This article explains how Deel handles exchange rates and fees. With Deel you can fund your global group in your preferred currency and we'll pay your contractors in their local currency.
Deel supports over 120 local currencies. All you have to do is fund your payroll through Deel using your preferred currency and we will handle the rest.
How do we pay your international group in their local currency?
We make paying your international group easy. You just need to fund Deel's payroll a few days before payday to ensure that all contractors on your group get paid on time.
After that, we make the funds available to your workers on their payday in their local currency.
Once contractors have their funds in their Deel Balance, they can choose to withdraw in their local currency of choice, using whatever payment method they'd like.
It's as simple as that.
What will my exchange rate be?
Since the exchange rates frequently fluctuate, we've accounted for this by building it into your invoice. That means we take into account the exchange rate on the 25th and the 30th of the month.
For example: The USD/EUR exchange rate on the 25th of the month was (x), but on the 30th it changed to (y).
In this case, the rate you're given accounts for the five days between the 25th and the 30th, thereby adjusting for the (x) to (y) exchange rate fluctuation.
This is called the Forward Rate, and we build the amount into your invoice. We want to make sure there are no surprises on your end.
The rate will be finalized only when you pay the invoices in your payment flow and select payment currency.
What fees will be applied to my invoice payment?
Provider fees will depend on what method you select, and they are subject to change with our available processors.
Credit/Debit Card:
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 Payment (must be a Brex account admin): $5 USD
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
Why is using Deel better than transferring straight from my bank account?
In short, it's a lot easier and more reliable. Working with Deel makes sure your group gets paid the correct amount, on time, each month.
Plus, most banks will charge between 3-5% on an exchange rate when transferring abroad, plus a fixed fee per transfer. And on top of that, there's no guarantee the money will get there on time.
What if my group wants to be paid in a currency that isn't yet on Deel?
Contract currency is the currency the client and contractor have agreed on as the form of payment. Settling on a contract currency usually happens during the negotiating process, before the contract is signed.
We support dozens of contract currencies, but we also partner with top payment providers like Revolut, Wise, and Payoneer so your group can get paid in 120+ currencies at the best available rate.
Deel will always disclose all rates and fees before a payment request is finalized.