#mike-connect-currencies

1 messages · Page 1 of 1 (latest)

pine crestBOT
plush basin
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Are you running into an error when trying to add a USD bank account to your Connected Account?

hazy light
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When looking in the Dashboard it doesn't show USD as an option

image.png
plush basin
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Can you double check the country of that account? And are you trying to do this in live or test mode?

hazy light
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When trying to add the account via API (in sandbox) I get the error Invalid country for USD bank account: FR

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The screenshot above of the Dashboard was a production account where the country was France.

I've also been experimenting with Sandbox API and ran into the Invalid country for USD bank account: FR issue

plush basin
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Is it a USD account located in France? If so, I don't believe that is supported based on the table in the above document. It shows that USD is supported for banks located in the United States.

hazy light
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I tried a few different permutations but when I add this bank account:

stripe.tokens.create({
        bank_account: {
          account_number: '000123456789',
          country: 'US',
          currency: 'usd',
          routing_number: '110000000',
        },
      });

Which is located in US but I still get the Invalid country for USD bank account: FR issue

plush basin
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Hm, can you share the ID of one of the failed requests, so I can take a closer look at that?

hazy light
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req_EqzQqZIbSigpHl

plush basin
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Thank you for that, I'm looking into it.

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Ah, I think I see what is limiting this. It looks like that Connected Account was created with a recipient service agreement (I'm assuming this was done intentionally to prepare for using our Cross-border Payout functionality).

Looking at the table again, it does appear to be expected for Connected Accounts based in France to not be able to settle in USD when using a recipient service agreement.

hazy light
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Ahhh didn't even think of that! I'll have to read up again on the differences between Full and Recipient

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What capabilities am I missing if I have accounts created with Full agreement instead of Recipient? As you mentioned it looks like Cross-border Payouts are only enabled with Recipient agreement.

But for Full agreement it seems like I can still have connect accounts for France users? Not sure what I'm missing

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Ahhh I think it's because we are using separate charges and transfers. That's why we need to use recipient agreement. If that makes sense

plush basin
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Confirming with my team, I believe losing the Cross-border payouts is the biggest problem though.

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Yeah, it looks like the biggest impact is that you'll lose access to the cross-border payouts (transfers) and won't be able to create Transfers to move funds from your Platform Account to your Connected Accounts located in other countries.

hazy light
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That makes sense. Thank you so much for confirming!

plush basin
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Happy to help!