FX Fees, also known as currency conversion fees, are applied when there is a need to convert one currency to another during a payment transaction. Who pays the FX fee depends on the bill, the payee’s chosen currency, and your Virtual Account.
- If the bill, the payee's chosen currency, and your Virtual Account are all the same currency, no FX fees will be charged.
- If the bill and the payee's chosen currency are the same, but you do not have a Virtual Account in that currency, you will be charged the FX fee.
- If the bill and your Virtual Account are in the same currency, but the payee wants to be paid in a different currency, the payee will pay the FX fee. It will be deducted from the payment before we convert the funds and send them to the payee.
If you want to absorb payee transaction fees, review the Manage payee status and Settings article and select Payments under Payee settings. Payers cannot absorb Payee FX fees at this time. However, we are considering supporting this feature in the future.