This article explains how Airwallex automatically converts currencies for card purchases so transactions are less likely to fail when you don’t have enough funds in the transaction currency.
How does the primary currency setting work?
If you don’t have sufficient balance in the transaction currency, Airwallex will attempt to use your primary currency to pay the full amount.
We will only use funds from one currency — we do not combine balances from multiple currencies. If neither the purchase currency nor your home currency can cover the full amount, the transaction will be declined.
You can configure your primary currency and auto-conversion settings by navigating to “Cards” and then “Settings”.
How Airwallex determines which balance is deducted for card transactions
- When you make a purchase on your card, we first check whether you have sufficient funds in the transaction currency balance, provided it is one of our supported Direct BIlling currencies. If you have sufficient balance, we will deduct the purchase from that currency’s balance
- If the balance for the transaction currency is insufficient, we check whether your primary currency balance can cover the entire purchase. If your primary currency balance can cover the full amount, we will deduct the equivalent amount from your primary currency balance using the prevailing foreign exchange rate plus an auto-conversion fee. Learn more about how our foreign exchange rates are determined here.
- If your primary currency balance cannot cover the converted amount, the card payment will be declined.
Example
Rachael’s wallet balances: USD $50 and AUD $150. Her primary currency is AUD.
She makes a purchase for USD $100. The exchange rate at the time is 1 USD = 1.50 AUD.
- We first check Rachael’s USD balance: USD $50 is not enough to cover USD $100.
- Next we check her primary currency (AUD). USD $100 = AUD $150 (100 × 1.50). Rachael has AUD $150, so we use that AUD balance to pay the purchase. The amount deducted will be AUD $150 plus the auto-conversion fee.
What currency will I receive refunds in?
If the merchant issues a refund and the original purchase was in one of our supported direct billing currencies, the refund will be credited back in the original purchase currency.
For refunds of purchases in any other transaction currency, the refunded amount will be credited to your primary currency balance.
About exchange rates and fees
VISA provides a competitive exchange rate that is calculated daily and includes a small markup above the interbank rate depending on currency. VISA rates and their markups are subject to change and outside the control of Airwallex.
Please note that we will use funds available in one currency only.
Note: VISA provides a competitive exchange rate that is calculated daily and includes a small markup above the interbank rate depending on currency. However, VISA rates and their markups are subject to change and outside the control of Airwallex.