What are foreign currency fees on my Airwallex Online Payments?

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:
1. a foreign currency settlement fee, or
2. 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)

Description 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 by emailing support@airwallex.com, to the top major currencies of USD, GBP, EUR, HKD or AUD.

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:

> Australia Payment Methods
> United Kingdom Payment Methods
> Europe Payment Methods
> Hong Kong Payment Methods
> Singapore Payment Methods

Where to find the full fee schedule?

See these links for the fee schedules for each region and entity:
> Australia Fee Schedule
> United Kingdom Fee Schedule
> Europe Fee Schedule
> Hong Kong Fee Schedule
> Singapore Fee Schedule

Example: For Australian merchant entities

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
1.5% 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% domestic card fee
A$0.30 gateway fee
1.5% 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
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