dannyboy | Stripe Developers | Page 1

lime elmBOT Dec 30, 2022, 3:20 AM

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topaz juniper Dec 30, 2022, 3:24 AM

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That's not possible since your account only has USD.

Today, a platform can only transfer funds in a currency if they have a balance in that currency. This means that if they only have a USD balance, they can only transfer USD.

Stripe will automatically convert those funds to the connected account's currency e.g. USD -> EUR when they land in the DE account for account.

As you've noticed, it's not possible for a platform to guarantee a connected account will get exactly 20€. The only solution is to estimate how much USD to transfer that would turn into 20€ after conversion. The idea is to use Open Exchange Rates and you also have to transfer a bit more to account for Stripe's FX fee. This means you transfer a bit more than needed and then partially reverse that transfer to net out exactly what you want.

hardy kindle Dec 30, 2022, 3:25 AM

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Stripe FX fee?

I tried to perform a test transfer in USD. It doesn't have FX

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FX stands for foreign exchange?

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Can our platform have funds in multiple currency?

topaz juniper Dec 30, 2022, 3:29 AM

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unfortunately not, US accounts currently only support USD

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The FX fee is baked into the exchange rate, it's not explicitly defined in the fee in the Dashboard

hardy kindle Dec 30, 2022, 3:32 AM

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  "id": "txn_3MKQAtLPsFnWdzcR0oDNHxDF",
  "object": "balance_transaction",
  "amount": 388427,
  "available_on": 1672876800,
  "created": 1672335963,
  "currency": "usd",
  "description": "JAPJAP",
  "exchange_rate": 0.740115,
  "fee": 11294,
  "fee_details": [
    {"amount":11294,"application":null,"currency":"usd","description":"Stripe processing fees","type":"stripe_fee"}
  ],
  "net": 377133,
  "reporting_category": "charge",
  "source": "ch_3MKQAtLPsFnWdzcR0I8imU2D",
  "status": "pending",
  "type": "charge"
}```

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are you referring to the 'fee' ?

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fee is the stripe processing fee right

topaz juniper Dec 30, 2022, 3:33 AM

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no, i'm referring to the exchange_rate

hardy kindle Dec 30, 2022, 3:33 AM

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i see, it's a bit lower than the published one in the world market? right?

topaz juniper Dec 30, 2022, 3:37 AM

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it should be. But since this is in test, i'm not entirely certain off the top of my head if the exchange rates are hardcoded

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you just need to keep in mind that the Stripe FX fee is baked into the exchange_rate so you would get a worse rate than what is on the market

hardy kindle Dec 30, 2022, 3:41 AM

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do you have link to the exchange rate stripe currently using? we wanted to compare how "worse" is it compare to the world market

topaz juniper Dec 30, 2022, 3:42 AM

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you'll need to reach out to Stripe Support for that, it's not something which we're very familiar with on this channel https://support.stripe.com/contact

hardy kindle Dec 30, 2022, 3:42 AM

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our managed account might not like it at all, as we will be basing on the BalanceTransaction#exchange_rate to determine how much in USD should we transfer to them

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I think that is simplier? but wondering why you said this..

As you've noticed, it's not possible for a platform to guarantee a connected account will get exactly 20€. The only solution is to estimate how much USD to transfer that would turn into 20€ after conversion. The idea is to use Open Exchange Rates and you also have to transfer a bit more to account for Stripe's FX fee. This means you transfer a bit more than needed and then partially reverse that transfer to net out exactly what you want.

Open Exchange Rates -> you mean 3rd party?

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am i missing something

topaz juniper Dec 30, 2022, 3:47 AM

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if you are basing on the balance transaction's exchange rate to determine how much in USD to transfer, what happens if you transfer several days later and the exchange rate changes?

hardy kindle Dec 30, 2022, 3:48 AM

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It happens with a few second interval. As soon as we receive the PaymentIntent, we will perform the manual transfer to the managed account

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i mean, as soon as the payment intent is confirmed

topaz juniper Dec 30, 2022, 3:49 AM

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i don't know how often our exchange rate is updated, it's something you need to reach out to Stripe Support to check. Logically, based on your current flow, transferring using the payment's exchange rate makes sense though

hardy kindle Dec 30, 2022, 3:50 AM

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Is there ongoing project to support multiple managed account using on_behalf_of? just wondering

topaz juniper Dec 30, 2022, 3:50 AM

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what do you mean by supporting multiple managed accounts using on_behalf of?

hardy kindle Dec 30, 2022, 3:53 AM

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something like this?

  amount: 350
  application_fee: 50
  on_behalf_of: [
    [
      destination: acct_1,
      amount: 100,
    ], 
    [
      destination: acct_2
      amount: 200,
    ]
  ]
)```

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that's the whole reason why we changed our approach, as we can't pass multiple on_behalf_of

topaz juniper Dec 30, 2022, 3:54 AM

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it's not something which we've considered or have plans for at the moment. if you want to pass on feedback and request for this feature/payment method I'd suggest writing to https://support.stripe.com/contact with that code example and explain your use case to help the product team capture demand for prioritisation

hardy kindle Dec 30, 2022, 3:57 AM

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got it! thank you

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where can we add bank account for the platform?

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if we have bank accounts in JPY denomination, we will no longer perform exchange rate?

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https://dashboard.stripe.com/settings/payouts -> i can't add bank account nor update the currency of the one currently in there?

Stripe Login | Sign in to the Stripe Dashboard

Sign in to the Stripe Dashboard to manage business payments and operations in your account. Manage payments and refunds, respond to disputes and more.

topaz juniper Dec 30, 2022, 4:53 AM

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if you reach out to Stripe Support, they'll be able to guide you on how to add bank accounts for your platform via the Dashboard.

Although the Dashboard supports adding bank accounts for a different currency, i doubt you'll be able to pay out to those other bank accounts. For context, Stripe only supports USD as a settlement currency for US accounts : https://stripe.com/docs/payouts#supported-accounts-and-settlement-currencies

#dannyboy