Using popular currencies like USD or EUR means there’s no need for currency conversion. But in some situations described below, the automatic currency conversion might activate.
When it comes to online payments, in certain situations you can have up to 3 different currencies, depending on how you’ve set up your event:
1. The Default currency you choose (Settings > Payments & billing > Currency), when creating the program. Your prices will be displayed in this currency.
2. The payment processor’s currency. That’s the currency that the payment processor uses for all transactions.
- Automatic currency conversion happens if the Default currency for the program set in Evalato is different than the default currency of your account with the payment processor (Braintree, Stripe, PayPal, etc).
3. The currency of your client’s credit or debit card.
- Automatic currency conversion happens if the currency used by the client is different than the default currency the payment processor (Braintree, Stripe, PayPal, etc.) uses for transactions.
Automatic conversion activates for transactions from your customers to your merchant account with the payment processor. The exchange rates are kept up-to-date in real-time via https://openexchangerates.org/. When you transfer your revenue from the merchant account into your bank account, the bank might also convert the money into your bank account currency.