A majority of my sales are from US customers buying in USD.
With PayPal, fees are: 3.7% + $0.30 USD
With Stripe, fees are: 2.9% + $0.30 CAD + 0.6% (international card charge) + 2.0% (currency conversion fee)
With PayPal, fees are: 3.7% + $0.30 USD
With Stripe, fees are: 2.9% + $0.30 CAD + 0.6% (international card charge) + 2.0% (currency conversion fee)
Source: I work at Stripe, but in addition to that, previously started a Canadian company using Stripe, and like you did mostly payments to US customers in USD. I had deposits directly into both a USD bank account held at a Canadian bank as well as a USD bank account held at a US bank, and did not pay the 2% conversion fee. I actually never received CAD directly at all.
More details: https://stripe.com/docs/payouts
But yes, other than certain exceptions such as this one, getting payouts in non-local currencies on Stripe is limited, and we're working on improving that.
(edit: This assumes you have expenses in USD, or a cheap way to convert USD to CAD, to avoid a ~2% fee from your bank on the conversion. Personally I've used Interactive Brokers which charges 0.002% for USD/CAD conversions.)
[0]https://dashboard.stripe.com/settings/payouts
Source: I work at Stripe
American banks also take forever to transfer payments, which drives me mad. There is this massive amount of money just in limbo, a sort of shush cash pile, which the banks make interest off of while the owners of the money fume waiting for permission to use their own money. Grr. /rant
No, it’s caused by the fact that I get a minimum of 2.625% cash back on all purchases, and actually 5.25% on all online and most of my other purchases with credit cards.