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eyahmaize
Community Member

Withdrawal

May I ask where UpWork bases its conversion rates? Dollar to PhP today was 1:50.35, but when I withdrew my funds it was only converted for 49.3
1 REPLY 1
i_ahadamanhunzai
Community Member

Hey Zea! 

 

Upwork's exchange rate has been a topic few times and you'll see many discussion over this topic. According to Joost D (An ace contributer who replied to one of the discussions)

 

"While I appreciate the sentiment and I agree that the exchange rate is not always optimal, we don't have to use Upwork. It's a privately owned company that can do whatever it wants. Also saying that you short 71 dollars on a transaction when you very clearly accepted the Upwork fees and percentages beforehand seems strange to me.

 

Do I wish they would offer the actual exchange rate? Sure. But then again, PayPal does the same thing. This is to guard against volatility and again remember - this is a money-making company. They are not offering a free service. And its a service we don't have to use. "

 

Further more in that discussion, Petra R said:

 

"If you don't like the exchange rate, you can use a different withdrawal method. That's what I do.

You're also free to establsh a US Dollar account and withdraw via wire transfer (at $ 30) - that way you can exchange at local rates if you find them better."

 

You can see the full discussion by clicking here. 

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