Exchange through the mid-market rate
At Papaya, we don’t hide fees. Every currency conversion through our platform uses the mid-market rate as the reference rate, plus a processing fee. You can verify the rate applied to your payments on your transaction files.
Your payments are always covered
When funding your payments, we consider a small buffer to account for FX volatility. FX conversion is applied at the moment of transaction, typically on the day workers are paid. Any unused funds are retained for future payments.
How we calculate the buffer
Papaya updates the funding amounts daily based on the most recent FX rates and employs a smart volatility buffer. This buffer takes into consideration the specific currency pair involved and the time remaining until the transaction is expected to execute.
How is the FX rate calculated?
The FX rate charged consists of two components: the reference rate and the FX processing fee. The reference rate is the mid-market spot rate at the time of the transaction. It’s important to note that FX rates can be quite volatile, and the mid-market rate is in a constant state of flux. Consequently, two transactions occurring just a few minutes apart may result in different FX rates being applied.
Papaya Global offers a simple and transparent fee structure, with guaranteed competitive FX rates.