Hello! I am setting up a study on Prolific that I want to be open to participants in both the US and UK (I am based in the US). However, I have never conducted research with samples outside the US before. I got approval from our research ethics board to do so, but I am confused about managing participant payment with two different currencies. I have my study set to $3, which should be £2.45, so that is what I have listed on the consent form for participant payment. I want to make sure that this remains accurate throughout my data collection period. I am also not sure if Prolific has any additional fees for currency conversion when using a US and UK sample. If anyone can share information about this that would be super helpful!
Dear Madeline
Welcome to the community.
Sorry, I made a correction to this post.
I am afraid I can’t answer your question. I will say what I know and flag @Community_Leaders.
As you know researchers can choose to have their account based in either currency.
As far as I know where I am in Japan, the rewards are always displayed in UK pounds even though researchers are submitting their funds and managing their account in US dollars.
I am afraid I do not know how rewards are displayed to participants in the US. It would be strange if US researchers, with dollar based accounts, and dollar set rewards where then displayed in UK pounds to US based participants, but perhaps they are.
I have set up studies for US and UK participants and there were no additional charges other than the standard Prolific fee.
If the exchange rate changes, will the reward change? My guess is that the REWARD does NOT change, and that Prolific will cover the cost of exchange rate fluctuations, not but am not at all sure.
I am sorry I can’t be of more, or even much, help. Others will chip in soon I feel sure.
Tim
Thank you for your response, Tim! This is helpful information.
Madeline
Building on @timtak’s answer @Madeline_Billeaud I checked with our friendly support team on the currency exchange rates:
While Prolific don’t impose additional conversion fees, our conversion rate fluctuates. Due to this we typically advise that researchers don’t quote a specific amount on their study, particularly in a different currency than the currency in their account. Participants will be able to see the reward rate in their currency of the study before entering, so they’ll know up front what to expect to earn.
If they have to include an amount for ethics or IRB purposes, we recommend just advertising the reward rate they set in their account currency (note, not the intended reward amount , as this can fluctuate with median completion times).
Hope that helps!
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Thank you! This is super helpful. I have to list the USD amount on the IRB but will not list the amount in GBP. Thanks!
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