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Yoga retreat hosts lose money on double currency conversion when collecting EUR payments
.79
Demand — how loud & how many (score)
Willing to payExplicit
Momentum (7d)▼ 1.6%
Cluster4 posts · 4 people
MarketplaceMindbody Integrations
Updated19d ago
The story
The pain
We host retreats in Europe but operate from Canada, and every time we collect EUR payments and need to pay the venue in EUR, the standard tools force us to convert twice — once into CAD and back into EUR — eating into our profits. We need a way to keep payments in EUR until the venue is paid, then only convert the leftover profit to CAD.
Evidence
What people said · 4 complaints, 4 people
The thing that costs you money is not any single fee, it's converting twice. If euros come in, get spent in euros, and only the leftover profit moves to CAD, you're fine almost no matter which tool you use.
I am offering a yoga retreat in Europe (the space is booked!!) and I need to figure out how to accept payments in Euro (I’m in Canada), keep them in Euro so I can transfer them to my Euro WISE account and pay the retreat space in Euro, and then convert any profits (a much smaller amount) back to CAD at the end of the retreat?
I build payment stuff into yoga software for a living so I've hit this exact wall. You're right that Stripe Canada won't settle in euros. The workaround most retreat hosts use: invoice in EUR through Wise itself — a Wise Business account gives you your own EUR account details, so attendees pay by regular bank transfer straight into your EUR balance and there's no conversion at all.
I also work in EUR but operate in CAD so avoiding transferring. It takes about 5 seconds to open a EUR bank acct on wise, and this is the payment method I'd be offering. Then you can transfer in app back to CAD at the best rate.
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