This article explains how Deel handles exchange rates and fees across all invoices, whether for contractors, employees, or other services.

Deel enables clients to fund their invoices in their preferred currency, while we handle payouts to recipients in their local currency.

Deel supports payments in over 20 local currencies.

How Does Deel Handle Multi-Currency Payments?

Clients can pay their Deel invoices, fund payroll, and pay contractors' invoices using their pay-in currency. If a payment includes a worker invoice, Deel will handle the currency conversion and distribute the funds accordingly. Once the payment is received, recipients will be paid in their local currency. Contractors using Deel Balance also have the flexibility to choose when and how to withdraw their funds, using their preferred currency and payment method.

How Are Exchange Rates Applied to Invoices?

Deel uses a Forward Rate provided by its banking partners at the time of payment to ensure transparency and stability, reducing unexpected variations. Exchange rates fluctuate daily and are determined based on the invoice availability date and the payment date. This approach accounts for any currency fluctuations between those two dates.

How to Minimize Foreign Exchange

To reduce or completely avoid foreign exchange (FX) charges, clients should pay invoices in the same currency in which they are issued.

Here’s how it works:

If an invoice is in EUR and clients pay in EUR, no FX fees or conversions will apply.
If the invoice is in EUR but the client pays in USD, Deel will apply the forward rate to convert the funds at the time of payment. This ensures rate stability, but FX conversion will still occur.

Deel supports funding in many major currencies, making it easier for clients to avoid FX and simplify payments. The full list of supported currencies and payment methods is available in the Supported Payment Methods and Currencies for Client Account Funding article.

What Fees Will Be Applied to an Invoice Payment?

Provider fees will depend on what method is selected, and they are subject to change with our available processors.

Credit/Debit Cards

Cards domiciled in the US or European Union: $0.30 USD and 2.9%
Cards domiciled outside of the US or European Union: $0.30 USD and 3.9%

Direct Debit

ACH (for USD payments in the US only): $5 USD
SEPA (for EUR payments in SEPA countries only): $5 USD
BACS (for GBP payments in the UK only): $5 USD
PAD (for CAD payments in Canada only): $10 CAD
BECS (for AUD payments in Australia only): $10 AUD
Brex (must be a Brex account admin): $5 USD

Manual Payment Methods

Bank Transfer (multiple currencies via wire): $5 USD
Coinbase (existing Coinbase account holders): $5 USD
Mercury (existing Mercury account holders): equivalent of $5 USD
Wise (existing Wise account holders): equivalent of $5 USD

Frequently Asked Questions

[ACCORDION] How does Deel apply exchange rates to invoices?

Deel uses FX forwards to lock in the exchange rate at the time of payment, ensuring predictable settlement amounts for invoices. These forward rates are sourced from our institutional banking and FX liquidity partners. The specific rate applied depends on the invoice size and expected timing of cash receipt. This approach protects against currency fluctuations between the invoice date and the actual payment receipt.

[ACCORDION] What is a forward rate, and why does Deel use it?

A forward rate is a currency exchange rate agreed upon for a future point in time, which is the time we expect to receive the cash for an invoice. Deel uses this rate at the moment you fund the invoice to ensure transparency and reduce the risk of unexpected FX fluctuations.

[ACCORDION] When is the exchange rate locked in for a payment?

The exchange rate is locked in when you pay the invoice and select your payment currency. This guarantees clarity on the amount to be paid, regardless of market changes after that point.

[ACCORDION] Why is the exchange rate on Google different from Deel’s rate?

The rate you see on Google is the mid-market rate — a theoretical rate used between large financial institutions. It’s not a rate available to individuals or most businesses. Think of it as the “wholesale price” of currency — unless you’re trading massive volumes like banks do, you won’t get that rate.

Deel uses forward rates from our banking partners to lock in a predictable rate at the time of payment. This protects against currency swings and ensures stable payouts. The actual rate you get is always shown on your payment statement.

[ACCORDION] How can I avoid currency conversion (FX) fees when paying invoices?

To avoid FX fees, simply pay the invoice in the same currency it was issued in. For example, if the invoice is in EUR and you pay in EUR, no FX conversion will occur.

[ACCORDION] Can I choose the currency I want to use when funding my invoice?

Yes. Deel supports payments in many major currencies. You can choose the one most convenient to you. Just note that FX fees apply if it differs from the invoice currency.

[ACCORDION] What currencies does Deel support for client funding?

Deel supports over 20 local currencies for funding. You can view the full list of supported currencies and payment methods in the Supported Payment Methods and Currencies for Client Account Funding article.

[ACCORDION] Do Deel’s payment processing fees (provider fees) include FX charges?

No. Payment processing fees and FX charges are separate. FX only applies when you fund an invoice in a different currency than it was issued in.

[ACCORDION] Will I be charged both payment processing fees and FX fees?

Yes, if you pay in a different currency than the invoice, FX conversion will apply in addition to any method-specific fees.

[ACCORDION] Are Deel’s exchange rates better than traditional banks?

Yes. Deel uses institutional forward rates from its banking partner. These are typically more favorable and stable compared to the 4-5% markup charged by many retail banks.

[ACCORDION] Can I pay multiple invoices in different currencies at once?

Yes. You can fund each invoice in its respective currency or consolidate payments using one currency—Deel will handle the necessary conversions and distributions.

[ACCORDION] Can contractors choose how and when to withdraw their funds?

Yes. Contractors using Deel Balance have the flexibility to hold funds and withdraw in their preferred currency and payment method at any time.

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