This article explains how clients who are hiring EOR employees can actually create the contract in non-local currency, where available.
Depending on their country, employees can receive salary payments either in Euros or US Dollars.
Non-local currency payroll can be added to new or existing EOR contracts in select countries where permitted by law.
In this article:
How to create a contract in non-local currency
How to amend an existing contract to non-local currency
Creating employee contract in non-local currency
When creating a new EOR employee contract you will see the option to set compensation in a non-local currency. This feature will only be visible if non-local currency contracts are available in the country where your employee lives.
When selecting a non-local currency compensation during the contract creation process, we will show you an updated cost estimate, which will include the monthly service fee.
Your employee must hold a local bank account denominated in the same currency as the contract for foreign currency payment.
For example, if you are paying your Poland-based employee in EUR, they must hold a bank account in Poland which is denominated in EUR to receive their payroll.
Available Countries and Currencies
Country | Local Currency | Contract Foreign Currency | Payment Currency |
Argentina | ARS | USD | USD |
Bulgaria | BGN | EUR | EUR |
Costa Rica | CRC | USD | USD |
Egypt | EGP | USD | USD |
Honduras | HNL | USD | USD |
Kenya | KES | USD | USD |
Nigeria | NGN | USD | USD |
Paraguay | PYG | USD | USD |
Peru | PEN | USD | USD |
Poland | PLN | EUR | EUR |
Sweden | SEK | EUR | EUR |
Switzerland | CHF | EUR | EUR |
Turkey | TRY | EUR | EUR |
Uruguay | UYU | USD | USD |
Amending existing contract for non-local currency
Depending on the country, it is possible to offer compensation in a non-local currency to existing EOR employees with active contracts but this cannot be done on the Deel platform.
To offer this feature to existing employees, you can request a custom amendment on the Deel platform that will be reviewed and drafted by our internal group.
We will draft and send any applicable amendment documents for signature if needed.
To request a custom amendment, click Request Amendment on an employee's contract then click Add Custom Amendments.
Click Send Amendment Request to send the request to Deel for review.
You can also contact us for further details.
Otherwise, the feature can be added during the contract creation flow for new EOR contracts.
Fees
Monthly Fee: $50 USD per employee. This fee covers additional compliance costs and extra procedures for non-local currency payroll. The fee is in addition to your Deel management fee. The fee will be converted to non-local currency each month.
Frequently Asked Questions
[ACCORDION] In which currency will the payments be made?
For foreign currency contracts and local currency payments service: all fees, including your deposit and invoice as well as bonuses, allowances, and other adjustments will be denominated in the non-local currency, but all payments will be made in local currency due to legal requirements.
[ACCORDION] Why is there an additional non-local currency fee?
Non-local currency payroll is governed by local laws and regulations and includes additional compliance processes.
This fee covers the additional costs associated with ensuring compliance for you, and your employee.