News for hackers. Stuff that matters.
Re:Stripe Tax by Silhouette on Thursday June 10, 2021 @06:59PM (#27467042)
Sure, you can hold accounts in multiple currencies. However, if you're a sole developer or small business bringing in low-six-figure revenues, you're probably going to want to take much of that revenue out of the company to pay its people on a regular basis. That in turn probably means transferring it to your primary bank account and converting the currency to your primary currency in the process, which will incur a conversion cost again. So holding accounts in several different currencies mostly helps if you expect to both bring in and pay out significant amounts in those same currencies, avoiding a round trip of conversion to and back from your native currency.
Re:Stripe Tax by gingerlime on Friday June 11, 2021 @04:54AM (#27470852)
True, but wise accounts make it easier and also cheaper than 2% that Stripe charges.
Re:Stripe Tax by Silhouette on Friday June 11, 2021 @05:55AM (#27471221)
Indeed. That seems to be what GoCardless are using now, and as mentioned above, they work out much cheaper than Stripe for international payments with currency conversion.