Oyster will handle currency conversions, so you don't have to. To keep our approach fully transparent, we are providing a detailed explanation of how we handle foreign exchange (FX).
Currency Exchange Rate for Employers
Currency exchange is a service we provide as part of our business and we apply our own exchange rates. The rates account for the FX risk we take on - i.e. fluctuations between the time we send you an invoice and when we pay out the funds to the employees. This ensures that we receive sufficient funds to pay out your contractors and/or employees.
Our rates are competitive and we do not charge any admin fees or transactional fees related to international money transfers.
FX rates fluctuate every day, every second. This means the invoiced amounts can differ every month. Either you (the employer) or the Team Member has to bear these FX fluctuations. Here are three common payment scenarios to illustrate who bears the FX rate fluctuations.
In this example, you are a company in Europe hiring a Team Member in Brazil:
|Employer Payment Currency||Legal Contract Currency||Full-time hire/Contractor Payment Currency|
|Scenario 2||EUR||EUR||Brazilian Real|
|Scenario 3||EUR||Brazilian Real||Brazilian Real|
*Note: Contract currency is the currency specified in the legal agreement between you and your employees and/or contractors.
What are the FX rates applied?
We offer competitive FX rates, determined at the time of invoicing. The final rate accounts for the natural swings in FX rates between the time we invoice and the time we pay out your Team Members; there are no other hidden fees.
We are able to provide better rates than most payment providers and banks because of our transaction volume. Plus, we do not charge additional costs such as transaction fees or any other bank fees.
Keeping to our transparent approach, the final FX rate will be stated on your monthly invoice.