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  4. Currencies with WooPayments

Currencies with WooPayments

WooPayments can accept payments in over 100 different currencies. This guide explains the different types of currencies that may be involved in a transaction, how currencies and transactions interact, and how to see which currencies were involved in a transaction.

To learn how to display your products in your customer’s preferred currency, manage exchange rates, and other such configuration options, refer to our documentation on multi-currency.

Currencies in a transaction

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A single transaction can potentially involve multiple currencies:

  • The store currency is what you’ve set under WooCommerce > Settings > General.
    • This currency is usually chosen during the WooCommerce setup process, although you can change it at any time.
  • The customer currency is the currency displayed to a customer while they’re browsing your store and the currency the customer is charged in when they pay for their order. This can also be referred to as the “presentment currency.”
    • By default, the customer currency will be the same as your store currency above.
    • The customer currency (but not the store currency) can be changed by using WooPayments’ built-in multi-currency functions.
      • As a result, a single store may have more than one customer currency used for transactions.
  • The deposit currency is the currency in which funds are deposited into your bank account.
    • The deposit currency It’s not necessarily the same as the customer currency.
      • For example, a UK merchant might accept payment in EUR but have that deposited as GBP at their bank.
    • For some merchants, it’s possible to receive deposits in different currencies into different bank accounts.
      • For example, a UK merchant mentioned above could choose to receive GBP payments in one bank account and EUR payments in another bank account.

Tracking currencies

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The WooPayments dashboard can be used to track the currencies involved in each transaction, including deposits, payments, and disputes. This section highlights the elements of the dashboard that provide details on a transaction’s currency.

Transactions page

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The Payments > Transactions page lists all WooPayments transactions, regardless of currency. The amount, fees, and net amount are all displayed in the deposit currency.

Transactions with a customer currency different from the deposit currency have a tooltip to view the amount paid by the customer in the customer currency.

Transaction detail page

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The transaction detail page shows the amount in the customer currency at the top. Below that, that amount is converted into the deposit currency and displayed alongside the fees and net amount that was (or will be) deposited.

The timeline view shows the exchange rate used when converting the customer currency to the deposit currency. The fee for currency conversion is also shown.

Deposit detail page

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The deposit detail page shows both the amount transferred to your bank account as well as all of the individual transactions associated with that particular deposit. The amounts displayed on this page are in your deposit currency.

For transactions with a customer currency different from the deposit currency, a tooltip is displayed to view the amount paid by the customer in the customer currency.