A currency conversion fee, sometimes called a “foreign currency conversion fee” or “foreign currency exchange fee,” is a charge assessed by a foreign merchant to convert transactions involving foreign currency.
Stripe, our payment processor, charges a currency conversion fee. VPM Solutions processes millions of dollars in payments a year and because of this we have negotiated a reduced currency conversion rate or foreign exchange rate.
This allows each person to get paid in their local currency and not have to deal with their banks charging high fees to convert the currency from USD to their local currency.