I want to withdraw money from upwork to a local bank in pakistan. The current exchange rate from usd to pkr is 1USD=105.21 PKR. But what upwork shows is 1USD=99.9053PKR. I mean the price is decreased by a factor of 5. Moreover the exchange rate was not fluctuating beyond 103 but still upwork shows 99. Can anyone tell me from where does upwork get its exchange rate from, Thank you.
Solved! Go to Solution.
First of all you can not use the mid market rate (which is the median of buying and selling price at the money market, NOT the retail exchange rate) as a private customer.
Secondly Upwork does not set the exchange rates, the banks do. Banks are not charities, they earn money from services, and one of those services is currency exchange.
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