We aim to offer an exchange rate that's as close as possible to the mid-market rate, the rate you'll typically see on platforms like Google. This helps ensure you get a fair rate, usually better than the one your bank might offer.
Why doesn't Plane use the exact mid-market rate?
The mid-market rate is the midpoint between the rates at which banks buy and sell currencies. While it's useful for reference, it doesn’t reflect the actual cost to buy currency, and it’s not a rate directly accessible to individual or most businesses. In countries with lower transaction volumes or higher volatility, the gap between buy and sell rates (known as the spread) is typically higher.
Due to these market factors, banks and payment providers use rates slightly above or below the mid-market rate. This means Plane's rate might differ slightly from the mid-market rate, but we always strive to offer the best possible rate.
When does the currency conversion happen?
When your payment is sent in a currency different from your bank account currency, Plane handles the conversion at the time the payment is actually processed, not when it's scheduled.
Does Plane always convert the currency of my payment?
For supported currencies, we convert funds to whatever currency is specified during the contractor’s account setup (e.g., EUR, USD, GBP).
Are there any additional fees?
There might be a bank fee if the payment was sent as an international transfer. Since this fee is not from Plane or our provider, it will be charged after the conversion is done. It doesn't affect the rate used, but it does affect the amount you receive.
For some countries, foreign exchange taxes may be charged. Check out this article for more information about these taxes.
Questions?
Please don't hesitate to reach out to us at support@plane.com or use Plane's in-app chat.