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Re: Wrong PHP exchange rate?

adrengski
Active Member
Mark Adrian T Member Since: Nov 22, 2011
1 of 3

I wanted to make sure in case I was just missing something. When withdrawing funds and you're from outside of US, you are presented with "exchange rate" that upwork will be using to cash out your funds. In there it says "Actual exchange rate to be set on next business day." While I don't have a problem with that and through good faith (or maybe wishful thinking) for the longest time I believed that this was my currency's exchange rate the day before.

 

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For the past few days I know that exchange rate is at 49.something for USD to PHP. So when I was trying to withdraw earlier and saw that it was at 48.something, I had to check.

 

Checked on 3 different sites, the rate on january 27, 2017 was 49.79 PHP. Looking back even further, the last time that it was 48 was around november.

 

Am I missing something? Is Upwork using some internal exchange rate that they've come up with or?

vladag
Community Manager
Vladimir G Community Manager Member Since: Oct 31, 2014
2 of 3

Hi Mark Adrian,

 

Please note that the difference in exchange rates is not something Upwork can control. When a bank converts a transaction, they will mark up the interbank rate to buy or sell a currency. Online calculators will not take into consideration the mark up that is applied. Since rates constantly change throughout any given day, the rate you received is the rate offered by our bank at the time your specific transaction was processed.

Untitled
stencil_media
Community Guru
Scott E Member Since: Jul 26, 2015
3 of 3

What Vlad said. You only get the wholesale rate (listed on the internet/the news) if you're a bank, or a country, or you're exchanging millions of dollars. Everyone else gets the 'tourist' rates.

 

The rate's actually not that bad... I checked the Travelex site (the guys that usually have the kiosks at the airport, and they're giving 44 something! Although the airport is probably the worst place to change money other than some backstreet outfit. 

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