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About non EUR currency support

Alexander Todorov

Posted on September 30, 2020

Hello folks,
when entering bank details I can see that the system supports choosing different currencies. In particular I can choose Bulgarian lev - BGN. 

My collective uses only EUR but does this mean contributors would be able to submit expenses in other currencies ?  Or is the currency field just indicative as to what's the native currency behind the bank account ?

Thanks.

Jean-François De Hertogh

Posted on September 30, 2020

Hello,

Thank you for your message. Yes, contributors can submit expenses in all the currencies available in the expense system. Payouts will then be processed through TransferWise.

Let me know if you need additional information.

Alexander Todorov

Posted on September 30, 2020

Hi jean-Francois,
are there any additional fees for currency exchange imposed by TransferWise then ?

if yes, are they deducted separately from the collective or deducted from the total amount requested by the contributor, in other words will the contributor receive 100% of their expense in the chosen local currency ?

Jean-François De Hertogh

Posted on September 30, 2020

The fee is 0.60 eurocents/payout in euros charged by TransferWise. This fee is charged to the collective by default. There may also be additional fees for currency exchange charged by TransferWise (and then to the collective by default). You can always calculate these here

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