling and buying rate on a bank level. It is NOT the exchange rate available to customers.

Banks are not charities. They don't send your money around the globe for free out of the goodness of their hearts. They charge for the "transport" and the exchanging of your funds into your local currency.

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David S wrote:

Upwork Financial Exchange rate 😀

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Nonsense. Upwork have nothing to do with the exchange rates used.

[twileloopdev]

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Petra R wrote:

Banks are not charities. They don't send your money around the globe for free out of the goodness of their hearts. They charge for the "transport" and the exchanging of your funds into your local currency.

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Got your point Petra.

We all know banks are not charities. Let them take there service fee.

My point is, Just it should be conveyed to the customers atlest.

That should be the fair & clean way right. It'll elimite confutions and we all get track of where are all deductions happening.

If it's a mid market exchage rate, How good it will be to put "Mid Market Exchange Rate" insted of "Exchange Rate" in payment receipts.

Might be some bussiness involved. I don't know.

Anyways Thanks Petra. I got a bit emotonal 🙂

[chillynguyen]

Actually for my country currency, Paypal's exchange rate is even lower than Upwork. I guess that's just how things works.