Are there any currency conversion fees?
We do not charge any currency conversion/exchange fees, but your payment provider will if you don't have things set up correctly between us and them...
We take payment using your connected payment account and when you sell a gift card, we set the currency of the order/charge to be the same as your Gift Up! currency setting. This should be set to be the same as inside your payment account.
Setup examples
A correct setup (with no currency conversion fees)
- Gift Up! is set to USD
- Your payment account (e.g. PayPal) is set to USD
In this instance, the gift card orders is charged in USD, deposited into your PayPal balance as USD and paid into your attached bank account as USD (as you've probably attached a US bank account).
A bad setup (with currency conversion fees)
- Gift Up! is set to CAD
- PayPal is set to USD
In this instance, the gift card orders is charged in CAD, deposited into your PayPal balance as CAD which then gets converted into USD, and paid into your attached bank account as USD (as you've probably attached a US bank account).
If you use Stripe as your payment processor
If you use PayPal as your payment processor
Have a read of this article: https://www.paypal.com/uk/smarthelp/article/how-does-paypal-calculate-currency-conversion--exchange-rate-faq1835