joekneeland | Stripe Developers | Page 1

pliant needleBOT Jan 31, 2024, 4:24 PM

#

cobalt turret Jan 31, 2024, 4:29 PM

#

Apologies for the delay, I believe we should do currency conversion when you transfer the funds but I will double check and get back to you

frail bobcat Jan 31, 2024, 4:30 PM

#

hi @cobalt turret no worries. thank you.

cobalt turret Jan 31, 2024, 4:34 PM

#

It looks like the initial settlement currency can be either your platform's default or the connected account's default depending on whether or not you use on_behalf_of and then it looks like it will stay the same currency when being transfered https://stripe.com/docs/connect/currencies#separate-charges-transfers-without-on-behalf-of

#

Not seeing a way to convert during the transfer but am still looking. Funds can be converted when starting a manual payout, so there is a way to make sure everyone gets paid in their preferred currency even if there isn't a way to convert beforehand https://stripe.com/docs/currencies/conversions

frail bobcat Jan 31, 2024, 4:36 PM

#

nice! thanks, was checking docs but a bit confusing. so 'on_behalf_of' will keep the funds in same currency for charge and transfer?

#

Sorry, my bad, actually needing to charge in one currency and transfer in different currency.

pliant needleBOT Jan 31, 2024, 4:46 PM

#

cobalt turret Jan 31, 2024, 4:54 PM

#

Unfortunately I am not seeing a way to do this with the transfers themselves, just on the payouts. So the funds will be in the settlement currency that they initially landed as and will stay in that currency during the transfer

#

So I think manual payouts would be the way to handle excess balance in a currency that either your account or their account does not have a bank account in

frail bobcat Jan 31, 2024, 4:59 PM

#

wow confusing! so that way conversion would happen at time of payout? I'm seeing some idea, if we use 'on behalf of' the payment is collected in the currency of the connected account, and if we also use 'presentment currency' then the amount charged will Show to customer in their local currency, is that correct?

cobalt turret Jan 31, 2024, 5:04 PM

#

Yeah can definitely be a lot to wrap one's head around. To talk through the whole flow:

Your end customer sees the price in your presentment currency, this is the amount and currency that they will see on their bank statement
When the funds land on your Stripe account, they will be in one of your account's settlement currencies. If you used on_behalf_of, this will be your platform account's settlement currency, if not it will be in the connected account's settlement currency. If the settlement currency is different from your presentment currency, Stripe will do a currency conversion to the settlement currency as the funds land on your platform account.
When you transfer funds to the connected account, they will stay as the currency that you transfer them in.
When creating a manual payment to an external bank account, Stripe can convert the funds to the currency of that bank account before creating the payout.

frail bobcat Jan 31, 2024, 5:06 PM

#

thank you so much, that is very clear

#

but you're saying using 'on behalf of' mean the funds will land in the platform account Not in connected accounts settlement currency?

#

from docs - "USING ON_BEHALF_OF
Another way to avoid currency conversions when performing separate charges and transfers is to use the on_behalf_of parameter." , am I misunderstanding that?

warm oyster Jan 31, 2024, 5:10 PM

#

Hello! I'm taking over and catching up...

frail bobcat Jan 31, 2024, 5:10 PM

#

oh sorry, I did misunderstand. because we Are doing conversions..

#

Hi @warm oyster I hope you're well

warm oyster Jan 31, 2024, 5:10 PM

#

Do you have an outstanding question?

frail bobcat Jan 31, 2024, 5:11 PM

#

sorry, thinking

#

To charge customers in their local currency, use presentment currency. Funds arrive in platform account in settlement currency, transfer in same, but can be converted to connected accounts local currency only at time of payout?

#

Would this mean the funds are converted twice and thus charged 1% conversion fee twice?

warm oyster Jan 31, 2024, 5:25 PM

#

Possibly, yeah. Have you read through this entire page? https://stripe.com/docs/connect/currencies

frail bobcat Jan 31, 2024, 5:25 PM

#

a couple times, trying to 'grok'

warm oyster Jan 31, 2024, 5:26 PM

#

The best way to know for sure is to test your flow in test mode and take a close look at all the associated Balance Transactions, on both your platform and the connected account: https://stripe.com/docs/api/balance_transactions

frail bobcat Jan 31, 2024, 5:26 PM

#

was thinking same, test and see 🙂

#

when using 'on behalf of', and separate charges and transfers, do the funds come to the platform account in the connected accounts settlement currency?

warm oyster Jan 31, 2024, 5:35 PM

#

The funds initially go to the platform account and settle in whatever settlement currencies the platform supports.

#joekneeland