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Exchange currency when sending an international payment

When sending an international wire, you can choose to convert USD to one of 30+ non-USD currencies for a 1% exchange fee. 

Funds are exchanged at the current rate on the date the transaction is processed. So if you create the payment on a Saturday, but it doesn't process till the banks open on Monday, it will process at Monday's rates. Because of this, the rate you see when sending the payment is an estimate based on the current rate. 

Sending a wire with currency exchange

  1. Log in to your Mercury dashboard
  2. Click Move Money in the upper left of your dashboard, then select Pay Someone
  3. After selecting your recipient, you'll be asked How do you want to pay. Select International Wire from the list of options.
  4. 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.
  5. If you choose a non-USD currency, you'll see an estimated exchange rate based on current rates and the estimated 1% exchange fee. 
  6. 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 is the exchange rate an estimate? 

Funds are exchanged at the current rate on the date the transaction is processed. So if you create the payment on a Saturday, but it doesn't process till the banks open on Monday, it will process at Monday's rates. The rate you see when creating the payment is based on the most up to date rate at the time of sending. 

Is the exchange fee negotiable? 

If your business is exchanging more than $200,000/month, please reach out to us at help@mercury.com.  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 help@mercury.com. We can review your account to determine if it's eligible for this feature.

Are there upper or lower limits?

We have a payment minimum of $5 USD. There are also upper limits based on your account. If you run into an upper limit that you would like to change, please reach out to our team at help@mercury.com.

How do I monitor for a specific exchange rate?

We get live rates when you go through the wire flow, but we're unable to alert you about specific rates. 

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. Because funds are converted to non-USD currencies, we have to exchange the funds back to USD in order to move funds back into your Mercury account. We have no control over the market conversion rate, and conversions back to USD may result in a loss from your original amount.

In order to reduce potential losses because of a worse exchange rate, a Mercury team member will reach out and help with the return process. If the reason for the return was related to a small error such as a typo or incorrect account details, a team member can work with you to update those details and reattempt the transaction. If the funds cannot be sent, we will work to remit the funds back to your account.

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: Delivery is about 3 business days.

Markets are closed on Fridays at 5pm (ET) until Sunday 5pm (ET), as well as holidays. If you miss the market window, you can still schedule a payment for the following business day. Unless you're sending a specific USD amount, the rate given and the fee charged will be determined by the rate offered at the time the market opens.

Why can't I make payments on weekends or holidays?

Currently, it is not possible to trade on US or UK holidays, as well as holidays that impact the currency being traded (e.g., a Japanese public holiday will impact your ability to trade Yen). You can schedule the transaction, but the rate you receive will be determined the following business day.

Here's the list of observed holidays:

  • Monday, 3rd January  -  New Years Day
  • Tuesday, 18th January  -  Martin Luther King Day
  • Monday, 21st February  -  President's Day
  • Friday, 15th April - Good Friday
  • Monday, 18th April  -  Easter Monday
  • Monday, 2nd May  -   Early May Holiday 
  • Monday, 30th May  -  Memorial Day
  • Thursday, 2nd June  -  Spring Bank Holiday
  • Monday, 20th June  -  Juneteenth
  • Monday, 4th July  -  Independence Day
  • Monday, 29th August  -  Summer Bank Holiday 
  • Monday, 5th September  -  Labour Day
  • Monday, 10th October  -  Indigenous Peoples' Day
  • Friday, 11th November  -  Veterans Day
  • Thursday, 24th November  -  Thanksgiving Day
  • Monday, 26th December  -  Christmas Day
  • Tuesday, 27th December  -  Boxing day

**Bolded dates are UK Holidays only

What currencies are available?

Mercury users can buy and send 30+ currencies, including:

  • Australian Dollar

  • Bulgarian Lev

  • Bahraini Dinar

  • Canadian Dollar

  • Croatian Kuna

  • Czech Koruna

  • Danish Krone

  • Euro

  • Hong Kong Dollar

  • Hungarian Forint

  • Israeli New Shekel

  • Japanese Yen

  • Kenyan Shilling

  • Kuwaiti Dinar

  • Mexican Peso

  • New Zealand Dollar

  • Norwegian Krone

  • Omani Rial

  • Polish Złoty

  • Qatar Rial

  • Romanian Leu

  • Singapore Dollar

  • South African Rand

  • Swedish Krona

  • Swiss Franc

  • Thai Baht

  • Turkish Lira

  • Uganda Shilling

  • Great British Pounds

  • United Arab Emirates Dirham

I'm getting an error when trying to make a conversion. Why?

For some rarer currencies, there are fewer people looking to buy or sell that currency at any given time. If there are no sellers, we may get an error trying to make a request for that currency. If you're buying a large amount of a rarer currency, we may not be able to meet this need at that moment. We recommend trying to remake the payment at a later time.

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Need more help?

Email help@mercury.com and we're happy to answer your questions.