How are balances credited in different currencies?
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In cases where funds are withdrawn in one currency and arrive as a payment in another, the amount is automatically converted at Solar Staff's internal rate.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 currencies, see Payouts in three currencies
Conversion rate
Solar Staff applies an internal conversion rate that's calculated as the official rate of the European Central Bank / Bank of Russia ± a 1.5% spread. The Bank of Russia rate is taken as at the withdrawal date, the ECB one – as at the previous business day.
Sample conversions
The sample calculation is based on the following base rates and withdrawal amounts:
€1 = ₽65
$1 = ₽60
€1 = $1.1
Withdrawal amounts: ₽1,000, €100, $100
Withdrawal currency | Payout currency | Exchange rate | Sample calculation |
РУБ | EUR | 1 € = (65 + 1.5%) = 65.9750 | 1000 ₽ / 65,9750 = 15.16 € |
EUR | РУБ | 1 € = (65 − 1.5%) = 64.0250 | 100 € х 64,0250 = 6402.5 ₽ |
РУБ | USD | 1 $ = (60 + 1.5%) = 60.9000 | 1000 ₽ / 60,90 = 16.42 $ |
USD | РУБ | 1 $ = (60 −1.5%) = 59.1000 | 100 $ х 59,10 = 5910 ₽ |
EUR | USD | 1 € = (1.1 −1.5%) = 1.0835 | 100 € х 1,0835 = 108.35 $ |
USD | EUR | 1 € = (1.1 +1.5%) = 1.1165 | 100 $ / 1,1165 = 89.57 € |
Important! The withdrawal commission is applied to the converted amount. Read in more detail in the correspondent article
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. In other words, the reason for the spread is Solar Staff's using financial intermediary services as opposed to exchanging currency at the market rate set by the European Central Bank (ECB) or the Central Bank of Russia (CBR).
Got questions? Contact Solar Staff support via online chat or at [email protected].