We are excited to announce that you can now view and pay for quotes in 17 different currencies. This new feature is one of many we have launched recently as part of our continued efforts to support our growing international client base.
How it works
You can easily view quotes in any of the 17 supported currencies on the shipment view in your ARTA dashboard. Under the shipment header and above the blue quote summary boxes, you will notice a dropdown that displays a flag and a three letter currency code. By default all quotes are shown in USD until a customer checks out.
Clicking on the dropdown will expand the component to display all available currencies. At the top you will see our top 5 most commonly used currencies, with the remaining available currencies below in a scrollable list.
Once you select a new currency, all values of quotes on the shipment you are viewing will update to display the most current conversion to the selected currency. We use the live mid-market exchange rate against the USD to calculate values.
Note that we do not lock in an exchange rate until you complete check out (i.e. pay via credit card or request an invoice). This means that until you check out, prices displayed on the quote are subject to exchange rate fluctuations and may vary from day to day.
ARTA currently supports the following currencies
Foreign transaction fee
If you are paying in USD, GBP or EUR you will not be charged a foreign transaction fee.
However, if you are paying in a currency other than the three listed previously, you will see a 3% foreign transaction fee appear in the “Fees” section of your quote. This is because the payment processor we use charges a fee to convert funds from currencies not supported by the currencies of our bank accounts.
In order to minimize the number of customers that are impacted by this foreign transaction fee we have opened multiple bank accounts to support the most common currencies our customers want to transact in. We are also actively researching alternative international bank accounts that will allow us to better support a broader range of currency transactions without incurring fees.
If you would like to avoid this 3% foreign transaction fee you can change the currency of your quote to USD, GBP or EUR.
How we calculate exchange rates
We use the mid-market exchange rate to calculate values of quotes in currencies other than USD. Mid-market rates are determined by calculating the average median rate of Bid and Ask at a certain time. We pull this market data from over 15 reliable data sources every day. Sources include banks and financial data providers.
Since we do not lock in an exchange rate until you complete check out (i.e. pay via credit card or request an invoice if you are an open terms customer), this means that until you check out, prices displayed on the quote are subject to exchange rate fluctuations and may vary if you are viewing them in a currency other than USD.
Quote values displayed in USD will never fluctuate.