Alot of my Mailchimp services are provided for clients outside of Australia (U.S.A. and China in the main but also England, Sweden, Germany, the Netherlands and many other countries). For Australian clients I invoice in Australian dollars and for international clients I invoice in U.S. dollars. All payments received by me by international customers are with American Express, Mastercard or Visa using Stripe as the payment gateway.
Using Stripe and Xero with foreign currencies
So, I’m invoicing and receiving money in U.S. dollars which is then converted by Stripe to AU dollars at the Stripe conversion rate. I use Xero for my accounting so can’t use the default Xero US$ / AU$ conversion rate as this differs from the Stripe currency exchange rate. It’s therefore necessary to enter the Stripe currency conversion rate into Xero so that my ‘books balance’.
In Xero it’s easy enough to add a custom exchange rate however how do we determine the exchange rate used by Stripe for our particular transaction? Stripe doesn’t display the currency exchange rate used for each transaction so we need to manually calculate the rate used by Stripe.
How to calculate the Stripe exchange rate
Here is how to use the calculator below to determine the user defined exchange rate to enter in Xero.
- Login to Stripe.
- Click Payments.
- Click the transaction you want to calculate.
- Under Payment Details you’ll see the USD and AUD amounts. In the calculator below enter these values.
- The calculator will show the User defined rate to enter in Xero.
Stripe to Xero Currency Converter Calculator
Enter the values from stripe into the AU$ and US$ fields below. The exchange rate to enter in Xero will then appear.
Note that the calculator below can be used for any currencies.
Want a simple way to export from Stripe to easily import into Xero? Read how to export Stripe transactions to quickly import into Xero.