How are balances credited in different currencies?
The customer pays for the completed task, and depending on the task currency, the money is credited to one of the three balances of a freelancer's account: EUR, RUB or USD. If a freelancer performs tasks for several customers using different currencies, each balance is credited without adding up the amounts of the three balances. Transferring funds from one balance to another is not allowed.
When is conversion applied?
Conversion is only applied when funds are withdrawn to a card or wallet according to Solar Staff’s internal conversion rate..
How does the conversion work?
Withdrawing money is made from each balance separately - either in the balance currency, or in another currency with conversion. Depending on the type of payment method and balance currency, the freelancer is offered the available options for payments showing the conversion rate and the final amount that will be credited to their card or wallet in the selected currency. Read more about the methods and rules of payments from the balances of the three currencies here.
What is the conversion rate?
The Solar Staff service uses an internal conversion rate, which is made up of the official rate of the ECB and the Central Bank of the Russian Federation and a +/- 3.5% spread. The rate of the Central Bank of the Russian Federation is fixed on the date of withdrawal, and the rate of the ECB - on the previous business day.
Note! The minimum amount levels without commission apply to the level for the currency it is converted into and NOT the currency it is converted from.
Solar Staff applies a spread, or currency difference, to the official exchange rates solely to compensate for its own losses from currency exchange at partner banks' rates. The spread is accrued due to the fact that Solar Staff does not perform currency exchange operations at the market rate of the European Central Bank (ECB) or the Central Bank of Russia (CBR), but uses the services of banking intermediaries.
For additional questions, please write to Solar Staff support in the online chat or by email to firstname.lastname@example.org. We are always happy to help!