How do I get charged when I receive International payment.

(Last Updated On: June 15, 2018)

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When you receive payment in other currencies other than your default currency, the money will be deposited to your account in your default currency (please note that your default currency is defined by your country of business domiciliation)

Breakdown of process.

This is how the process goes from the moment you receive payment to when withdrawal can be made.

Payment received in other currencies >>>> payment converted to your default currency  using internal FX rate>>> transaction of 4.5% is applied >>>> money is lodged in your wallet >>>> maturity period of T-5 applies >>>> money is now available for withdrawal.

For example, if your account is domiciled in Naira and you have international gateway enabled. When a user pays for an item in USD, the money is first converted and deposited to your account in Naira (based on VoguePay’s FX rate).

After this, the 4.5% transaction charge will be deducted, the fund will now mature (T+5) before you can withdrawal it to a bank account.

NOTE: In case you DO NOT want your transaction in USD to be converted to your default currency, you need to open another VoguePay account with USD as your default currency.

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6 Comments

  1. Pommie

    I am deeply frustrated with vogue pay,we were supposed to receive amount to receive R24000 but we ended up receiving R14000.When we questioned support we were told that vogue has its exchange rates.Difference of R10K is too much.

    1. admin

      Hello Pomie, please understand that we use our internal exchange rate at the time you requested withdrawal. Thank you.

  2. Katir

    So if I dont want my transaction in USD to be converted to my default currency, and I open another VoguePay account with USD as default currency.how many payment buttons do I get to integrate in my website?and is it compulsory for mi to add a 2nd USD account to mi vogue pay?or its possible to credit say mi naira account at GTbank for exampl with d USD?

    1. admin

      Based on your need, you will have to create separate payment buttons for each of the accounts so that the transactions can be treated differently when you request withdrawal.

      Please note that is not be possible to credit your naira account with USD, some of this restrictions are due to CBN de-dollarisation policy in Nigeria.

    1. admin

      Hello Martins. ….you are right. The country you chose determines the default currency you will be allocated. Also, you will be required to verify your account with your address in the country.

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