#yaviner

1 messages · Page 1 of 1 (latest)

crude larkBOT
reef dew
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Hello, looking in to this. I don't think it is possible to see the forex rate before the transfer so it may not be easily possible to do this

crude larkBOT
rugged turret
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Thanks for checking into this! It seems that the forex rate is at least shown in the dashboard UI - when making a Transfer the modal shows you the amount the user will receive. Is that amount guaranteed? If so, what's backing that data?

reef dew
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I was actually unaware that the dashboard showed that. As far as I know that should be the actual amount that they receive but I am not 100% sure on that. If you ask our support team they should know more about how transfers through the dashboard work https://support.stripe.com/?contact=true

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rain void
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👋 stepping in here

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Currently we don't have a way for you to calculate this ahead of time. We are working on an exchange rate API but it isn't yet supported

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The Dashboard is just the mid-market rate

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And is updated daily I believe.

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So won't be perfect

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I'd recommend reaching out to our Support team so they can keep you updated on when an FX API might be ready for you to use.

rugged turret
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Ah, I see, thanks for confirming - so the rate shown in the UI isn't 100% guaranteed either. I'll reach out about the FX API. Do you anticipate it'll allow for exact forecasting of conversion amounts? i.e. our use case of "we'd like to send exactly 50 EUR to this account from our US-based Platform"?

One other (related) question here - is there a definitive list of which fees are taken out of the payout amount vs. charged to the Platform when making cross-border transfers? The language in the dashboard just links to the overall Connect pricing page, but I suspect that at least some of these fees are not taken out of Transfers/Payouts (e.g. the monthly Connect Account fee)

rain void
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Can't say 100% on the FX API as it is still being worked on. I'd assume yes, though.

We don't know a ton about fees since we just focus on the API so I'd also recommend also getting clarity on this from our Support team. That said, my understanding is that the Connect fees like the monthly account fee and payout fees are assessed to your platform on a monthly or daily basis (think it depends on which fee). They aren't actually associated directly to Payouts/Transfers/Charges but instead are aggregated.