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£ and $ credit card payments with Irish banks - advice please

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  • 05-09-2019 2:38pm
    #1
    kennedmc
    Registered Users Posts: 115 ✭✭


    Hi,

    I'm setting up a business that (all going well!) will primarily handle £ and $ credit / debit card transactions - mainly between a value €100 and €500.

    I can use Stripe to connect to my business bank account.

    Would a bank charge me for this, for example, an amount per transaction / admin fee / FX etc?

    Any guidance and recommendations would be very beneficial here please

    Thanks
    Kenn


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    #2
    ironclaw
    Registered Users Posts: 8,004 ✭✭✭ironclaw


    No. Your Stripe account will handle the conversion. For example, your Stripe account is in EUR so when a USD transaction occurs, Stripe charges in USD, convert to EUR and then transfer to your bank in EUR.

    So, you pay the fee to Stripe not your bank.

    Remember to account for these currency fluctuations as a USD to EUR conversion is terrible i.e. Your USD price should be considerably higher.

    Another possibility you have is to set up three Stripe accounts (EUR, USD and GBP) and connect them to Revolut, which gives you a EUR, USD and GBP account in the same account. You then won't pay any conversion fees to Stripe and you can hold them in your Revolut account, using them to either pay in those currencies (For example, paying a supplier in GBP from a GBP account will be cheaper) or transferring them when rates are favourable. The downside is that your accounting is more complex.


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