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,
US – USD,
UK – GBP,
Iceland – ISK EMEA
(non UK, Iceland) – EUR,
All other countries – USD
For more details, refer to Merchant Services Agreement.