Settlement Currencies and FX

As a standard, transactions will be processed and funds settled to the merchant in the currency in which the transaction was submitted for processing by the merchant, given the merchant has a bank account in the relevant currency.

Funds can be settled into an account with different currencies. For example if a payment was made in Mexican pesos (MXN) then settle into an account with US dollars (USD).

Rapyd will apply a Forex Management spread as specified in Rapyd’s Currency Exchange Fees if the conversion is made between the Settlement currencies.

If the conversion involves a currency that is not included in the list of Settlement currencies, then a Forex Management spread as listed in Cost and Fee Structure will apply. As a reference rate for Forex Management, Rapyd uses a daily FX rate calculated by Rapyd’s systems as of the contractual transaction date.

Schedule 2 – Settlement Instructions and Rolling Reserve

Settlement Country Settlement Frequency Settlement Currencies
Singapore, India, US, EU Countries, UK Subject to the Minimum Settlement Amount below, Rapyd will settle, for each completed transaction, within seven (7) days after a transaction is completed. Singapore – SGD,
India – INR,
Iceland – ISK EMEA
(non UK, Iceland) – EUR,
All other countries – USD

For more details, refer to Merchant Services Agreement.

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