We convert the funds to whatever currency the contractor's bank account is in. We match Wise’s exchange rate so contractors get a better rate than if their bank converted it for them.
When contractors add a payout method, they can specify what currency that account is in. If they say it’s EUR, we’ll always convert whatever you pay to EUR before sending it to them. If they say USD, we won’t do any conversion.
By default, we send funds to contractors by domestic transfers and in a local currency. This minimizes fees for everyone, plus we can offer better currency exchange this way.
We don't charge any conversion fees. Contractors always get the real exchange rate with no markups or extra fees.