gaildess

[spiral umbra]

hello! what issues are you running into?

[ocean crypt]

Hi! So, my company currency has Balances in USD, CAD, GBP, AUD, and EUR.

We are trying to enable non-USD payments for our sellers.

However, Stripe appears to be converting the currency twice

Is there a way to specify the settlement currency for our platform so this doesn't happen? Your fee is getting taken out Twice, when in fact, this seller is Canadian, and was charging in their home Canadian currency.

There should be no conversion involved in this transaction, how can we tell the payment API to not convert the currency and add it to our CAD balance?

Is there a way to make Stripe take the fee in CAD for these transactions?

[spiral umbra]

I'd recommend reaching out to Stripe Support - https://support.stripe.com/contact, they'll be able to advise you on the best way to optimize the currency conversion. We aren't so familiar here with that as we mainly advise developers who have questions about the Stripe API here on this channel 😅

[ocean crypt]

Thanks

[ocean crypt]

@spiral umbra I had an API question. If I own 2 differen't Stripe accounts, is there a way to (programatically) transfer Connect accounts from one account to another?

Sorry, I'm a developer myself but this might still be a support question.

[spiral umbra]

As far as i know no, can you elaborate a little more on why you're trying to do so though?

[ocean crypt]

Basically, we found out from Support why the currencies conversions are like this. Let's say we have a Canadian seller with CAD as their currency.

The only way to force Stripe to settle the charge in CAD is to use on_behalf_of, because it will use the seller's currency as the settlement currency. However, our platform cannot use the on_behalf_of parameter on Connect, because we need to keep our sellers anonymous.

Therefore, the only way to do this is without using on_behalf_of parameter to have a separate Stripe account, that uses CAD as its default currency.

However, we have many, many (hundreds) of Canadian sellers already tied to our USD Stripe account. So the only feasible way to make this work is to somehow transfer them between Stripe accounts. We will not ask them to re-onboard all their payments.

So, unfortunately, our CAD sellers will be forced to pay Stripe conversion fees, even when charging in their CAD currency. It's honestly very silly.

Unless you know a programmatic way to set the settlement currency for an individual transaction? I don't think it's an API call, however.

[spiral umbra]

it's not possible to set the settlement currency for an individual transaction I'm afraid, the settlement currency is tied to the Stripe account and would apply for all transactions

[ocean crypt]

It's interesting, because parts of the documentation do directly contradict this.

I would maybe request that the team clarify this in this documentation section.

[spiral umbra]

what country is your platform account in?

are you based in the US?

[ocean crypt]

We halve multiple bank accounts with multiple currencies.

We are based in the US and have 6 bank accounts linked to our Stripe account: USD, GBP, NZD, CAD, AUD, EUR

However, even charging in CAD we still see it getting converted to USD

[spiral umbra]

hrm, i'd suggest replying to your original conversation with the support team to request that they clarify that section to make it clearer and also provide feedback on your use case as that helps the product team capture demand for prioritisation