If you use Stripe to accept payments from customers, you can withdraw your sales proceeds into the World Account. With the World Account, you can hold your multi-currrency funds, make conversions at competitive FX rates, remit to your bank account, or pay your third-party suppliers abroad. You can even make purchases at wholesale sites like 1688.com directly with your World Account balance. With a few simple steps, you can start withdrawing your Stripe balance into the World Account.
The type of Receiving Account to set up for my Stripe account
The World Account allows you to set up Receiving Accounts in over 20 currencies. In most cases, your settlement currency with Stripe will be the primary currency of your Stripe account. Any customer payments other than the settlement currency will incur a currency conversion charge. However, in certain regions, users can have access to multiple settlement currenices. As an example, sellers who opened accounts with Stripe Singapore have the option to settle in both SGD or USD, which allows sellers to avoid currency conversions for payments made in USD, while payments made in all other currencies are converted to and settled in SGD. You can view the available settlement currencies for your account country here. You can open Receiving Accounts for each of your settlement currencies.
| Step 1 – Set up the Receiving Account
*For Stripe Singapore users who open accounts in SGD, you can select the “Multi Currency Account“. This allows you to set up a multi-currency account based in Singapore under your own company name.
- On your World Account dashboard, go to the “Collection” tab
- Then click on “Manage Accounts” > “Add a New Receiving Account“
- Once the account is set up, you can click on “Details” to get the account details
| Step 2 – Link your Receiving Account to Stripe
- On your Stripe dashboard, go to the “Balances” tab, and then go to the “Payouts” tab
- Click on “Configure payouts” in the upper-right corner
- If you have the option to settle in multiple currencies based on your account country, you can click on “Manage currencies” to set your settlement currencies
- Choose a currency and click on “Add a bank account“
- Enter the local receiving account details as displayed in your World Account and click on “Add bank account” button to complete the configuration
