I'm from India and the currency is INR.
assume that current 1$= 74 INR
Now, come to point, Whenever I buy connects, I'm paying 9$, and INR is above mentioned per $.
But when I withdrawal the money from Upwork on the same day, I'm getting money 1$ = 72INR rate, and one more thing, I'm also paying 0.99$ for local bank transaction fees as well.
So why is there a difference?
I observed that when I pay to Upwork, I'm paying at the same rate but when I withdraw the money, I get 2INR/$ less than the current rate.
If Upwork giving 2 INR/$ less while withdrawing then it should take 2 INR/$ less while purchasing connects
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. 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.
I would also like to clarify that when you`re purchasing Connects it is paid in US dollars. When you`re withdrawing your funds to a local bank, your earnings are converted to your local currency. Thank you.