bcpatters | Stripe Developers | Page 1

long tapirBOT Oct 13, 2022, 4:53 PM

#

timid fox Oct 13, 2022, 4:53 PM

#

Hi there

#

Let's use this thread

#

You said: my settlement currency is in USD but I don't want it to automatically convert that to USD when a CAD order comes in because the CAD rate fluctuates and now it's really low

#

So funds will always be converted to your settlement currency. See: https://stripe.com/docs/payouts#supported-accounts-and-settlement-currencies

#

For a US account, the only supported settlement currency is USD

#

So if you are presenting in CAD, it is impossible to avoid conversion here

#

You said: also wondering if Stripe will hold the foreign currency for 90 days or whether I need to find a CAD bank account in the US to attach to may account

coarse otter Oct 13, 2022, 4:55 PM

#

from Stripe "f you regularly charge in multiple currencies, you may be able to define multiple bank accounts to support multiple settlement currencies and avoid conversions. Otherwise, you can only avoid currency conversions by charging in your default currency, although that could have a negative impact on your sales."

timid fox Oct 13, 2022, 4:55 PM

#

Yes that's correct. For certain countries we do support multiple settlement currencies

#

Not for the US though

coarse otter Oct 13, 2022, 4:55 PM

#

so if I use Wise for a CAD, US-based account the charge can come in as CAD and eventually go to that account?

#

so a US-based account cannot accept CAD payments in Stripe without having to have it converted to USD?

timid fox Oct 13, 2022, 4:56 PM

#

Correct. You can't settle in anything but USD to a US based account. If you want to settle in CAD, you must have a CA-based Stripe Account

coarse otter Oct 13, 2022, 4:58 PM

#

I do have a CA-based Stripe account as well but I can't attach my US bank account to it as a settlement account, can I?

timid fox Oct 13, 2022, 4:59 PM

#

Yes you can

#

See the doc I linked above

#

CA accounts support settling in both CAD and USD if you have a bank account in that currency

coarse otter Oct 13, 2022, 5:12 PM

#

does the USD bank account have to be US-based on the CAD Stripe account?

#

Can the Canadian Stripe account hold the funds for 90 days before settling to the US account?

timid fox Oct 13, 2022, 5:13 PM

#

The chart in that doc shows you the countries for the bank account. Yes the USD bank account can be a Canadian Bank.

#

And yes, you can hold the funds for up to 90 days in a Canadian Stripe Account

coarse otter Oct 13, 2022, 5:18 PM

#

I don't ever want to deposit any funds into a CAD bank

#

the only issue is that I believe instant payouts are lower for CA-based accounts, no?

normal arch Oct 13, 2022, 5:20 PM

#

Hello! I'm taking over and catching up...

#

What do you mean by "lower"?

coarse otter Oct 13, 2022, 5:24 PM

#

meaning that instant payout amounts for CA-based Stripe accounts are not able to be as high

#

seems to limit me to $250 on m CA-based Stripe account vs thousands on my US-based Stripe account

#bcpatters