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What are local bank payment conversion fees

andrewhine
Active Member
Andrew H Member Since: Jan 10, 2017
1 of 11

Hi

 

What conversion rate is used for "local bank payment"?

 

What commission is charged?

 

Is the fee quoted (1.99) in your local currency of USD?

 

Thanks

kochubei_valeria
Community Manager
Valeria K Community Manager Member Since: Mar 6, 2014
2 of 11

Hi Andrew,

 

The fee for Local Funds Transfer is 1.99 U.S. dollars. Since the conversion is performed by Upwork bank before the funds are sent to you, it usually reduces or eliminates incoming bank fees but you may need to check with your bank if any fees apply.

 

The conversion rates adjust regularly based on market conditions. Upwork uses wholesale exchange rates that will usually be different than the rates available to you.

 

Check this help article for more information.

~ Valeria
Upwork
andrewhine
Active Member
Andrew H Member Since: Jan 10, 2017
3 of 11

Thanks for the reply.

 

But I am still not clear.

 

What are these magical "conversion rates adjust regularly based on market conditions." you speak of?

 

If you can't tell me the comission rate, can you please tell me the current exchange rate USD to AUD so I can caculate it myself?

 

Thanks

kochubei_valeria
Community Manager
Valeria K Community Manager Member Since: Mar 6, 2014
4 of 11

I won't be able to provide that information, Andrew. Conversion rates can change several times a day. When you make a withdrawal you'll receive a notification with information about exchange rates that are applied.

~ Valeria
Upwork
andrewhine
Active Member
Andrew H Member Since: Jan 10, 2017
5 of 11

As I'm sure you can understand that's pretty untransparent.

 

How can you expect users to feel comfortable when they have no idea what fees you charge?

 

You won't even answer if you charge a commision or not?

 

How dissapointing!

kochubei_valeria
Community Manager
Valeria K Community Manager Member Since: Mar 6, 2014
6 of 11

Andrew,

 

As I stated in my first posts on this thread Upwork charges $1.99 fee for LFT withdrawals in your country. Any other remittance or conversion fees as well as exchange rates depend on banks.

~ Valeria
Upwork
andrewhine
Active Member
Andrew H Member Since: Jan 10, 2017
7 of 11

Valeria

 

But you wont even say what banks they are so I can check the exchange rates they use myself.

 

You must understand my frustration.

cristina89
Ace Contributor
Cristina F Member Since: Dec 12, 2016
BEST ANSWER
8 of 11

Hi Andrew,

 

I made my first transfer today. Before you make the transfer it lets you know the exchange rate for the time you're making the transfer, you can either cancel the transaction and wait until the exchange rate changes. I compared it to the rate on a trusted website and it is pretty accurate. So UpWork is, in fact, letting you know of any fees before hand.

 

I hope that helps.

View solution in original post

cristina89
Ace Contributor
Cristina F Member Since: Dec 12, 2016
9 of 11

PS: I got the money no later than 2 hours after the request, which is great because it said 3 business days.

andrewhine
Active Member
Andrew H Member Since: Jan 10, 2017
10 of 11

Many thanks for the useful comprehensive response. 🙂