Solar Staff uses two major currencies to provide payments to freelancers: ₽ (Russian rubles) and € (euros).
How is the account currency set?
By default, the account currency is determined according to the country a freelancer selects when registering for the service*:
- ₽ - for freelancers from Russia;
- € - for freelancers from other countries
* If the customer registered the freelancer's account through technical integration with the service, then case payments are made in the currency specified by the customer.
An account in US dollars can be created upon request to the support service exclusively for payments to WebMoney Z and PayPal wallets.
What can the account currency affect?
The account currency can be important for two reasons:
- At the time when the customer pays for the task, i.e. at the moment of topping-up your balance.
If the account currency and the task currency are different, the replenishment will be made in the currency of the freelancer's account. The cost of the task will automatically be converted at the Solar Staff exchange rate.
- When withdrawing funds from the account to a bank card or e-wallet.
In order to make a withdrawal, the currency of the account and the currency in which your bank card or e-wallet is linked must match. If the currencies are different, you can either link the card or wallet again, indicating the currency of your account, or change the currency of the account.
Important notice! Changing the account currency can be requested through the support service either before receiving payment for tasks or after replenishing the balance. This operation can be performed no more than 1-2 times a year.
What is the conversion rate?
The Solar Staff service uses an internal exchange rate, which consists of the official exchange rate of the ECB and the Central Bank of the Russian Federation +/- spread 3.5%.
Important notice! Solar Staff applies a spread or currency difference to the official exchange rates solely to compensate for its own losses from foreign exchange at the rates of partner banks. The spread is accrued as Solar Staff does not perform currency exchange operations at the European Central Bank’s (ECB) or the Central Bank of Russia’s exchange rate (CBR), but uses the services of bank intermediaries.
When does conversion take place?
The task cost is automatically converted on the date when the customer pays for the task. The same rule applies for converting balances on request through the support service.
An example of automatically converting the cost of a paid task.
The freelancer has an account in euros according to the country of residence.
The customer pays for the task in rubles. The freelancer's account is replenished by the converted amount in euros. For calculations, the currency pair RUB> EUR and spread + 3.5% are used:
The task payment date: April 1st, 2020.
The cost of the task: 10,000 rubles.
ECB rate at the end of the previous day, i.e. March 31st = 85.9486. The spread applies to the exchange rate: 85,9486 + 3.5%.
The conversion rate will be: 85.9486 + 3.5% = 88.956801 rubles per euro.
The top-up balance amount will be: 10,000 ÷ 88.956801 = 112.41 euros.
An example of converting a balance amount upon request to the support service.
The freelancer has an account in euros according to the country of residence, and the initial cost of the task from the customer is in euros. A freelancer links a Qiwi wallet in rubles and requests a ruble balance. For calculations, the currency pair EUR> RUB and a spread of -3.5% are used:
The balance conversion date: April 1st, 2020.
The amount on the balance: 100 EUR.
The ECB rate at the end of the previous day, i.e. March 31st = 85.9486. The spread applies to the exchange rate: 85.9486-3.5%.
The exchange rate will be: 85.9486-3.5% = 82.940399 rubles per euro.
The top-up balance amount will be: 100 * 82.940399 = 8294.04 rubles.
How to avoid unwanted conversion?
Solar Staff does not make money on currency exchange operations. Therefore, we recommend that freelancers avoid unnecessary conversion fees and have prepared some advice for different cases.
Case 1. The customer creates tasks in euros, and the currency of the freelancer's account according to the country (RF) is rubles. Withdrawals are made to a ruble card.
The cost of the task is, for example, 250 euros. The amount is paid in rubles to the freelancer's account with conversion at the service conversion rate.
What to do:
1. Change the currency of the balance to euros through the support service.
2.Next, delete your ruble card and link it again, indicating the currency euros (this is necessary so the card appears in the list for withdrawal in euros).
3. Withdraw 250 euros.
The payment is made in euros (250 euros). The euro is a freely convertible currency, and the conversion to rubles will occur at the rate of the issuing bank at the time the funds are credited to the card. Further replenishment of the account will also be in euros.
Case 2. The customer creates tasks in rubles, and the currency of the freelancer's account is euros. The freelancer withdraws money to PayPal or Webmoney Z wallets.
The cost of the task is 10,000 rubles. The amount in euros is received on the balance with conversion at the service conversion rate. Then the freelancer sends these euros to a PayPal account or a Webmoney Z wallet. Crediting to these types of wallets uses conversion to US dollars so there will be a double conversion: from rubles to euros and then from euros to dollars.
What to do:
1. Change the account currency to US dollars through the support service
2. Withdraw US dollars to your PayPal or WMZ wallet,
1. Change the currency of your account torubles through the support service.
2. Withdraw 10,000 rubles to your PayPal or WMZ wallet. At the moment of withdrawal you will see the amount that will be credited in US dollars
In the first case, your balance will be replenished with conversion to US dollars and the money will also be sent directly in US dollars to the wallet. In the second case, the entire amount of 10,000 rubles will be sent to the wallet and converted into US dollars.
In both cases, double conversion will be excluded. Further replenishment of the account will also be in the currency of the customer’s choice.
Case 3. The customer creates tasks in rubles, and the currency of the freelancer's account according to the country (not the Russian Federation) is euros. However, the freelancer has ruble cards or wallets which accept ruble payments.
The cost of the task is 10,000 rubles. The amount is paid with conversion at the service conversion rate
What to do:
1. Change the currency of the account to rubles through the support service.
2. Withdraw 10,000 rubles to a ruble bank card or e-wallet.
The remuneration for the task in rubles (10,000 rubles) will be credited, and rubles sent to a ruble bank card or e-wallet. Further replenishment of the account will also be in rubles.
If you have any additional questions, send a message via the online chat or send an email to firstname.lastname@example.org