Today we’re announcing our exciting new currency service: PAYMILL now provides 100 transaction currencies and 23 payout currencies.
Multi-currency processing becomes very important for international businesses. Merchants charge their service/product in local currencies such as USD, GBP, EUR, AUD etc. and get paid out in the same or a converted currency, depending on merchant’s preferences.
How can you set up your account with new currencies?
After your account is activated simply login and choose “settings” in order to add currencies to your merchant account. You will receive a pdf document, which the merchant signs and sends to us (pdf). The set-up will take a couple of days.
How much does PAYMILL charge for multi-currency processing and payout?
The fees depend on which acquiring bank fits best to your preferences. We work with two banks: Acceptance (Lufthansa AirPlus) and Wirecard Bank.
Wirecard Bank: If the processing currency (= the currency of the money you accept) is not the same as your settlement currency (the currency you would like us to pay out) then a 1% fee of the exchange rate is applied. This means e.g.: If the USD-EUR exchange rate is 1,2775 USD/EUR, then 1% upon this rate would give a new exchange rate of 1,290275 USD/EUR. If your customer paid you 100USD you would get 77,502€ back (instead of 78,27€ with the old exchange rate).
Acceptance (Lufthansa AirPlus): If your processing and settlement currency is not one of our standard acceptance/pay-out currency combinations, an additional fee of 1.2% of the transaction value applies.