Paying employees on different currencies via Payroll (overseas pay)

Hubstaff offers support for different currencies (you can only have one currency per organization). The currency that you have enabled in your organization needs to have sufficient funds of the same currency in order for Payroll to be successful. You can learn more about our payroll system at http://support.hubstaff.com/automatic-payments-payroll/.

Example:

Your organization’s currency in Hubstaff is set to USD. You are trying to pay your team for their work done and the total payment is $400 PHP.

In your payment account, you have $1000 USD and $200 PHP.

This payment would fail because there is not sufficient funds in the correct currency in the payment account. In order for this payment to be successful, you would need to ensure that your payment account either has $400 PHP OR you would need to change your Hubstaff organization’s default currency to USD so the USD funds from your payment account would be used.

Note: If you send a payment in a currency different from the person getting paid (i.e. the organization currency is set to USD, employee’s currency is PHP). That person won’t incur into any fees, however, there are conversion rates. The receiver would pay for that – and actually no one really “pays” for it.  The exchange rate is just the exchange rate. The receiver will end up getting a little less because of the currency exchange rate. Paypal, for example, will do this conversion automatically.

  • Was this Helpful ?
  • Yes   No
  • Was this Helpful ?
  • Yes   No