What currency exchange rate does Remote use when paying contractors?

Currency exchange is done on the FX spot market and the basis is normally the mid-market rate. When the currency a customer pays into Remote differs from the currency the contractor gets paid in, our providers apply a currency exchange rate when making payment to the contractor.

This means that sometimes, the contractor would receive a bit less than they invoiced because of currency exchange differences and transaction fees applied by our third-party partners. These costs are typically low but if you want to provide a buffer for your contractors, it is advisable that they add a small payment to their invoice to cover these potential costs.