Back to oDesk.com » Love the way you work.

Welcome to the oDesk Community! Connect here with fellow clients, contractors, and oDesk staff. Please review our Usage Policy.

Outdated USD Exchange Rate?

Good Day,

I noticed something very odd with oDesk, I tried withdrawing my earnings, but as I check on the exchange rate oDesk says its
39.8354 PHP/USD*
*As of Feb 1, 2013 12:00 UTC. Actual exchange rate to be set on next business day.
What does "Actual exchange rate to be set on next business day." mean?
and I checked the Bangko Sentral ng Pilipinas website for the exchange rate and its 1 USD = 40.666000Php check link here: http://www.bsp.gov.ph/statistics/sdds/exchrate.htm
that's the official website of Bangko Sentral ng Pilipinas, Treasury Department.

Can someone please explain or elaborate the phrase above or why its saying 39php?

Vote Result

++++------
Score: 4.0, Votes: 3
My bank does the same thing.

My bank does the same thing. The way I understand it is that the exchange I receive today is set according to the rate it was at the close of the last business day (yesterday or friday.)

Read more about "forex fee".

Read more about "forex fee". Basically, the forex rate will ALWAYS be lower than in your own country. In retrospect, if you use credit card from your own country oversea and spend in US dollars, your bank will likely charge 2-3% for forex fee on top of usual exchange rate. If you calculate odesk/paypal rate to your current bank's rate, the difference will be about the same 2-3% (in paypal case it is flat 2.5%).

So unless you withdraw more than roughly 500$, this method is still better. More than that, and wire transfer (for fixed $25 fee) and receive the amount in US dollars will command higher amount in local currency. Hope this makes sense as i'm in a rush to explain in details.

Two things to remember. 1.

Two things to remember.

1. There is a buying and selling rate. BSP always post selling rate. Meaning if you need dollar. you buy from a bank or foreign exchange center you pay P40.++ per $1. If you bring your dollar to have them change into Pesos you get P39.++ for every dollar.(black market rate is higher though risky. "Hand at times is faster than the Eye)

2. When you get your notice from oDesk on how much your going to get equivalent to pesos, its the rate on the time and day it was posted and when you get your money in your account 2 to 3 days after and exchange rate may differ. worst it would be lower that 39. Two weeks ago(I think) I got mine at 39.++ as per notice of oDesk. last week and yesterday though oDesk said at 39.++, I got mine at 40.++.

Our Peso to Dollar has been steady at 39.++ to 40.++ for the last month or so just in case your not aware. At the start of a business day, exchange rate may start at 39.++ but may end up at 40.++ at the end of business day or vice versa or simply no change. When Peso gets stronger, exchange rate gets lower. Good for the country "Bad" for OFW remittance and us oDesk contractor too.