Remote FX rate

Article author
Temitope Olamolu
  • Updated

Remote handles currency conversions for global payroll and billing using a fixed "Remote FX Rate" each month, ensuring predictable costs and protecting customers from currency fluctuations.

How do you handle currency conversions and foreign exchange rates?

All the pay items in the payslip in a different currency than the billing currency are converted using the Remote FX Rate. Remote supports billing in 12 currencies and facilitates salary payouts in more than 70 currencies worldwide.

Currencies change in relative value to each other continuously based on macroeconomic conditions and market dynamics. However, Remote uses its scale to lock in a fixed rate for each month. We call this the Remote FX rate, and it applies to all invoices related to that month. This fixed rate protects our customers from currency fluctuations that occur between the time payments are made to employees and tax authorities and the point when those payments are calculated, invoiced, and settled by customers.

The Remote FX rate will vary from month to month with transaction volume, the volatility of the currency pair, and conversion cost and risks associated with holding and transacting in foreign currencies.

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