Wrong conversion rates

The conversion rate in USD to INR is 82.8. And 81.6 was about 2 years ago. Now, the issue is Jupiter is using the exchange rate from 2 years ago! I have no idea why. There is a 2000 rupees difference in my payment. This is sad cause I have received more than 30 payments without noticing. Can anyone help me understand why? If it’s a transfer charge then it should be outbound not inbound. And if it’s a charge they should mention it. Plus, there is an extra charge in my account which just says LPB US Commission. Why I have no idea. Upon reaching out to the support all he doesn’t is give me tickets. Turns out he does not know anymore than what I know. Help me out, is this conversion rate only with jupiter or is it the same with all banks.

@Wongyal_Dorjee we use Payoneer for our business and the payments are never settled as per the rates that are visible on Bloomberg or Xe.com. The difference is the fees that are charged for payment handling and settlement

@yagnesh01 I am curious whether this is the same rate across the industry or is there a cheaper option.

Would appreciate any information on this.

@alexnazy in our experience, Payoneer is the cheapest amongst the lot. We’ve looked for alternatives. PayPal is extremely expensive. We also tried Wise. But they do bait with companies.

1 Like

The rates you are referring to are card rates.

You can check Wise and decide if it suits your requirement.

As a retail client, you’ll not get the best rates out there. You’ll just have to find the one with a little better rates, lower charges and decent service.

@yagnesh01 thanks for that information.

So is it the same with Niyo, Fi Money? When they say zero forex, does it have these kinds of hidden charges.

Sorry if I am understanding this wrongly. As far as I am understanding this, @Wongyal_Dorjee is talking about credit to his account. Niyo/Fi talk about zero forex for expenses or debit. Please correct me if I am wrong.

1 Like

@alexnazy i believe those apply to debit transactions. In my experience, I have not come across any service that has zero forex fees for incoming transactions

1 Like

Shouldn’t they clarify if it’s transfer charges?

That is correct it’s a credit to my account from Google Adsense. If it is a charge they aren’t transparent about it and I see a couple other charges that aren’t authorised by me. Which is very concerning