At Thera, we strive to provide you with the best exchange rates.
It's important to note that due to market fluctuations and other factors, the exchange rate you see on Thera may not be the exact rate you receive when converting currencies. However, we aim to keep the difference as minimal as possible. Before confirming a withdrawal, Thera displays the applicable exchange rate and the exact amount you will receive in your local currency, ensuring transparency. The exchange rate shown at the initiation of a withdrawal is an estimate based on current market data, and the final conversion rate is applied at the time your withdrawal is processed. Thera does not manually set or increase exchange rates, and there are no hidden fees beyond the clearly displayed withdrawal fee.
How to Check Real-Time Exchange Rates and Withdrawal Amounts
To view the current exchange rate and the exact amount you’ll receive in your local currency (e.g., PKR), follow these steps in the Thera app:
Log in to your Thera account.
Navigate to Payroll > Withdrawals.
Start a withdrawal process. Before confirming the transaction, the app will display:
The real-time exchange rate that will apply.
The exact amount you’ll receive in your local currency. This feature allows you to make informed decisions before completing your withdrawal.
For Contractors, when making withdrawals or processing payments in different currencies, Thera will automatically convert the amount based on the current exchange rate at the time of the transaction. Additionally, any fees associated with the withdrawal will be displayed during the confirmation process, allowing users to review the total amount before proceeding.
Setting Up Withdrawal Methods
Adding a Foreign Currency Withdrawal Method:
To withdraw in a foreign currency, such as USD, you need to add a SWIFT withdrawal method to your Thera account.
Use your foreign-currency bank account details to configure this method.
You can keep your existing local-currency withdrawal method if desired, but to receive funds in USD, the SWIFT destination must be set up with your bank’s details.
Using Local Bank Accounts:
If you prefer to withdraw to a local bank account, ensure that the account is among the supported options when adding a withdrawal method.
For example, business accounts like Nubank can be used if they meet the compatibility requirements.
Key Considerations
Ensure that your bank account details are accurate when setting up withdrawal methods to avoid delays.
Review the displayed exchange rate and fees carefully before confirming any withdrawal.
You can maintain multiple withdrawal methods (e.g., local currency and foreign currency) for added flexibility.- Thera does not manually set or inflate exchange rates, and there are no hidden fees beyond the clearly displayed withdrawal fee.
If you have any further questions or concerns about exchange rates or any other aspect of Thera, please don't hesitate to reach out to our support team.