Depending on the chosen method of receiving payments, freelancers have several currencies available for withdrawals.
In cases where funds are withdrawn in one currency and arrive as a payment in another, the amount is automatically converted at Mellow's internal rate.
The current conversion rate is displayed on the right of the Finances section, as well as in the confirmation window upon withdrawal.
To learn more about the available withdrawal currencies, see Payouts in three currencies
Conversion rate
1. Currency pair EUR/USD
Mellow applies an internal conversion rate that's calculated as the official rate of the European Central Bank at the previous business day ± a 1.5% spread. Mellow applies the forex spread to official exchange rates for the sole purpose of offsetting its losses on exchanging currencies at the partner banks' rates.
Sample conversion of 100 EUR to USD
Sampled base rates are used as an example.
EUR | USD | 1 € = (1.1 −1.5%) = 1.0835 | 100 € х 1,0835 = 108.35 $ |
Sample conversion of 100 USD to EUR
Sampled base rates are used as an example.
USD | EUR | 1 € = (1.1 +1.5%) = 1.1165 | 100 $ / 1,1165 = 89.57 € |
2. Currency pairs RUB/USD, RUB/EUR
Starting June 20, 2024 we have updated the USD/RUB and EUR/RUB conversion rules. This is due to the latest US sanctions.
Before: Daily updates to conversion rates based on the official rates of the the Bank of Russia, +/- 1.5% spread.
Now: Manually set conversion rates based on partner banks' exchange rates. The rate will update daily, at around 00:00 UTC.
You will be able to see the current rate in the Finance page of your account.
Important! The withdrawal commission is applied to the converted amount. Read in more detail in the correspondent article
Got questions? Contact Mellow support via online chat or at [email protected].