#christina_multi-currency-settlement
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ebon totem
Hi 👋
Generally we will only pay out in your settlement currency
However, we do have Automatic Adaptive Pricing that allows your customers to pay in a variety of currencies
Also it sounds like you are referring to Stripe Connect but it's not clear.
Are you using Stripe Connect? If so, can you distinguish between Connected Accounts and Customers?
muted reef
Hi! 👋 Here's a more specific example of what I'm working on.
- My customer organizes an event. They want to charge a fee to participate, and want that fee to present in Australian dollars (AUD). Let's say the fee will be AUD 45.
- My code opens a Stripe Checkout Session, and sets the transaction to AUD 45. This checkout session is against my Stripe Account, which is USD.
- Stripe receives payment from the buyer, and auto-converts the AUD 45 to its USD equivalent. If the buyer has an AUD credit card, does the buyer pay any exchange fees (I'm guessing not, because the presentment currency is the same as the CC's currency)?
- Stripe withholds 2.9% + $0.30 in processing fees. I think there are any other exchange fees charged?
- Once the event closes, let's say I've collected USD 141, or the equivalent of about AUD 225 (based on today's rates). I'm going to pay this out to my customer, who will want it in AUD. Because my Stripe Account only setttles in USD, the payout will be via whatever third-party service; any exchange fees will be determined by the third-party.
ebon totem
Unfortunately, there isn't a way around the conversions in the flow you described
muted reef
I'm not using Stripe Connect. I believe what I'm trying to do--presentment and settlement in non-USD currencies--would be doable via Connected Accounts, but that's not a development option right now. Mostly, I'm looking for clarity that the fees/capabilities are as I understand them (from my example), if choosing not to use Stripe Connect.
Would Stripe Connect allow the flow I'm describing?
ebon totem
Unfortunately, we cannot provide advice on fees here. We focus specifically on Stripe API integrations.
WIth Connect, you can choose from a few different funds flows and there is no way to entirely avoid currency conversion. However, if you used Direct Charges then the payment is created and settles on the Connected Account (in AUD for your case). Then your platform takes an application_fee that is converted to your Platform's settlement currency.
And we have a guide specifically on how to best optimize for FX fees with Connect here
muted reef
got it! That makes sense, and thanks! Can I ask a clarification on a doc about currency conversion fees (related to my scenario), or better to start a new support thread?
ebon totem
As I said, we cannot answer questions about conversion fees on this server. For fee related questions you are better of working directly with Stripe Support