What is the automatic conversion for cards?
Automatic conversions use your home currency^ to help prevent card payments from failing. If you have insufficient funds to complete a card purchase in 1 of the 10 currencies listed below, we will use the available funds in your home currency.
The 10 currencies: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD
We will first check if funds are available in your purchase currency's balance. If not, we will check whether your home currency's balance can cover the entire purchase amount. If it can, we will deduct it from your home currency balance at the same exchange rate as your current Airwallex rate.
Please note that we will use funds available in one currency only.
(Please note: This feature currently is only available for customers from Australia, the European Union, and the UK. And we are striving to make it available globally as soon as possible.)
Examples of Card Purchases:
Rachael has $50 USD and $150 AUD in her wallet balance and her home currency is AUD. At the time she makes the card transaction, the exchange rate is 1 USD = 1.50 AUD.
Examples of Card Refunds
In the event where your card purchase is refunded by the merchant and the purchase was in 1 of the 10 currencies (AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD), the refund will be credited in the purchase currency. In all other situations, the refund will be automatically converted back to your home currency.
^ The local currency in the country where your business is located. E.g. AUD for Australia, GBP for the UK.
* Actual amount may vary depending on the exchange rate at the time of refund.