Available on Scale plans.
What
Set different currencies per client and define user cost rates in any currency so you can manage global work without manual conversions.
Why
  • Bill clients accurately using live exchange rates for their local currency (e.g., U.S. dollars, euros, pounds).
  • Streamline financial management for global teams.
  • Maintain accurate financials across projects.
Who
  • Site owners and site admins can set the default currency and enable multi-currency on your site.
  • Standard users (with permission to manage people, roles, skills, and companies) can create client companies in any currency and  activate multi-currency during client setup.
When
  • When managing international clients, contractors, or teams who work in different currencies. See the ‘Use cases’ section below.
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On this page

Before you start

How multi‑currency works

  • Activation: Update a user's cost rate or create a new client company to enable multi-currency.
  • Billable rates: Billable rates are tied to the currency of the client company a user belongs to. You can also add billable rates in any other active site currencies. At the project level, a user's billable rate only populates if a site-level billable rate exists in the project's client currency (e.g., USD, EUR, GBP) or you set a project-specific billable rate.
  • Cost rates: Cost rates automatically convert to the project's client currency. For example, if a user's cost rate is in U.S. dollars but they log time on a euro‑based project, their cost is displayed in euros.
  • Site reporting: All site-level reporting is shown in the site's default currency (e.g., USD). Other currencies are converted for consistency.
  • Project finance: Quotes, budgets, project rates, invoices, and profit are always displayed in the client's currency.
Caution
Activating multi-currency makes permanent changes to your site:
  • Activation: Once enabled, multi-currency cannot be turned off. This is industry-standard to preserve the historical integrity of financial data.
  • Default site currency: Locked after activation. Choose it carefully before enabling multi-currency.
  • Client currency: Locked when a client is created and cannot be changed later.

Use cases and examples

  • International client billing: Bill clients in their local currency while keeping a single site base, meaning no manual conversions.
  • Cross-currency profitability: Pay teams in local currencies. Teamwork.com converts costs at time of work for accurate profit reporting.

These real-world setups show how to pick currencies for your site, clients, and teams.

U.S.-based company with global clients

Scenario: All staff are in the U.S. and your site currency is set to U.S. dollars (USD), but clients are worldwide.
Advice: Keep USD as your site default for staff. Create separate client companies in each client’s local currency for accurate billing and clear reporting.

Ireland-based company with local clients

Scenario: All staff and clients are in Ireland, and your site currency is in euros (EUR).
Advice: Keep your Euro default currency. Add new clients in other currencies only if you expand into new regions.

U.S. parent company with global offices

Scenario: Offices and staff in the U.S., Canada, and EMEA, with U.S. dollars as the site currency.
Advice: Keep USD as the site default. Use the owner company to represent the U.S. location, and create separate client companies for each other region with their local currencies.

Step 1: Set a default site currency

Each Teamwork.com site has one default currency for financial settings across your account. After multi-currency is turned on, this can't be changed, so make sure to choose the most relevant default currency for your business.
Important
Your default site currency drives site-level conversions and reporting. Confirm it’s correct before turning multi-currency on. Only site owners and site admins in the owner company can change this setting.
  1. Click your profile icon in Teamwork.com's main navigation menu.
  2. Select Settings.
  3. Scroll to Site currency under the General tab.
  4. Select your preferred base currency (e.g., EUR, GBP, USD).

This default applies to all new clients, users, and projects going forward, unless overridden.

Step 2: Activate multi-currency

You can enable multi-currency when creating a new client company or by updating a user's cost rate.

Caution
After activation, your site currency and all client currencies are locked.
  1. Select Clients in Teamwork.com's main navigation menu.
  2. Click Add client in the view's top right.
  3. Fill out the client's details.
  4. Click the Selected currency field and choose the client's relevant currency.
    Checkbox confirmation to enable multi-currency in Teamwork.com
  5. Click Add client.
  6. Review the multi-currency impacts.
  7. Check the I understand that this cannot be undone box.
    multi currency review impacts of turning on checkbox
  8. Click Enable multi-currency.

