slanfan-transfer | Stripe Developers | Page 1

frigid nacelle Nov 25, 2021, 11:47 AM

#

@polar portal correct yes it's not possible

#

what you'd do generally is make the transfer in the currency you do have

polar portal Nov 25, 2021, 11:48 AM

#

But I got succes just now after I tried adding some funds with a charge on card 4000 0000 0000 0077

frigid nacelle Nov 25, 2021, 11:48 AM

#

it gets converted to the connected account's settlement currency if they can't settle it(like if you transfer EUR to a US account, it would be converted to USD when the payment arrives in their account)

polar portal Nov 25, 2021, 11:48 AM

#

To me it seems weird.

#

I had a balance that was around 140 SEK
The transfer amount I tried was 2 USD

Oh, wait. I think I might have changed the currency

#

Is there a way to get the exchange rates?

frigid nacelle Nov 25, 2021, 11:51 AM

#

you can get it from https://stripe.com/docs/api/balance_transactions/object#balance_transaction_object-exchange_rate after the fact(not in advance)

#

so in that example, you want to look at transfer.destination_payment.balance_transaction.exchange_rate in terms of the API path to follow, which is the exchange rate used to convert the funds from the transfer when they arrive on the connected account

polar portal Nov 25, 2021, 12:12 PM

#

So I should always exchange from "MAIN" account currency to connected accounts default currency before I do a transfer.

Main = SEK
Connected = USD

So I should convert a sum of USD to SEK and then initiate the transfer which will then be converted to USD when ending up at the connected account?

timber prairie Nov 25, 2021, 12:13 PM

#

Hey! Taking over from @frigid nacelle – just catching up

timber prairie Nov 25, 2021, 12:16 PM

#

polar portal So I should always exchange from "MAIN" account currency to connected accounts d...

Why would you need to do that if you have a USD balance?

polar portal Nov 25, 2021, 12:17 PM

#

I never seem to get USD in balance. Is this due to the customers only have SEK?

#

Even though charges are made with USD, EUR, or SEK

timber prairie Nov 25, 2021, 12:19 PM

#

You would need a USD bank account for a USD balance (otherwise it'll be converted to SEK from the settlement currency)

polar portal Nov 25, 2021, 12:21 PM

#

So if I only have ONE account which is Swedish, all charges will end up as SEK in my balance, no matter what the currency is set to (all will exchange into SEK)

timber prairie Nov 25, 2021, 12:26 PM

#

Yes exactly. More info here: https://stripe.com/docs/connect/currencies#currency-conversions

Working with multiple currencies

Support processing charges in multiple currencies with Connect.

polar portal Nov 25, 2021, 12:37 PM

#

I think I get it. Not sure what solution will be best for me though. I will have connected accounts from all across the globe and there will be conversions to various currencies I guess 😦

timber prairie Nov 25, 2021, 12:45 PM

#

What is your aversion to the conversions?

polar portal Nov 25, 2021, 1:13 PM

#

I´m not against it as long as I can get the conversion-rates for specific currencies at a given time.

timber prairie Nov 25, 2021, 1:16 PM

#

Yeah the FX fees used at the moment of the conversion are available on the Balance Transaction object

polar portal Nov 25, 2021, 1:16 PM

#

They way I have things setup today is as follows:

Tournament Organizers (connected account) can create events with registration fee.

The registration fee is collected by players (customer under Tolaria.app stripe account) to main account

When event has started, tournament organizers can request for a transfer of funds and then I need to gather all payments for the specific event and then calculate the amount to transfer

#

above = roughly

#

I get that the balance transaction object holds this information but I need to calculate this up front before I perform the transfer. Is there an endpoint to get CURRENT EXCHANGE RATES ?

#

Or maybe I should just do charges on_behalf_of straight away and add an application_fee_amount = Stripe fees

timber prairie Nov 25, 2021, 1:37 PM

#

polar portal Or maybe I should just do charges on_behalf_of straight away and add an applicat...

That would be a different business model to releasing funds manually

timber prairie Nov 25, 2021, 1:37 PM

#

polar portal I get that the balance transaction object holds this information but I need to c...

Hmm, not currently. I believe there's something in the works

polar portal Nov 25, 2021, 1:39 PM

#

The problem I encounter are the refunding but I guess in the long run the balance will cover any negative balance as it's an edge case where ALL registration fees would be refunded.

#

I can do a refund from a connected account right?
So if I set all up checkout > on_behalf_of I could add an application_fee = stripe fee
And if I want to refund, the refund substracts from the connected account balance?

timber prairie Nov 25, 2021, 1:46 PM

#

https://stripe.com/docs/connect/destination-charges#issuing-refunds

Creating destination charges on your platform

With Connect, you can create charges on your platform account, take fees, and then transfer remaining funds to your connected accounts.

#

reverse_transfer is the parameter you want when refunding with destination charges

polar portal Nov 25, 2021, 1:51 PM

#

Thanks, I need to refactor some I think 😄

polar portal Nov 25, 2021, 2:10 PM

#

another question, the fees are always covered by the Platform Account or can this be covered by the Connected Account?

smoky fossil Nov 25, 2021, 2:20 PM

#

Yes with destination charge the fees are taken from whatever share your platform keeps, as depicted in the fund flow diagrams:
https://stripe.com/docs/connect/destination-charges#flow-of-funds-app-fee

#

If you want the connected account to "cover the fee" you should set your application fees / transfer amount to reflect this

polar portal Nov 25, 2021, 2:22 PM

#

thanks. Been reading up on it and think I have a good way of solving this now. Thanks a ton!

#

to all of ya envolved today 😛

smoky fossil Nov 25, 2021, 2:27 PM

#

Quite welcome, and good luck with it!

#slanfan-transfer