There are two types of foreign currency fees that can be charged on the relevant transactions, applicable to both card and local payment methods (e.g. WeChat Pay).
What are the types of foreign currency fees?
These two fees are mutually exclusive, so you will only be charged for either:
- a foreign currency settlement fee, or
- a foreign currency conversion fee
When are these fees incurred?
These fees are also determined by your home currency, the transaction currency and the settlement currency.
1. Local currency: The currency based on your account region and location
- Australia = AUD
- United Kingdom = GBP
- Europe = EUR
- Hong Kong = HKD
- Singapore = SGD
2. Transaction currency: This is what your customers see, transact and pay in at the checkout (e.g. on Payment Links, WooCommerce checkout or on custom-built checkout flows)
3. Settlement currency: This is the currency that will settle into your Airwallex wallet
- Where like-for-like is supported, this will be the same as the transacting currency
- Where like-for-like is not supported, the transaction will be converted into your nominated settlement currency (by default this is the same as your local currency)
|When does this apply
|Foreign currency settlement fee
|On non-local currency transactions, with like-for-like settlement
|Foreign currency conversion fee
|On non-local currency transactions, where like-for-like settlement is not supported and requires a currency conversion to settle into your nominated settlement currency
Can I change my nominated settlement currency?
Yes. You can change your default settlement currency to the top major currencies of USD, GBP, EUR, HKD or AUD by requesting this with our customer support team.
Please note that foreign currency settlement fee will apply for all non-local currency transactions, even if you change your nominated settlement currency. For example, an Australian entity that changes its default settlement currency to USD, will still incur foreign currency settlement fees for all USD transactions.
What currencies can I settle like-for-like?
The available settlement currencies depend on the payment method used.
For Visa and Mastercard payments, the major currencies of USD, GBP, EUR, AUD and HKD are supported.
For the full list of available settlement currencies, see our payment methods list here. Please select your region from the drop-down.
Where to find the full fee schedule?
Please refer to this page for the fee schedules. Please select your region from the drop down