The client company is created with the chosen currency.
  • A corresponding currency billable rate column is added to the site-level People area. A new billable rate column is added each time you add a client in a new currency.
  • The site's default currency is locked and cannot be changed.

Create clients in different currencies

When adding a new client, you can select a specific currency for that client’s billing and invoicing.
One currency per client
Each client has one currency. All finance for that client (quotes, budgets, invoices, billable and cost rates) uses the client’s currency. To change a client’s currency, create a new client in the correct currency and move future work there. A client's currency cannot be changed after creation. This prevents inconsistencies in invoicing and reporting.
  1. Navigate to the Clients area of your site.
  2. Click Add Client.
  3. In the Currency dropdown, select the appropriate currency (e.g., USD, EUR, GBP, CAD, AUD).
  4. Complete the client setup.

Manage user rate currencies

Users inherit their rate currency from their client company. You can adjust as needed:

  • Cost rates: Can be updated at any time (e.g., a staff member relocates). At the project level, cost rates are automatically converted to the client's currency. 
  • Billable: Keep a default rate in the user's client-company currency, and add additional site-level rates in other active currencies for accurate billing.

Cost rate currency

  1. Select People in Teamwork.com's main navigation menu.
  2. Scroll to the relevant user in the People tab.
  3. Scroll horizontally to the Cost Rate column.
  4. Click the user's current cost rate. A slide-out panel opens with the user's rate details.
  5. Click the Selected currency field and choose a currency.
  6. Update the user's rate value if necessary.
  7. Apply the rate from: today or a certain date in the past
    Retroactive cost rate updates ("from X date" option) can only be applied as far back as the date the user's currency was activated. Since you're changing their currency today, you can only apply from today.
  8. Click Save changes.

Billable rate currency

  1. Scroll to the relevant user.
  2. Scroll horizontally to the Billable Rate column(s). Each time a client is created with a previously unused currency, an additional billable rate column is added to the table. This allows you to keep the user's default inherited billable rate currency while also setting rates in other currencies.
  3. Hover over the billable rate field under the relevant billable rate currency.
  4. Click Add EUR rate (or whichever relevant currency you see).
  5. Enter a rate value.
  6. Press Enter or Return to save the rate.

View multi-currency rates

Depending on your permissions, you can view rates in:

  • Project → Budget → Rates
  • People → User Rates

When a project uses a different currency than your site default:

  • Cost rates: Shown in the user's home currency in the Rates tab and converted to the client's currency where relevant (e.g., Time tab), with exchange details available on hover.
  • Billable rates: Project-level rates in the client's currency take priority. Otherwise, site-level rates in that currency apply. If none exist, values remain blank until the user is given a client currency rate.

Track currency conversions in time logs

When time is logged, Teamwork.com:

  • Captures their cost rate in their home currency.
  • Converts it to the client's currency using the exchange rate from the day of the time entry.
  • Displays original and converted values for accuracy.

Example: A user has a cost rate of £54 (British pounds). This user logs time on June 19th. Their cost rate is converted to euros (EUR) using that day's exchange rate (e.g., €63.18).

Note
Exchange rates update daily. Fluctuations are reflected in each day's cost calculations.


Manage existing clients

Multi-currency applies only to data created after activation.
  • It does not convert existing client companies' currencies or retroactively update their financial data (budgets, invoices, reports). This follows standard accounting practice and avoids applying exchange rates to past data.
Recommendation
  • We advise moving future work to new client companies in the appropriate currency as current projects conclude.
  • If a client has multiple locations, create a separate client for each location to manage local currencies cleanly.


Best practices

  • Choose your default currency first: Make sure your preferred default currency is set before enabling multi-currency.
  • Avoid mid-project changes: Set currency at project creation to keep reporting clean.
  • Migrate with intention: Move new work to a currency-specific client when current projects finish.
  • Use templates: Create project templates per currency to keep rates and budgets consistent.
  • Track history: Use rate histories to audit changes and understand profitability over time.

If you have any questions or feedback, feel free to contact us at support@teamwork.com.