Foreign Currency Payments
Buyers in 57 countries can make payments to Paymate sellers. The currency in which their credit card is debited is US Dollars (USD) for US sellers and New Zealand Dollars (NZD) for New Zealand Sellers. At this time, we do not offer the option for US and NZ sellers to bill in other currencies.
Sellers in Australia can offer buyers the option to be billed in Australian Dollars (AUD) as well as the following currencies:
Australian sellers can list their prices in AUD as well as these foreign currencies. Buyers can then select the currency of their choice in the Express Payment page. Paymate will debit their credit card in the selected currency, convert the amount into AUD and credit the seller’s bank account after deducting our fees.
Note that Paymate will select the currency conversion rate based on market rates on the day of settlement, which will typically vary from day to day. You can refer to the Foreign Exchange Rates Table on the HSBC site for an indicative exchange rate, though this may be different to the rate applied to your transaction.
If the seller lists a price only in Australian Dollars, the buyer will need to agree an exchange rate to convert the price into their preferred currency. They can then pay this amount in their selected currency via Paymate. Note that typically, the exchange rate at which the foreign currency payment is later converted into AUD by Paymate will be different, due to the volatility of the foreign exchange markets even during the course of a single day.
There are additional fees for sellers to accept foreign currency payments due to the additional service provided and bank fees involved. If you do NOT wish to accept foreign currency payments you can ‘untick’ the box for ‘accept foreign currency payments’ in your Paymate account profile.
Note that our Foreign Exchange Transaction Service is a ‘financial product’ issued under our Australian Financial Services License. You can find more information about this service in our Product Disclosure Statement and you should read this carefully. The PDS sets out various information, including a description of the significant benefits, risks and conditions attaching to any financial product issued by us.
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