Worldpay - anyone settle into EUR and USD accounts?

[chris_awd]

Does anyone using Worldpay as an acquirer settle their Euro and US Dollar payments into bank accounts of the same currency?

We currently settle the Euro and US Dollar payments into a Sterling account and I've just seen that Worldpay are taking a 4% conversion fee out, ouch!

If you are settling into Euro or US Dollar, are they UK bank accounts with sort codes, or US with ABA routing and European IBAN/BIC ?

 

[WHUK]

That's a lot of conversion fee.

I believe it's the same transaction free for every transaction or is there any certain threshold amount fixed?

 

[chris_awd]

well, there are additional fees on top of that for inter-regional, ecommerce, plus the card scheme blended rate. It works out more than PayPal when combined with the 4% exchange rate load.
And of course it's all far from transparent so you have to build spreadsheets to see where it all is..

 

[TotalWebSolutions]

Have you contacted WorldPay to get rates for changing to currency settlement (EUR>EUR and USD>USD) ? It might also be worth re-visiting the current conversion rates with them to see if this can be improved (depending on turnover).

 

[Bainzee]

the currency conversion rate is rather high. some acquirers will offer something called a dynamic currency conversion, which allows you to convert the currency at a rate of anything between 2-3.5% and you can make up to 1% back on this, and this is of course dependent on card turnover

 

[chris_awd]

DCC is just for terminal transactions as far as I know..

Worldpay's official line is that for EUR-GBP and USD-GBP settlement, the RBS commercial rates are used. However, the conversions being used for my transactions since May have been around 2% off that. So I've opened a complaint and will see what they say.

Tomorrow I'm expecting clarification from their Merchant Records Account Details Unit as to whether it needs to be sort/acc or if IBAN/ABA can be used.

For settlement into the same currency as that processed, the Loyalty department stated that there are no fees outside those that would apply to GBP transactions. So this is clearly a better way to go.

 

[Page]

One of those things I have not looked at in ages

Do keep us posted

 

[Bainzee]

DCC is available for ecommerce accounts. I've worked in ecommerce for many years and im pretty sure of this

 

[chris_awd]

You get reasonable service from Worldpay when you tell them you are recording the call

Alright, the Merchant Records / Account Details Unit manager Andrew Harrison today confirmed via operator Josh that:
Euro payments can be settled into an account defined by IBAN & BIC
USD payments can be settled into an account defined by ABA Routing and Account number

Any existing MIDs that settle into GBP cannot be switched to settle into other currencies, new MIDs are required.

 

[chris_awd]

Follow up on this, my new MIDs are being setup and the following are noteworthy for anyone else reading this thread:

There are minimum settlement amounts for the outpayments of the order US$30 and €25.
Funds are settled net of the processing charges.
Standard low volume fees are 2% for Euro and 3.5% for USD and other currencies.
Built into those fees are the intra and interregional premium fees, but exclusive of other premium transaction charges such as MOTO/ecom/paper processing.
There is a SEPA direct debit form for refunds and chargebacks on an account with IBAN/BIC.
Not yet sure how that works for the USD account yet..

For the previous MIDs (EUR-GBP and USD-GBP), I have an official complaint going because the settled funds were subject to around a 4% currency conversion fee rather than at the RBS wholesale rates (~2% from interbank).

I'm using WorldFirst for our own unique account at Citibank for the settled USD funds from PayPal, WorldPay, AmEx. Currency margin fees are max 1.8% on transfers out of that account to GBP or EUR. When Revolut offer unique USD accounts soon, that will be a lower cost option for many.

 

[ElizabethLondon84]

Think about Stripe or Braintree. These solutions are cheaper than WorldPay.

 

[Nochexman]

Think about Stripe or Braintree. These solutions are cheaper than WorldPay.

Could you post a link to back this up? I don't think it is true.

 

[chris_awd]

I ditched Worldpay and opened an FOS case about the opaque currency conversion charges.
Now with AIB-MS on the interchange plus agreement I always wanted..
h/t Rav @ WeTranxact