Understanding currency conversion in Smartcat

Overview

Smartcat works with clients and freelancers worldwide, so different currencies may be involved at different stages of a transaction. The currency in which you store your balance may differ from:

• The currency in which a client pays for services

• The currency of the withdrawal method you select

To ensure accurate calculations in all these scenarios, Smartcat uses its own internal exchange rate.

When to use it

• You want to understand how currency conversion affects your payouts

• You work with clients who pay in a different currency from your payout method

• You want to estimate your payout amount before withdrawal

• You want to minimize the impact of currency conversion on your earnings

How it works

Smartcat's platform rate

Smartcat's exchange rate:

• Is based on mid-market exchange rates

• Is updated every 5 minutes

• Reflects current market fluctuations

If a currency conversion is required (for example, your balance is in USD, but your withdrawal method is in KRW), the system automatically converts the funds at the moment the payout amount is calculated.

Because exchange rates change constantly, the exact rate cannot be guaranteed or provided in advance.

How to estimate your payout

Although the exact rate is applied at the time of payout, you can estimate the approximate amount by:

1. Checking the current mid-market exchange rate on a public source such as xe.com

2. Adding approximately 2.5% to that rate

This 2.5% markup covers currency conversion costs and gives you a close approximation of the Smartcat platform rate.

Where to see the exact rate

The exact exchange rate applied to your transaction will be available in your Payment History after the payout has been processed.

How to avoid additional conversion

If you would like to minimize currency conversion, we recommend:

• Setting your service rates in the same currency as your preferred withdrawal method

• Choosing a payout method that supports that same currency

This helps avoid additional conversions and potential differences due to exchange rate fluctuations.

FAQs

I set my rates in one currency but my client paid in another. Who handles the conversion?

Smartcat applies the conversion automatically. The conversion spread is deducted from the converted amount.

Which currencies does Smartcat support for payouts?

Available payout currencies depend on the payout method and your country. Go to My Payouts to see the methods and currencies available to you.