WooCommerce Payments can accept payments in over 100 different currencies. However, when the customer currency is different from your account’s deposit currency, you will be charged a currency conversion fee. To avoid these fees, you may be able to have funds in different currencies deposited into separate bank accounts.
When using multiple bank accounts, one must be chosen as the default. If you take a payment in a currency that does not match the currency of one of your bank accounts, it will be converted into your default deposit currency and deposit into that default account.
EXAMPLE: A merchant in Germany sells goods throughout Europe, and has a default bank account in Euros. They have also added a second bank account denominated in Swiss francs. As a result, any orders paid for in Swiss francs will have their deposits routed to the Swiss franc bank account, while payments for all the other orders will be converted to Euros and deposited into the default Euro bank account.
Eligibility↑ Back to top
To see if you are eligible to add bank accounts for additional currencies, follow the instructions in the section below. If you get to Step 8 but do not see the Add an account button, you are not eligible to add more bank accounts.
Whether or not you can add additional bank accounts depends solely on one thing: the country your business is located in. Therefore, if you are ineligible to add more bank accounts, there is unfortunately no way to become eligible.
Adding multiple bank accounts↑ Back to top
If you are eligible to deposit funds into bank accounts in multiple currencies, you can do so by following the steps below. Note that you can only add one bank account per currency.
- Go to Payments > Overview in your WordPress dashboard.
- Click Account Details box, click the “Edit details” link.
- You will be taken to
connect.stripe.comto log in.
- Enter the 6-digit code sent to your phone number.
- In the Stripe Express dashboard, click the person icon in the upper-right.
- In the Payout Details section, click the name of your store.
- You may see multiple stores listed here if you have more than one site using WooCommerce Payments.
- The bank account you added during the signup process will be shown.
- Click the Add an account button to add another bank account for a different currency.
- Fill out the bank account information and click the Save button at the bottom.
- Both bank accounts will be shown, along with the currency each one accepts.
- Click Done.
- You should see a “Payout details updated” alert box.
- Click the Sign Out button to sign out of the Stripe Express dashboard.
Default bank account↑ Back to top
As noted above, all payments made in a currency without a corresponding bank account will be converted to the currency of your default bank account and deposited there.
To set your default bank account, begin by following the same instructions as above to add at least one additional bank account. After you’ve added multiple accounts, you can change the default by clicking the Change Default Currency button and picking which currency you would like to use as the default.
Viewing deposits with multiple currencies↑ Back to top
If you’ve added multiple bank accounts, WooCommerce Payments will create separate deposit balances for each currency, shown on the Payments > Overview page.
Additionally, the Payments > Deposits page and the Payments > Transactions page will show a filter allowing you to see deposits or transactions for a single currency, or everything together.