Contents:
1. How do currencies work on Prolific?
2. Do I need to configure my PayPal account to receive USD or GBP payments?
3. How to I set up my PayPal to receive USD and GBP payments?
4. How do I accept payments without a multi-currency setup?
Relevant topics:
• How do I connect my PayPal to my Prolific account?
• How do I cash out?
How do currencies work on Prolific?
Researchers can offer payment in either US dollars (USD) or British pounds (GBP). When publishing a study, researchers set the currency and must meet a minimum hourly payment rate of £6.00/$8.00. These are the only two currencies available for participant payments on Prolific. The payment currency displays as either USD or GBP for all participants and cannot be changed in settings.
💡 You can participate in either of these types of studies, regardless of your location!
For help with converting currencies in PayPal, you can find guidance in their Help Centre - How do I convert my money to another currency in PayPal?
Do I need to configure my PayPal account to receive USD or GBP payments?
Once you've connected your PayPal to your Prolific account, you’ll need to make sure that your PayPal account is set up to receive both USD and GBP payments if you plan to cash out either of these currencies. If it’s not set up, the payment may be returned to your Prolific account.
When your PayPal account is set up to receive both USD and GBP payments, each cash out from Prolific will automatically go into the appropriate currency wallet in your PayPal account. If your cash out appears lower than expected in PayPal, remember to check both your USD and GBP balances.
How do I set up my PayPal to receive USD and GBP payments?
PayPal have guidance on how to set up your account to be able to receive multiple currencies in their Help Centre: How do I manage my currencies with PayPal?
Standard personal PayPal account
If you have a standard personal PayPal account, you'll have 2 options when receiving a payment in a currency that's not yet set up in your PayPal wallet. You have the option to either 'accept and convert', or to 'accept and create a new balance in that currency'.
Please make sure that you do not ‘refuse’ any payments from us, as this will automatically prevent us from sending you money in the refused currency again and will temporarily disable your ability to cash out.
Premier or business PayPal account
If you have a premier or business PayPal account, then please review your payment receiving preferences and make sure you have configured your account to accept or receive both USD and GBP payments. More guidance can be found in PayPal’s help guide here.
Once you have reviewed and adjusted your settings where necessary, please let us know and we can get cashouts re-enabled for you.
Accepting payments without a multi-currency setup
If your PayPal account isn’t configured for both USD and GBP payments, you'll receive an email from PayPal asking you to accept each payment before it appears in your account. Simply follow the instructions in PayPal's email to claim your cashout. When accepting the payment, you can choose to keep it in its original currency or convert it to your PayPal wallet's default currency.
Example: If your PayPal account is set up for GBP payments only and we send you a cashout of £4 and $10, the £4 will automatically go to your GBP PayPal wallet, while PayPal will email you to accept the $10 transfer separately.
If you don’t accept the payment within 30 days, it’ll be returned to Prolific. We’ll add this back onto your Prolific account within 5 days of us receiving it.
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