How much do upwork cost while withdrawing usd to pkr?

[8ff2ac5e]

Hi, I want to connect my pakistani bank account to upwork. Payoneer charges $2 dollar per it's exchange rate is Rs.4 less than normal rate. How much is exchange rate of upwork other than $0.99 per withdrawal? How much Rs. do they charge per $ to make withdrawal in direct bank account?

[faranshahbazkhan]

Syed Wasif, 

 Ideally, best solution to withdraw your money to your local bank account is via Payoneer. I personally have tried 3 methods as following: 

- Payoneer

- Wise

- Direct to Local Account

Payoneer charges $2 for every withdrawal, but they offer 4.75 rupees minus the inter-bank rate. The customer service provided by Payoneer is very good, I have had agent calls for more than 20 minutes, and they would make sure to resolve your problem at any given time/day or at the very least they would always follow up back timely. 

Wise offer real-time exchange rate, but the only problem is, it's not as secure and efficient as Payoneer. 

Upwork to local account is $.99/withdrawal and the exchange rate is 6 rupees minus the inter-bank rate. 

If you have huge transactions to make, exceeding $2k then I would suggest Payoneer over any other method. 

P.S: You can also use Payoneer as a virtual savings account, owing to rising inflation in Pakistan, that's what I do, and it's safe to say a good strategy. 

Thanks

[sarwatnaqvi]

Hi Faran,

Considering the current usd to pkr rate in interbank Rs. 262, I am confused with exchange rate appearing on the Upwork get paid screen. In the past few days it is consistently locked at Rs. 241 during the entire time the rate went from 250 to 262 and now as it is consistent at 262, the exchange rate is still appearing 241. 

Whereas from previous years of experience I know that it was always a difference of 8-10 rupees.

Could you please guide what's happening to the conversion rate in the current scenario. 

I contacted the bank and they said we aren't charging anything and exchanging at the same rate as in the open market. But then why is it appearing 20 Rupee less on upworks get paid page.

[PradeepH]

Hi Saeeda,

Thank you for reaching out to us. Please keep in mind 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 fees 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. 

Thank you,

Pradeep