#marnix.hoh
willow trench
elder cradle
Hey there
Your Connected Accounts will settle in the currencies that they have external accounts attached for.
So if you charge a customer in GBP and they only have a EUR external account attached then the funds would be converted immediately to EUR
Recommend reading through https://stripe.com/docs/connect/currencies if you haven't yet
copper rock
Ah ok. so it's not possible to accumalate GBP in this account and only convert to EUR when paying out?
elder cradle
No
You would have to hold the funds in your platform in GBP and then transfer to the Connected Account when you are ready to payout in that case
(Then the funds would convert on Transfer)
copper rock
ah ok
So when a GBP payment is made to a connected account with an attached EUR bank account, the application fee as set in application_fee_amount is in GBP, but the platform account receives this amount in its default currency? When the platform account's default currency is USD, the application_fee would be automatically converted to USD?
elder cradle
Yep
copper rock
ok that makes sense. And what about the stripe_fee? will this be reported in GBP in this case?
elder cradle
The Stripe fee is taken from whatever account the payment is made on.
It is taken in the settlement currency
copper rock
so in the example above, the currency of the connected account is EUR, so it would be in EUR?
elder cradle
Yep