With Paylike you can charge your customers in nearly any currency supported by Visa and Mastercard. We’ll automatically convert the payment to your chosen funding currency.
Currency conversion is a complex business and one that most banks try to present in a simple way labeling it with “free currency exchange” while earning 5-10 % by giving you a rate to their benefit.
When you look up today’s exchange rate what you see is the so-called “mid-market rate” which is the average buying and selling rate for the day. This, of course, changes during the day and at the time we do the currency conversion we don’t know what the exchange rate will be.
Therefore we have simplified things for you by exchanging at 2 % above the mid-market rate giving you a fair exchange rate and instantly providing you the cost of the transaction.
It has been proven again and again that charging your customers in their local currency increases conversion rates, but that’s not to say that it’s always the right choice. You can choose to charge your customer in your funding currency and avoid the currency exchange. But remember to consider that: