#khoi-connect-currencyconversion

1 messages · Page 1 of 1 (latest)

exotic sierraBOT
red condor
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khoi-connect-currencyconversion

earnest plaza
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oh does it apply at transfer step or payout step?

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Stripe fees for currency conversion which is incremental to this rate
i guess this is what it means for fee to be baked in

red condor
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depends when the currency conversion happens.

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You are a US platform you send USD to a connected account in Canada, they receive CAD in their Stripe balance and our fee is baked in the conversion

earnest plaza
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gotcha so no fees to the connected account on payout

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my follow up question is: my platform only has available USD balance, when I transfer to CAD, Stripe did a transfer, which is great! However, when I call /payout on the conneted account with USD, that doesn't automtically convert their CAD back to cash out. Is that exepcted?

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we are trying to only maintain USD balance on our internal paltform system and hope that we can just pass the USD amount in payout for Stripe to handle it

red condor
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I don't really get what you mean I'm sorry. I'd recmmend reading the doc I shared
but if the connected account only has a CAD bank account then they only build a balance in CAD and you have to track it in CAD, no way around it

earnest plaza
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what if i create a Transfer with "cad" as currency, that should work with automatic conversion as well?

red condor
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you can only transfer a currency you have though

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Sorry, please read the doc I linked first it explains all of this in details

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But really as a US platform with connected accounts in other countries you have to keep track of their balance(s) in their currency(ies)

earnest plaza
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gotit

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one last question is -- is there a way for me to check the conversion rate before executing transfer/payout