Currency conversion rates on Upwork are determined by payment partners who apply real-world rates, often with a markup to cover costs. This means the final rate may differ from mid-market benchmarks seen online, which represent idealized interbank exchange rates without fees or markups.
Currency conversion can be confusing, especially when you’re comparing numbers from different sources. Here’s a simple breakdown to clear things up.
What’s the exchange rate based on?
If you Google something like “USD to EUR,” you’ll see a mid-market rate — which is basically the rate between banks, not including fees or markups. It’s the “ideal” rate, but not usually what you’ll get when money is actually exchanged.
So what rate does Upwork use?
When you withdraw funds in a currency different from your Upwork balance (which is in USD), your payment goes through a currency conversion. This is handled by our payment partners, and they set the actual exchange rate used.
They may include a markup on the rate to cover their own costs — which is a standard practice. That’s why the rate you see when you receive your funds might be a bit lower than what you expected from looking online.
Why doesn’t Upwork match the rates I see elsewhere?
The exchange rates you see on financial websites are benchmarks, not what most banks or platforms use in real transactions. Upwork uses trusted payment processors who apply real-world rates that include any necessary fees for safely moving money across borders.