Why did I receive less money than expected?

Why did I receive less money than I expected?

If you received a payment that is lower than the amount you expected, this is typically due to one or more standard payment factors applied during processing.

Review the three most common causes

Cause 1: Currency conversion

Currency exchange in Smartcat is processed according to conventional commercial bank exchange rates. These rates shift every 5-10 minutes and depend on a number of factors. The rate is frozen when the client creates their invoice for a job or payment.

You can estimate your payment 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.

Cause 2: Payout method processing fees

Different withdrawal methods — bank transfer, PayPal, Payoneer, and others — may include their own processing fees. These vary depending on the payout provider, your destination country, and the currency involved.

Review the fees for each method in My Payouts — each method displays its fee information in its description.

Cause 3: Intermediary bank fees

For international wire transfers, one or more intermediary banks may deduct fees during the transfer process. These fees are not controlled by Smartcat and typically range between $5 and $40, depending on the banks involved.

Smartcat cannot predict whether these fees will apply or reimburse them. Confirm potential intermediary bank fees with your financial institution before requesting a wire transfer payout.

For more detail, see Why using the international wire transfer payout method may involve additional fees.

Minimize payment differences going forward

• Set your rates in the same currency as your preferred withdrawal currency to avoid conversion entirely

• Choose a payout method that supports your target currency directly

• Confirm potential intermediary bank fees with your financial institution before requesting a wire transfer

Requirements and limitations

• Currency conversion spreads and intermediary bank fees are outside Smartcat's control and cannot be predicted or reimbursed

• Payout method processing fees vary by method — review these in My Payouts before selecting a method

FAQs

Can Smartcat refund the difference if I received less than expected?

Smartcat cannot reimburse currency conversion spreads or intermediary bank fees. If you believe an incorrect deduction was made, contact support@smartcat.ai with the project name and payout date.

How do I know if an intermediary bank fee was applied?

Check with your financial institution or review your bank statement for the incoming transfer. Intermediary fees are deducted by the banks in the transfer chain, not by Smartcat.

How do I avoid currency conversion fees entirely?

Set your rates in the same currency as your preferred payout method currency. Choose a payout method that supports that currency directly to avoid conversion.