I just paid a contractor. He is supposed to be getting $1,2,00 AU less the 5% Markert Place fee.
Converting $1,200 AU to US$ today is $781. The 5% Marketing Place fee is $39.05US. So I paid the contractor $741.95US .
However, I was charged $1,245 AU. so $45 more than I had calculated.
Why would that be? I thought maybe Up Work is not using the same exchange rates site as myself. If that's so what exchange rate site does Upwork use so I can ensure my calculations are correct? Could it be for any other reasons ?
Thank you for your question. The currency conversion is performed by Upwork's banking partner. 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 and other fees that is applied during conversion.
Also, the exchange rate between currencies changes constantly, so the currency rate displayed is an estimate and the actual rate may vary at the time you are billed.