vitali-currency | Stripe Developers | Page 1

mental pelican Mar 7, 2022, 12:18 PM

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hi! not sure I follow the question completely , but I feel like the table at https://stripe.com/docs/payouts#supported-accounts-and-settlement-currencies which describes which bank accounts for which currencies can be added to Stripe accounts in certain countries should help you!

tiny geode Mar 7, 2022, 12:28 PM

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We are not sure what the default_currency actually means

An example use case we have - a Custom Account is from Canada, charges customers in CAD. His bank account is from the US (USD).
will the default currency in this case be USD? CAD?

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Or a better question, will it be based on his bank account currency? (e.g., his bank is in the US thus USD)

mental pelican Mar 7, 2022, 12:29 PM

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what happens is when he charges customers in USD, those payments go to his USD bank account, if he has one

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if he charges customers in EUR or JPY or something else, that is converted to CAD(the default currency for CA accounts) and paid out to the CAD bank account

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the previous sentence would also apply to USD if he did not have a USD bank account on his Stripe account

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does that help?

tiny geode Mar 7, 2022, 12:33 PM

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Not sure.
Let me try again -
I created a connected account from Canada.
He added bank account from the US.
Now he is from Canada but his bank in the US.
He charges his customrs in CAD.

What should his default currency be? What would be the flow?

bleak wave Mar 7, 2022, 12:34 PM

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and we currently only support 1 bank account per

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so we have the bank account currency and we also have the default_currency of the account

mental pelican Mar 7, 2022, 12:42 PM

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What should his default currency be?
CAD.

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I suppose we are talking about https://stripe.com/docs/api/accounts/create#create_account-default_currency ? I didn't even know you can set that, I thought it was determined by the country the account is in, news to me

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but yeah, it can only be set to one of the currencies on https://stripe.com/docs/payouts#supported-accounts-and-settlement-currencies , so CAD or USD. You can choose either of those then, it's up to you.

tiny geode Mar 7, 2022, 12:45 PM

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What is the impact of this field? this is what I'm missing with.

He will charge in CAD, but get payout in USD.

mental pelican Mar 7, 2022, 12:46 PM

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What is the impact of this field? this is what I'm missing with
what I said above about how the conversion works

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lets say your default currency is X

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and you have a bank account in X

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if you charge customers in X, it gets paid out to that account. If you charge customer in Y, it gets converted to X and paid out

bleak wave Mar 7, 2022, 12:47 PM

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so default_currency is the default bank based on that currency

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if we have 2 banks 1 cad 1 usd and default is usd itll go to the second bank and vice versa?

mental pelican Mar 7, 2022, 12:52 PM

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what currency was the payment in?

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in your example, if it was CAD, it goes to the CAD account, if it was USD, it goes to the USD account, if it was EUR, it is converted to USD and send to the USD account

bleak wave Mar 7, 2022, 1:14 PM

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i see so its only in case we dont have that currency, so it should be the currency of the bank, ok cool thanks

#vitali-currency