[02thoeva]

"UK businesses who are paying out in USD to a US-domiciled bank account will now incur a 1% fee, with a minimum fee of US$2.50."

So if we get paid out a USD payment, into a USD account. We get charged just because we're registered in the UK? That's a huge impact on our business.

[pjc50]

Presumably you've got a UK bank account, so you can just use that and take on the currency risk and transaction fees of Wise or similar?

[tallytarik]

If you have a USD-denominated bank account, based in UK or elsewhere, you’ll be hit with the 1% fee.

If you have a bank account in another currency, you’ll be charged a 2% currency conversion fee from USD to your currency.

[gorbypark]

I dont know if it’s common in other countries, but Canadian banks offer USD denominated accounts. From the wording, it seems like only if you are paying USD into a US bank account you pay the fee. Presumably paying USD into a non US bank account (in USD) wouldn’t incur this fee. At least I’d hope so!

[tallytarik]

Hmm, you’re right about the wording, but the alternate currencies page doesn’t seem to differentiate between where the bank account is based:

https://stripe.com/docs/payouts/alternative-currencies

Here in Australia we’re charged the 1% fee for USD payouts even though the account is with a local bank.

[02thoeva]

We use Wise but their USD accounts are US-domiciled. So we have 3 options: - Continue paying out to Wise and incur an additional 1% fee (~$30k per year) - Use Stripe for currency conversion which is additional 2% fee (~$60k per year - Find a UK-domiciled USD account to pay out to. Might be possible - no idea really. Need to look into it.

[meredydd]

> Find a UK-domiciled USD account to pay out to. Might be possible - no idea really. Need to look into it.

FWIW one of these was readily available from my existing bank (Barclays) last time I needed one (~10yrs ago). Bit of hoop-jumping to go through, but definitely worth it for $30k/year.

[02thoeva]

Thanks, we'll speak with Barclays then :)

[deskpro]

Won't work. It's easy to get a USD bank with Barclays or other UK banks, but Stripe are still adding this 1% fee to pay out $USD wherever it goes.