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Conversion to three currencies
Conversion to three currencies

Conversion mechanics and rate

Valeriy avatar
Written by Valeriy
Updated over a week ago

Depending on the chosen method of receiving payments, freelancers have several currencies available for withdrawals.

In cases where funds are withdrawn in one currency and arrive as a payment in another, the amount is automatically converted at Solar Staff's internal rate.

The current conversion rate is displayed on the right of the Finances section, as well as in the confirmation window upon withdrawal.

To learn more about the available withdrawal currencies, see Payouts in three currencies

Conversion rate

1. Currency pair EUR/USD

Solar Staff applies an internal conversion rate that's calculated as the official rate of the European Central Bank at the previous business day ± a 1.5% spread. Solar Staff applies the forex spread to official exchange rates for the sole purpose of offsetting its losses on exchanging currencies at the partner banks' rates.

Sample conversion of 100 EUR to USD

Sampled base rates are used as an example.

EUR

USD

1 € = (1.1 −1.5%) = 1.0835

100 € х 1,0835 = 108.35 $

Sample conversion of 100 USD to EUR

Sampled base rates are used as an example.

USD

EUR

1 € = (1.1 +1.5%) = 1.1165

100 $ / 1,1165 = 89.57 €

2. Currency pairs RUB/USD, RUB/EUR

Starting June 20, 2024 we have updated the USD/RUB and EUR/RUB conversion rules. This is due to the latest US sanctions.

  • Before: Daily updates to conversion rates based on the official rates of the the Bank of Russia, +/- 1.5% spread.

  • Now: Manually set conversion rates based on partner banks' exchange rates. The rate will update daily, at around 00:00 UTC.

You will be able to see the current rate in the Finance page of your account.

Important! The withdrawal commission is applied to the converted amount. Read in more detail in the correspondent article

Got questions? Contact Solar Staff support via online chat or at [email protected].

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