Exchange rates and currency conversion
Papaya accepts payments in USD and EUR for all projects and SGD for employment in Singapore.
In any case in which the payment currency is different from the currency of payment to the worker, Papaya will convert local costs to the payment currency.
Papaya calculates its exchange rate using rates from one or more third parties, such as OANDA and CurrencyLayer. It is updated regularly, but may not be identical to the real-time market rate. In addition, a 3% exchange fee will be added to the total cost; the exchange fee accounts for Papaya’s holding costs and foreign currency risks. In cases of currencies facing high volatility of exchange rates, the conversion fee will be increased to 7%.
The exchange rate used will be stated in the invoice.