We work with several payout providers worldwide to pay contractors in the fastest and most affordable way.
Transaction & FX Conversion Fees
If the currency of the employer and the contractor differ, the contractor will pay the FX fees and transaction costs to convert from the employer's currency to theirs. For example, if company with USD as their billing currency is paying a contractor in GBP, the contractor will pay the FX fees and transaction costs to convert USD to GBP. We only pass on the amount that our payment providers charge.
It's important to note that transaction fees vary depending on the type of payment. If your contractor requests a local currency payout to their local bank account, the transaction fee is often minimal, costing less than $0.50 plus any FX rates if currency conversion is required.
If your contractor requests a non-local currency payout, for example, USD, to a non-US-based bank account, this is known as a SWIFT payment, which is typically more expensive. The correspondent bank fees may range from $20 to $50.
When is the FX rate guaranteed?
We can only guarantee the FX rate when we begin the payout from Remote to your contractor. This is because when a contractor submits an invoice, a few days might pass between the invoice creation, invoice approval, and payment from the employer. During this time, the FX rates may have changed.