When it comes to selecting a Global payroll provider, companies usually consider factors like functionality, user interface, customer service, and pricing when choosing payroll providers. But one factor that often goes unnoticed is FX fees.

These foreign exchange fees can significantly impact the net amount your contractors receive, especially for international transactions.

Higher FX fees mean less money for contractors as these fees are deducted from the sent amount, reducing the final sum the contractor receives. Essentially, if FX fees aren't closely monitored, contractors could be unintentionally underpaid.

At Thera, we take pride in being the most contractor-friendly payroll platform in the market. We understand that any deduction in a contractor’s pay seriously affects their morale.

To ensure contractors get the best FX rates possible, we partner with 3 different FX providers, making sure that we always get the lowest rates in the market.

This is how Thera is able to provide the best FX rates in the market.

To demonstrate this, we conducted an experiment. We sent $1000 through Thera, and $1000 through two of our top competitors, Gusto & Deel.

The results speak for themselves. Across five sample currencies, Thera significantly outperformed Gusto and Deel, with contractors receiving 1.6% - 3% more in their bank accounts compared to other providers.

Understanding FX fees is critical to avoid unintentionally underpaying your global team and ensuring they are well remunerated for their efforts.

‍