Contractor invoicing currency and guaranteed payouts

Article author
Nneka
  • Updated

At Remote, a contractor can submit invoices and get paid in their preferred supported currency. To keep things streamlined for you, we allow your company to pay all invoices in a single currency. This currency is chosen during customer onboarding or as specified in the Terms of Service (ToS), if applicable.

When Remote receives payment for contractors' invoices, we centrally calculate all the invoices and convert the amount to the contractor's preferred currency before paying the funds out.

Guaranteed Payouts for Contractors

Contractor invoicing currency and guaranteed payouts is only available for Wise payouts.

For Wise payouts, Remote will guarantee that contractors receive the full invoiced amount in their preferred currency and protect contractors from currency fluctuations. 

If the contractor uses Stripe Connect, we only provide an ‘estimated’ payout, as we can’t guarantee those payouts.

The beauty of this new guaranteed local payout feature is for Contractors to receive their pay in their local currency and in full. They won't need to handle any FX conversion. To get the full invoiced amount, contractors can raise their invoice in their local currency if different from the companies billing currency.

We have also provided alternative solutions below to accommodate different needs;

  • Invoice in Contractors’s desired Currency - If Contractors currency and your company’s currency are different, then currency exchange is required. They can submit an invoice in their local currency, we will apply the Remote Rate based on that day’s mid market rate, plus a small spread to cover the ability to guarantee & cover payment processing costs and the company would cover the fees.
  • Invoice in the Billing Currency (different contractor withdrawal currency) - If the Contractor bills the company a fixed amount in the company’s billing currency but their withdrawal method is different from the billing currency, we will show them a guaranteed payout amount, in this scenario because the amount they charge the company is fixed, we take the fees out of this meaning the Contractor bear the fees.
  • Invoice in Local Billing Currency with Virtual Currency Account - If you or the Contractor are unhappy paying the fees, Remote allows the ability for you to use partners like Wise, Payoneer, Revolut and more which offer virtual currency accounts. In most scenarios this allows the Contractor open a local bank account in the currency they have selected as their billing currency, meaning the invoicing and payment all happens on local rails with no payment fees or FX charges. This allows the Contractor handle their own FX into their local currency, outside of Remote. This means they invoice you, (the company) in your billing currency for example USD and get paid to their virtual account in the same currency (USD). This way, there will be no FX guarantee.

    Contractors have the choice to be paid directly into their bank account or via Stripe Connect. Please refer below to the list of supported payout countries and currencies. 

 

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