Depending on certain factors, transaction and/or exchange fees and rates could apply.
Here is a list of the provider fees that will be applied to your withdrawal depending on what method you select (subject to change with our available processors)
Local (for local banking networks available in certain countries): no provider fees
SWIFT (for general cross-border/cross-currency transfers): $5.00
SWIFT offers the ability to withdraw in virtually almost any country/currency, but fees are unpredictable as they can involve any number of intermediary banks while the payment is processing.
These fees may be deducted from the final received amount and Deel cannot control or predict these fees.
Wallets and Deel Card
Coinbase: 1.5% (no exchange fees are charged though)
PayPal: 2.5% (minimum $0.25)
Payoneer: 1% (minimum $12)
Wise (formerly TransferWise): $0
Deel Card: $0
What about Currency Exchange Fees and Rates?
If you are withdrawing in a currency that is not your contract currency, exchange fees and rates will apply.
These fees and rates will vary depending on available processors and foreign exchange market rates that could shift during payment processing.
You do have the option of withdrawing your Deel balance in your contract currency so that exchange fees/rates will not be applied.
However, it's important to first check what currency is accepted by your bank/wallet account. Otherwise, your bank or wallet provider may automatically exchange the payment into an acceptable currency for your account and apply their own exchange fees.
Note that the withdrawal of any currency into a cryptocurrency via Coinbase will always have an exchange fee (contract currency to BTC/ETH).
How do I know what fees/rates were applied?
Before you confirm your withdrawal, Deel will calculate and display our best-guess estimate of any applicable fees and exchange rates.
Overall, these fees and rates could depend on a large variety of factors such as your payment method, contract currency, withdrawal currency, the country where your bank account is located, market exchange rates, and the availability of payment processors that Deel partners with.
Also, depending on the payment methods, withdrawals can be either processed instantaneously (such as Coinbase) or several days (such as SWIFT bank transfers).
Therefore, please note that exchange fees/rates sometimes can shift slightly from the time a withdrawal request is made to when the withdrawal is processed by our payment processor.
This video explains the withdrawal process in detail and where you can check the fees applied to your withdrawal.
Important note on SWIFT payments:
For SWIFT payments, there could be a number of intermediary banks that called by the SWIFT network, and each intermediary bank may deduct their own fees.
Unfortunately, neither Deel nor the contractor's bank has control and visibility of these additional fees that may be deducted in the final received amount.