What are the foreign currency fees involved and how do they work?

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
A$0.30 gateway 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
A$0.30 gateway 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
A$0.30 gateway 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
A$0.30 gateway fee

No foreign currency fee

See here for our full fee schedule.

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