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What exchange rate does Plane use?
What exchange rate does Plane use?

How is the exchange rate calculated?

Updated over a week ago

Plane supports local currency payments and bank transfers in over 70 countries, and we do not mark up exchange rates or make money on currency exchange, which means you will be paid more. This is one of the many reasons contractors love Plane :)

We always try to set the exchange rate as close to mid-market (the one you see at Google) as possible. However, there are key factors that can affect the exchange rate such as interest rates, confidence, the current account on balance of payments, economic growth, and relative inflation rates. Besides, there can be a gap between rates depending on the currency. In most countries, it will never be higher than 0.25% of the mid-market rate, whereas, in some countries with less stable currencies and additional taxes, the rate can go as high as 1.8% (inclusive of taxes).

For more information about currency conversion, check out this article.

You can always see the approximate rates when you schedule the payment, but keep in mind that the amount you see on the platform in the Scheduled and Processing stages is just an estimate. Once the payment is processed and Completed, we'll within 24 hours update the actual amount on the platform to reflect the exchange rate used.

For more information about the stages of payments, check out this article.

Plane never charges contractors anything to receive their payments. We do not charge any conversion fees either. If you received a smaller amount, this is most likely because of the fees charged by intermediary banks involved in processing the payment. Here you can find more information about intermediary bank fees.

If you still have any questions or concerns, don't hesitate to reach out to or use the live chat option on the platform.

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