Exchange currency when sending an international payment
When sending an international wire, you can choose to convert USD to one of 18+ non-USD currencies for a 1% exchange fee.
On business days, funds are exchanged at the current, mid-market bank rate. On weekends and holidays, we provide you with the stored/cached rate from the previous business day.
So if you create the payment on a Saturday, you will see the rate from Friday. This is a secured rate and will be the rate used when the payment is processed on the following business day.
Sending a wire with currency exchange
- Log in to your Mercury dashboard
- Click Move Money in the upper left of your dashboard, then select Pay Someone.
- After selecting your recipient, you'll be asked How do you want to pay. Select International Wire from the list of options.
- Add your recipient's details, then when you get to the Recipient gets field, you should see a dropdown next to the dollar input. You'll need to select your currency from this dropdown before you can enter a dollar amount.
- If you choose a non-USD currency, you'll see an estimated exchange rate based on current rates and the estimated 1% exchange fee.
- Once you review and send, your receipt and transaction history will show the USD amount deducted from your account, along with the exchange details.
Frequently asked questions
Why are weekend rates cached?
Financial markets are not typically open on weekends and holidays. To ensure a smooth experience, we use the last available rate before markets close so that you can make your transfer knowing the specific rate that will be used the following business day.
Is the exchange fee negotiable?
If your business is exchanging more than $200,000/month, please reach out to us at firstname.lastname@example.org. A member of our team will follow up with you to learn more.
I don't see this feature on my dashboard. Why?
Please reach out to our team at email@example.com. We can review your account to determine if it's eligible for this feature.
Are there any wire limits?
There are upper limits based on currency pairs, as well as some that may be tied to your account. If you run into an upper limit that you would like to change or learn more about, please reach out to our team at firstname.lastname@example.org.
How do I monitor for a specific exchange rate?
At this time, we are unable to alert you on specific rates as we get live rates when you go through the wire flow.
Please be sure to select the appropriate currency for your recipient's bank details, in order to see the currency rate.
Can I schedule a recurring payment with currency exchange?
Yes, you can schedule a recurring payment as normal, but recurring payments will be processed at the exchange rate on the date the payment is actually processed. In other words, we can't guarantee a set rate.
How do returns work?
To prevent returns, we encourage users to confirm payment details before making a payment.
If your payment is returned by the receiver's bank, the funds will be redeposited to your Mercury account for the USD equivalent of the return. It will appear as a new transaction and be labeled "wire return."
Can I receive non-USD and convert it to another currency?
No. While you can send in multiple currencies, you can only accept USD transfers currently. If someone sends you a non-USD, it will need to be converted by an intermediary bank (at a potentially unfavorable rate) before it arrives at Mercury, otherwise it will be returned to sender.
What is the cutoff time for non-USD payments?
There isn't a daily cutoff for payments. They are processed throughout the day. Please note:
While weekends and holidays will not affect your ability to pull a quote and create a currency exchange transfer, delivery of your payment is also subject to local bank holidays of the receiver’s bank country.
Will holidays affect my ability to use currency exchange?
You will be able to pull a quote and create transfers throughout the year (365/24/7). On weekends and holidays, you will receive a cached exchange rate from the previous business day. If you want a live rate, you will need to wait until the next business day.
Local bank holidays of your receiver may also impact the delivery estimate of the payment.
What currencies are available?
Mercury users can buy and send 18+ currencies, including:
Israeli New Shekel
New Zealand Dollar
Great British Pounds
United Arab Emirates Dirham
I'm getting an error when trying to make a conversion. Why?
You may be getting an error due to invalid bank details. Please confirm that the currency quote you’re trying to pull matches the receiver’s bank currency. You will receive an error if you try to pull a CAD quote if the receiver’s bank account is based in Germany.