What are the types of foreign currency fees?
There are two types of foreign currency fees that can be charged on the relevant transaction. These two fees are mutually exclusive, so you will only be charged for either a foreign currency settlement fee or an FX conversion fee.
These fees are also applicable to both card and local payment methods (e.g. WeChat Pay).
| Description | When does this apply |
| Foreign currency settlement fee | on non-AUD transactions with like-for-like settlement |
| FX conversion fee |
on non-AUD transactions that require a conversion to settle into your preferred settlement currency |
Example scenarios:
Based on an Australian merchant entity
| Scenario | Applicable fees |
|
Your customer pays in USD with a US Card You receive a like-for-like settlement in USD |
2.9% international card fee 1.0% foreign currency settlement fee |
|
Your customer pays in CAD with a CA Card You receive a converted settlement in AUD |
2.9% international card fee 2.0% FX conversion fee |
|
Your customer pays in USD with an AU Card You receive a like-for-like settlement in USD |
1.65% international card fee 1.0% foreign currency settlement fee |
|
Your customer pays in AUD with a US Card You receive a like-for-like settlement in AUD |
2.9% international card fee No foreign currency fee |