#pxue
lean arch
We currently don't surface an api to fetch exchange rates
So unfortunately there's not a great way to get this data
fast cosmosBOT
grave oasis
Got it. so in cases where exchange rates change rapidly through the day, we basically have to do our best to match whatever rate Stripe uses?
lean arch
Why do you need to calculate exchange rates on your end? Can you describe your usecase a bit more?
grave oasis
Allowing a customer to pay in a different currency than the settlement currency that our Connected account is expecting.
So for example:
Canadian customer want to pay CAD to a US connected account expecting USD
with preauthorized debit
I guess a more pointed question is, if i'm using on_behalf_of and transfer_data[destination] on a Connected payment.. is there a way to define what the destination currency to be?
Right now, the flow of fund is:
USD->CAD exchange is calculated on our end -> CAD is charged -> CAD->USD exchange is calculated on Stripe (on_behalf_of currency is USD) -> we take application fee -> reset is transfered to Connected account.
But there could be a discrepancy between our exchange rate and stripe's exchange rate and the Connected account transfer may not get the original USD amount that they're expecting
lean arch
Is your platform a CAD platform?
grave oasis
No USD plat
grave oasis
No we create a payment intent on our platform with a final amount and currency
lean arch
Got it. Unfortunately there's just not a good solution for this then. You can get close with a 3rd party currency exchange rate api, but it may always be off
With Checkout, we have automatic currency conversion: https://support.stripe.com/questions/automatic-currency-conversion
grave oasis
Got it. the most important problem for us is we need to transfer the correct amount to the Connected account.
This is my implementation, maybe i can double check with you:
- create the charge in Customer's preferred currency. But also add some application fee, say 2% for all transactions
- make separate charge and transfer, when the initial charge is settled, create a transfer to the Connected account in the original currency and amounnt expected by the connected account
this way we'll absorb any exchange difference in our rate and stripe's rate
plucky canopy
Hi 👋
That sounds like a reasonable solution. Essentially it's up to you to determine who should bear any cost associated with changes in FX rates, since it's something you are handling outside of Stripe.