As a contractor working with a Velocity Global customer, you have access to our efficient payment processing system. This article outlines key information about currency conversion fees.
Currency Conversion Fee
When receiving payments from clients, please be aware of the following:
Should you opt to receive payment in a currency that differs from the one stipulated in the agreement with your client, please be aware that a currency conversion fee of 3% will be applied.
This fee covers the cost of converting the payment to your preferred currency.
For example, the invoices are denominated in USD, however you are opting to receive your payment in EUR.
How to Avoid the Fee
To avoid the conversion fee through Velocity Global, simply accept the payment in the same currency it was sent if your bank allows you to. This ensures you receive the full amount without any deductions for currency conversion through Velocity Global. Please be advised that deductions could still come from your financial institution if your beneficiary account is denominated in a different currency.
For questions about conversion fees, please contact our Support Team.