#louisvigneau-currency-conversions
weak grotto
compact torrent
hello 👋
Currently this is not supported, no
I'd encourage you to reach out to our support team with your use case to express interest in something like this so we can consider for the future 🙂
https://support.stripe.com/contact
wary barn
Ok - well we're trying to find a solution for today. We have activities in different countries happening - organized by organizers who have connected accounts. Some activities are in USD other in GBP, others in EUR... -
When doing this flow: Customer (20GBP) > Platform (27USD) + Platform (27USD) > Connected Account (20GBP)
We would like to ensure that the organizer will recieve 20GBP on his connected account, and not 20,77GBP or 19,46GBP. How can we do that? Currently we cannot choose a target currency to do a transfer from the platform account to the connected account. And therefore, the amount transfered to the connected account is hasardeous (20,77GBP, 19,46GBP you understand...). How can we solve that?
Thanks
stiff sphinx
it sounds like you're doing separate charges and transfers?
if you use direct charges, or destination charges, the net amount of the charge stays in the settlement currency of the connected account (and only your fee gets FXd to the platform's currency)
but if you're eg: running the charge as a US platform with no destination param, then transferring it to the connected account in the UK, the charge is being processed in the US, because that's where your platform is
US accounts don't support like-for-like settlement in this way, so there's no way to make this FX-efficient with separate charges + transfers
whereas if you're using the destination parameter with a UK connected account, the charge is going through UK rails, and won't incur an unnecessary FX to pay out in GBP
compact torrent
As @stiff sphinx mentioned, this depends heavily on your specific charge flow, but we summarize how this works here for each charge flow:
https://stripe.com/docs/connect/currencies#example-scenarios
wary barn
Ok I understand your explaination
To be honest we could live with losing a bit of money on Fx conversions. Tho we need to find a way to be able to send exactly 20GBP from US platfrom account to the UK connected account - is there a way to do that?
stiff sphinx
there is not, unfortunately
well, you can do this with destination + on_behalf_of charges, because everything is kept in GBP
but if you're using separate charges and transfers, you can't
separately - you generally can't transfer money between two accounts in different countries at all
is the platform registered in the US, or just holding a USD balance?
wary barn
US
stiff sphinx
are you using cross-border payouts, I guess? https://stripe.com/docs/connect/cross-border-payouts
wary barn
Yes
That's the reason why we switched to a US based account
It's only available for US based accounts
stiff sphinx
yeah, to my knowledge, there isn't a way to denominate the amount in the destination currency
wary barn
Ok - I think we're gonna go with a double currency conversion, but we're gonna need to be accurrate when we choose the amount to transfer from platform account to connected account - so is there a way to simulate the conversion before hand? or do you have an api with your conversion rates up to date ?
stiff sphinx
@wary barn my suggestion would be to write to support to see if there's any way cross-border payouts can support your use case, but there's nothing in the public API that does what you're asking for
wary barn
Ok I will ask them - but do you know which conversion rates api provider stripe is using to do the conversion, so that we use the same rates when processing the transfer ?